Foreign Nationals

 

Foreign Nationals Mortgage Loans is now available. Foreign Nationals are those with a 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 Morgtgage Loans, you 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 FICO credit score.  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 but are adjustable rate mortgages.  Foreign National Mortgage Loans are 3/1 ARM, 5/1 ARM, and 7/1 ARM.  For example, on 3/1 ARM Foreign Nationals Mortgage Loans, the mortgage loan borrower will get a fixed rate the first 3 years and the mortgage rate will adjust on the 4th year, 5th year, 6th year, throughout the remaining 30 years of the mortgage loan based 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 such as unsecured credit cards, bank accounts, auto loans, and 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 seeked 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 and but strong employment skills due to the fact that a U.S. Company is willing to sponsor them and have faith that they 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 and 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 homes, townhomes, and warrantable condominiums.  Non-warrantable condominiums and condotel units mortgage loans are available but a 25% down payment is required.  Reserves are great compensating factors and the field of employment is weighed on strongly.

Gustan Cho

www.gustancho.com
The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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