4/20/2023

Foreign National Loans



Foreign National Loans

Is a Foreign National same as non-permanent resident alien?

a Foreign National is Not a US citizen.

Can't have a w-2 job in the US without work VISA, cannot work under the radar.

 Could be a student.

 A "Green Card" means they can live here permanently they are foreign national until they become naturalized

 

A foreign national loan for example: 

a Canadian citizen buys non owner property. Get their bank accounts translated if they are in French. Canadian revenue taxes are a little different than the IRS so you wrangle with income, also Canadian credit report not exactly same as our FICO. They transfer funds from CAD to US Dollars at whatever the exchange rate is of the day.

 

Foreign National loan is not for DACA, or people waiting to get DACA approval.

A foreign national might own a primary residence in their home country, find out.

Visitors to US from other countries don’t get visiting VISA’s longer than 90 days.

Foreign national loan therefore is 99% non owner occupied loans.

 

No US tax return needed if they don’t already own rentals here.

They use or file for an ITIN number with the IRS – this is not a social security number.

 

 

CG Barbeau

NMLS #324982

Mortgage Advisor

Mason-McDuffie Mortgage

phone 

(949) 784-9699

fax 

(833) 736-1120

e

cbarbeau@masonmac.com


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Ok…all you smart peeps! This is a fuzzy grey area in my mind with regard to mortgage loans.

 

Hoping for some education here!

 

A Foreign National is not always a Non-Permanent Resident…is that correct?

 

A Foreign National may be here with a Passport only, not having any type of Visa…am I still correct?

 

So…when lenders say they do loans for Foreign Nationals…will they need a valid Visa?

 

Foreign National Program requires 12 months of reserves to be held in a U.S. FDIC-insured bank, and the money can be used for condominiums, non-warrantable condos, planned unit developments (PUDs), and two- to four-unit multi-families. Assets for closing must be seasoned in a U.S. depository for at least 30 days prior to the close.

 

 Deephaven’s Non-QM guidelines on residency eligibility and everything regarding non-permanent residents requires a Visa. Can a Foreign National buy here without a VISA?


YES A foreign national (by lender definition) won’t have a visa.  So no visa required…but can only do non-owner occ or 2nd home.

 

A student gets a longer VISA like 6 months or a year. They get a F-1 They can work on campus at a college.

F-2 for spouse or children

F-3 for Canada or Mexico passport holders

There is also a M for vocational schools

and a J-1 for cultural exchanges – teachers/ au-pairs

I-94 form generally can get 6 months then ask for 45 days extension

 

Work VISAS they apply with USCIS  - employer for a needed rare job can sponsor. I’ve sponsored two people for these and it takes months to get them for a one year period. Someone with special skills that there are few US citizens who can do a job can apply. Think French baker, famous musician, someone who works on a cruise ship                  (ships rarely are US registered). 

Someone in tech may work for a multinational company that moves them to a US office.

 

The Department of State does the interview and they do background checks…

 

The problem with a work VISA that is short term is Underwriter will read the date they need to leave the US. Immigration law is not fast. If they have to leave in the end of the month, they cannot do an owner occupied loan…

 

As LO get the copy of their VISA and read it

Department of Homeland Security is at the top.

Identification needs to match.

.

 

Here are some samples of what the forms look like:

f-1 blank VISA - Bing images