Mortgage Markets Expands To Expatriate Mortgage Loans

Mortgage Markets Expands To Expatriate Mortgage Loans

This BLOG On Mortgage Markets Expands To Expatriate Mortgage Loans Was UPDATED On January 25th, 2018

Qualifying For Expatriate Mortgage Loans

The Gustan Cho Team at USA Mortgage can now help foreign nationals who have jobs in the United States become homeowners.

  • For those who are foreign nationals and are here in the United States with a work visa and work for a U.S. company or foreign based company that has a subsidiary in the United States, they can now qualify for a residential expatriate mortgage loans
  • They can also qualify for condotel or non-warrantable condominiums
  • Expatriate mortgage loan is a mortgage loan program that has been specifically designed for individuals who are entering the United States for the first time or has been transferred to the United States by their employer and does not have credit or prior income tax returns

As long as the mortgage loan borrower is working for a U.S. company and plans to reside in the United States in the future, our expatriate mortgage mortgage loans can make home ownership possible.

Expatriate Mortgage Loans Qualification Requirements

Expatriate mortgage loans are portfolio loans and these mortgage loans are held by the mortgage lender’s own investment portfolio.

FHA, Fannie Mae, Freddie Mac guidelines do not apply on expatriate mortgage loan.

The following are the expatriate mortgage loan lending guidelines:

  • Minimum Down Payment 20% is required for residential single family homes and warrantable condominiums
  • Condotel units and non warrantable condominium units require 25% down payment
  • Mortgage loan amounts up to $1.5 Million is allowed
  •  Valid Work VISA is required to qualify for expatriate mortgage loans
  • No US Credit Required

Credit Qualification For Expatriate Mortgage Loans

Lenders of expatriate mortgage loans realize that foreign nationals will not have credit establish in the United States:

  • Borrowers do not need a credit score nor is any credit required
  • Whether it is traditional credit or non traditional credit
  • Foreign Assets can be used as Reserves for qualification purposes as long as proper documentation is provided
  • Pre-Approvals allowed on a To Be Determine Address
  • A purchase contract is not required to get a pre-approval and expatriate mortgage loans can be processed and underwritten as a “To Be Determined” subject property
  • This way, the mortgage loan borrower gets a full approval prior to entering into a real estate purchase contract
  • Pricing is based as if the Borrower (s) has a 740 credit score
  • The 740 credit score given to foreign national borrower will be a hypothetical score and just used for qualification purposes
  • Since the mortgage loan borrower has no credit scores or established credit, all expatriate mortgage loans are given a credit score of 740
  • Allowable financing on unique properties such as the following available to foreign nationals:
    • Non Warrantable Condominiums
    • Condo Hotel Units
    • Co-Ops

Terms On Expatriate Mortgage Loans

There are no 30 year fixed rate mortgages on expatriate mortgage loans. Foreign Nationals can use our Expatriate Loan Program for Foreign Nationals and once they have stabilized themselves and get their Green Card can refinance it to Conventional and/or Government Loans.

  • Expatriate mortgage loans are adjustable rate mortgage, amortized over 30 year terms
  • We have the following:
    • 3/1 ARM
    • 5/1 ARM
    • 7/1 ARM 

Foreign Nationals interested in qualify for our expatriate mortgage loan program, please contact us at The Gustan Cho Team at USA Mortgage at 262-716-8151 or email us at gcho@usa-mortgage.com. We will explore the best mortgage loan program for foreign nationals. We are direct lenders with no mortgage overlays on government and/or conventional loans. USA Mortgage is also a correspondent lender with many investors.

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