Expatriate Mortgage Loans: No Credit, Tax Returns, Income Required
Qualifying For Expatriate Mortgage Loans
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 loans as well as 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 loans can make home ownership possible.
Expatriate Mortgage Loan Programs: 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. You 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. Since the mortgage loan borrower has no credit scores or established credit, all expatriate mortgage loans are given a credit score of 740 FICO.
- · Allowable financing on unique properties such as, Non Warrantable Condominiums, Condo Hotel Units, and Co-Ops.
- · Expatriate mortgage loans are adjustable rate mortgage, 30 year mortgage loans. We have 3/1 ARM, 5/1 ARM, and 7/1 ARM expatriate mortgage loans.