Expatriate Mortgage Loans Lending Guidelines And Requirements

Expatriate Mortgage Loans

Gustan Cho Associates are mortgage brokers licensed in 48 states

Gustan Cho Associates, empowered by NEXA Mortgage, LLC. are mortgage broker licensed in 48 states including Puerto Rico, Virgin Islands, and Washington, DC. We have a lending network of 210 wholesale mortgage lenders. Gustan Cho Associates has lending partnerships with 210 wholesale investors of government, conventional, non-QM, alternative mortgages, and expatriate mortgage loans.

Foreigners are eligible to qualify for a mortgage loan in the United States for non-citizens. Expatriate mortgage loans also called expat mortgages are mortgage loans for foreign real estate investors to be able to buy property in the United States.

With a lending network of 210 wholesale lending partners, Gustan Cho Associates has more mortgage loan programs than any other mortgage broker in the country. We have dozens of specialty niche wholesale lenders of Expatriate Mortgage Loans for expat real estate investors. Gustan Cho Associates can now help expats who have jobs in the United States become homeowners. We have multiple Expat Loan Programs.

What Are Expat Mortgages?

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The United States is the richest country in the world with people from hundreds of different country. Many people from other countries dream of owning real estate in the United States and have a piece of the American Dream.

Expats are citizens of other country who either want to immigrate or invest property in the United States. Without being a permanent resident or a citizen, purchasing a property in the U.S. may be a dream that is beyond reach for many expats.

Expat mortgages (also known as expatriate mortgage loans) are mortgage loans for foreigners for purchasing a home in the United States. Gustan Cho Associates now has opportunities for foreign expats to qualify and get approved for a mortgage loan in the U.S.

Are Non-U.S. Residents Eligible For Expatriate Mortgage Loans?

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Expats can now invest properties in the United States with expatriate mortgage loans. People who are not U.S. permanent residents but have a work visa are eligible for expatriate mortgage loans. Expats are people who are citizens of other countries and not citizens or permanent residents of the United States.

A expat is a citizen of a different country and are here in the United States working for a U.S. owned company with a work Visa. Expatriate Mortgage Loans are mortgage loans for foreign homebuyers who want to purchase a home in the United States. Expatriate Mortgage Loans are non-QM loans offered by portfolio mortgage lenders.

Those who are expats 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 residential expatriate mortgage loans. They can also qualify for condotel or non-warrantable condominiums.

What Are Expat Mortgages For Non-U.S. Residents?

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Expat mortgage loans are mortgage loans for expats or non-U.S. citizens or permanent residents, allowing to finance an owner-occupant primary residence or investment home in the United States.

Expat mortgages open up doors for expats to get approved for a home loan where they would not otherwise qualify for traditional mortgage loans. Many mortgage lenders do not want to risk giving an expat borrower a mortgage loan due to foreign laws and regulations in the event of default or foreclosure.

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 the credit or prior income tax returns. As long as the 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 homeownership possible.

Expatriate Mortgage Loans Qualification Requirements

To be eligible for expatriate mortgage loans, the expat needs a U.S. work visa which fall into one of the following categories:

  • Copy of passport, employment offer letter, and other income documentation
  • H-1B Visa
  • Other H series visas (H-1C, H-2, H-3, H-4) Visa
  • E series Visa
  • G series Visa
  • L series Visa
  • O series Visa
  • NATO series Visa
  • Canadian and Mexican NAFTA series Visa

Expats who are living in the United States with a work visa are eligible if they are working for a U.S. owned company. Expats already living in the United States in a U.S. owned company shows strong compensating factor to the lender because it shows the borrower has skin in the game on his or her intention of not defaulting or foreclosing on their new home purchase. It shows the borrower’s intent in living in the U.S. with the ability to repay their new housing payment for the next three years.

Expatriate Mortgage Loans

Documents Required For Expat Mortgage Loans

Other documents required besides the Visa, may be required on a case-by-case basis. Income tax returns not required. Letter of employment from employer or CPA letter validating income may be required. 20% down payment is required. There is no pre-payment penalty. Up to a 3% in seller concessions allow by seller for closing costs. Private mortgage insurance not required on expat mortgages. Adjustable rate and fixed-rate mortgages available. Six to twelve months of principal, interest, tax, insurance required (PITI).

