Qualifying For Foreign Nationals Mortgage Loans On Home Purchase

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Qualifying For Foreign Nationals Mortgage Loans On Home Purchase

This BLOG On Qualifying For Foreign Nationals Mortgage Loans On Home Purchase Was UPDATED On January 10th, 2018

The Gustan Cho Team at USA Mortgage offers portfolio mortgages for foreign national home buyers. Foreign Nationals Mortgage Loans is now available. Our special mortgage loan programs are for Foreign Nationals with work visa who are currently working in the United States and are filing U.S. Tax Returns and getting paid.

  • To qualify for Foreign Nationals Mortgage Loans, borrowers do not need to have a credit score
  • For those who need Foreign Nationals Mortgage Loans and who do not have a credit score, the Foreign Nationals Mortgage Loans borrower will be given a 740 credit score for qualification purposes
  • Mortgage lenders who specialize in Foreign Nationals Mortgage Loans understand that most foreign nationals with work visas plan on staying here in the United States and do realize that most might not have credit

 Foreign Nationals Mortgage Loans Program

The Foreign Nationals Mortgage Loans Program requires that the mortgage loan applicant have a valid work visa in the United States and be employed by a U.S. company or a foreign company with a U.S. subsidiary

  • The Foreign National mortgage loan borrower needs to file U.S. Tax Returns
  • No credit score is required or credit history
  • Foreign Nationals Mortgage Loans are portfolio loans which the mortgage lender will hold the loan in their investment portfolio
  • Foreign Nationals Mortgage Loans are 30 year amortized residential mortgage loans

Terms Of Foreign Nationals Mortgage Loan Programs

  • 30 year loan term adjustable rate mortgages
  • Foreign National Mortgage Loans are ARMs
    • 3/1 ARM
    • 5/1 ARM
    • 7/1 ARM
  • For example, on 3/1 ARM Foreign Nationals Mortgage Loans, borrower will get a fixed rate the first 3 years and the mortgage rate will adjust on the 4th year, 5th year, 6th year
  • Rates will adjust after the fixed rate period throughout the remaining 30 years of the mortgage loan
  • Adjustment rate is bbased on the index plus a 3% constant margin
  • The index is based on the Cost Maturity Treasuries ( one year treasuries, CMT )
  • The Foreign Nationals mortgage lender has other products to help establish credit of foreign nationals such as the following:
    • Unsecured credit cards
    • Bank accounts
    • Auto loans,

Other financial products to offer the Foreign National mortgage loan borrower to help him or her re-establish their credit so that once they become U.S. Citizens or permanent residents, they will have their credit established

Foreign Nationals Mortgage Lenders

Mortgage lenders that specialize in Foreign Nationals Mortgage Loans view Foreign Nationals mortgage loan borrowers as those who seek employment in the United States via a work visa because their intention is to eventually become permanent residents and/or United States Citizens

  • Foreign Nationals Mortgage Loans lenders realize that these mortgage loan borrowers have very little or no credit
  • Foreign Nationals have strong employment skills due to the fact that a U.S. Company is willing to sponsor them
  • Sponsoring companies have faith that the foreign nationals will eventually become permanent residents and/or United States citizens
  • The Foreign Nationals mortgage lender is willing to give them a mortgage loan approval and offer them other services such as credit cards, and auto loans so they can get their credit established
  • Once they become permanent residents and/or United States citizens, they will be all set in getting any traditional residential mortgage loans as well as other forms of credit
  • The most important factor with Foreign Nationals mortgage loans is that the mortgage loan borrower needs to be employed by a U.S. Company or a company with a U.S. subsidiary and file U.S. Tax Returns
  • Income is an absolute must

Types Of Foreign Nationals Mortgage Loans

As mentioned above, all Foreign Nationals Mortgage Loans are portfolio mortgage loans where the mortgage lender will lend from its own investment funds and hold the mortgage loan in their portfolio and not sell it to the secondary market.

  • 20% down payment is required for the following:
    • Homes
    • Townhomes
    • Warrantable condominiums
    • Non-warrantable condominiums

Condotel units mortgage loans are available to foreign nationals with 25% down payment.

  • Reserves are great compensating factors and the field of employment is weighed on strongly

Foreign Nationals who are interested in qualify for Foreign Nationals Mortgage Loans can contact The Gustan Cho Team at USA Mortgage at 262-716-8151 or email us at gcho@usa-mortgage.com. The Gustan Cho Team at USA Mortgage is a direct lender with no mortgage overlays on government and conventional loans.

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