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.
NMLS 324982
phone (949) 637-8190
Efax: 885- 833- 4303
Edward Hopper
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