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8/12/2013

Foreign National Mortgage Loan




Items needed for a mortgage loan upfront:
Gather all these in pdf format, break into two or three emails to send smaller files

Past two years Federal Tax returns signed From your country & United States returns with rentals
Past 90 days actual bank statements (not online printouts). Online printouts are when you just download a screen print. Instead, go to "print a statement" and save as pdf. in your computer to forward.

All deposits larger than $500. that are not payroll must have a paper trail
Two types of ID : driver’s license / passport copies
Sign the attached five forms
credit card for $150 international credit report
four credit references written on the Loan Application 1003
Complete 1003 mortgage application

Schedule of real estate owned
Mortgage bill, front page of fire insurance, and property tax bill

Current paycheck stub for 60 days

All loans are full recourse and in the Borrower’s name. Foreign Nationals can get loans in the U. S. but you need to establish credit in the American system as rates are partly driven by FICO score. A Canadian will only have a Beacon score, but can establish Experian, Tran Union and Equifax files by opening small secured VISA or Mastercards with American companies.
 
 
Establishing credit in the U. S. will also be helpful in opening American bank accounts as you will need to pay bills in American dollars and receive rents in our exchange.

We DO NOT loan to LLC’s or entities. If you went to a seminar that told you to invest in different LLC’s to avoid lawsuits or taxes you wasted your money on the seminar.

Acquiring a mortgage on Residential property in the United States is full recourse and in your name or as Joint Tenants. Getting a loan after the crash of 2008 is not simple or easy. If you do not want to provide some of the paperwork you will not get a low interest rate.

 I also have low documentation loans available but the mortgage Rates are more than double because of the risks. Low doc loans start at eleven percent and can be as high as thirteen percent for non-owner occupied foreign nationals buying in the U. S.

 
 


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