Below are additional documents required to process Expatriate Mortgage Loans:

  • Copy of executed real estate purchase contract and agreement
  • Two to three personal credit references from traditional or non-traditional creditors
  • Most recent 60 days of bank statements or investment accounts showing funds for the down payment, closing costs, and reserves

Expatriate mortgage loans are portfolio loans and these mortgage loans are held by the mortgage lender’s own investment portfolio. FHA, Fannie Mae, and Freddie Mac guidelines do not apply to an expatriate mortgage loan. The following are the expatriate mortgage loan lending guidelines:

    • A Minimum Down Payment of 20% is required for residential single-family homes and warrantable condominiums
    • Condotel units and non-warrantable condominium units require a 25% down payment
    • Mortgage loan amounts up to $1.5 Million are 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 loans realize that expats will not have credit established in the United States. Borrowers do not need a credit score nor are 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 are allowed on a To Be Determine Address. A purchase contract is not required to get a pre-approval.

Mortgage Process of Expatriate Mortgage Loans

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Expatriate mortgage loans can be processed and underwritten as a “To Be Determined” subject property. This way, the mortgage loan borrower gets full approval prior to entering into a real estate purchase contract.

You do not need a credit score or permanent residency to qualify for expatriate mortgage loans. Lenders of expatriate mortgage loans work with expats to get them approved on an adjustable rate mortgage amortized over a 30 year term. Lenders of expatriate mortgage loans will work with expat homebuyers in building and establishing their credit. By the time they become permanent residents, they will be able to refinance the expatriate mortgage loans into a permanent 30 year fixed rate mortgage.

Pricing is based on if the Borrower (s) has a 740 credit score. The 740 credit score given to non-U.S. resident borrowers will be a hypothetical score and just be used for qualification purposes. Since the borrower has no credit scores or established credit, all expatriate mortgage loans are given a credit score of 740.

Types of Properties That Are Eligible For Expatriate Mortgage Loans

Allowable financing on unique properties such as the following available to non-permanent residents:

  • Single-family homes
  • 2 to 4 unit residential multi-family homes
  • Warrantable condos
  • Non-Warrantable Condominiums
  • Condo Hotel Units
  • Co-Ops

Terms on Expatriate Mortgage Loans

There are no 30-year fixed-rate mortgages on expatriate mortgages. Non-permanent resident homebuyers can use our Expatriate Mortgage Loans for expats. Once a expat have established themselves and get their Green Card, the expat can refinance the expatriate mortgage loan to a conventional or government loan. Expatriate mortgage loans are adjustable-rate mortgages and 10, 15, 20, 25, and 30-year fixed-rate mortgages.. We have the following adjustable-rate mortgage loan options amortized over 30 years:

  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM

25% Down Payment No Tax Returns Expat Loan Program

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Gustan Cho Associates now offers a special Expat Loan Program. Here is how it works:

  • 25% down payment
  • No credit scores required
  • No income tax returns
  • Down Payment cannot be gifted
  • Funds need to come from a global bank such as JP Mortgage Chase, Bank of America, etc.
  • A list of global banks can be provided
  • Can close at a foreign country with a U.S. Embassy

Expats interested in qualifying for our expatriate mortgage program, please contact us at Gustan Cho Associates at 800-900-8569. Text us for a faster response. Or email us at gcho@gustancho.com. We will explore the best mortgage loan program for expats.

Over 80% of our borrowers at Gustan Cho Associates are homebuyers who could not qualify at other lenders because of the lender has overlays or due to the lender not having the mortgage option best suited for them.

Gustan Cho Associates are mortgage brokers licensed in 48 states including Puerto, Rico, Washington, DC, and the U.S. Virgin Islands with a national reputation of being able to qualify and approve homebuyers other mortgage companies cannot. We have hundreds of non-QM and alternative mortgage options best suited for each individual borrower.

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