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8/11/2014

International Borrowers Mortgage Loans in United States

Closing a mortgage from another country as a non citizen of the United States on a castle, a house or a condo
When buying a home in the United States, foreign buyers often pay cash because it's an easier, quicker process. Foreign nationals can negotiate a lower price and faster closing with cash. We offer a cash out refinance within weeks after closing. The cost for a cash out refinance is slightly higher than a purchase money loan.
Mortgage rates are low in the United States. An international borrower will not get the same rate as a U. S. citizen with excellent credit buying an owner occupied home. There are risk pricing “adds” or pricing increases for non-owner or rental property, type of property, credit, and for foreign nationals. International buyers can opt to finance their purchase. Patience and understanding of the U. S. process is required. Buyers must supply all paperwork requested. Compile your asset and income information before you make offers into labeled pdf documents.
We can meet the increase in demand for a foreign national loans. Borrowers come from a wide range of countries, but most applicants are from China, Canada, Brazil and the United Kingdom.
We offer home loans to foreign buyers. This type of loan is available for your purchase or refinance. All loans are full recourse loans. The loan is taken in your personal name. Only on commercial property, 5-25 or more units are loans in the name of a LLC or Corporation.
When buying a condo in an existing development, buyers who are from Canada, China and South America are finding deals in California. We are willing to offer mortgages for international buyers. Condominium projects have their own requirements: 51 percent owner occupied, no lawsuits and solid financials. A good listing agent should know if a conventional loan or FHA loan was closed in the complex in the past sixty days. We can still loan on unwarranted condos but the rate is almost double.

Requirements to get a mortgage
A foreign buyer should expect to pay least 25 to 30 percent of the value of the home as a down payment, depending on property type and credit of the borrower. The borrower will be asked to provide documentation to show sufficient income in the past two years, bank statements for the past sixty days, paychecks for the past 30 days and two forms of identification, existing mortgage statements, HOA bills and existing fire insurance policies are required.
The foreign applicant should be aware that it is extremely important for the lending institution to know their borrower. This knowledge comes predominantly from paperwork. Information in other languages will require translation services.
The lender is required to conduct detailed reviews of a borrower's income and asset documentation. Bank statements will be verified with the home bank, and deposits over five hundred dollars that are not payroll must be provided with a history of where the deposits came from. Business accounts are not used the same as personal accounts. If all the funds are in business accounts an accountant will need to write a letter stating the withdrawal of the funds in no way harms the ongoing business. Some of the requirements of American lenders may seem strange and difficult. Having a loan officer such as Caroline Gerardo who is closing these types of loans for twenty five years will enable smart and quick answers to your questions.
Underwriting Review is looking for transparency from borrowers, getting an understanding of how income and wealth is generated why financial assets may transfer around. It is best to be detailed and frank about your situation before you apply.
Online mortgage application starts here: http://eaglehomemortgage.com/carolinegerardo/
I am here to answer your questions.
NMLS 324982
phone (949) 637-8190
Efax: 885- 833- 4303

 Edward Hopper
Thomas Seawell Front Door

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