FOREIGN NATIONAL
Home Loans

KEY FEATURES

• Low down payment requirement - as low as 25%. Down payment varies on the country of origin, as well as the overall strength of the applicant.
• Professional Translation of financials not required; however all documents must be legible and understandable in English and currency converted to US Dollars.  CPA letters and Bank Reference Letters from the applicant's country are encouraged and may be required.
• No Prepayment penalties
• Escrow Accounts for Property Taxes and Homeowners insurance - escrow accounts are required on all loans for property taxes and homeowners insurance.  If the home is located in a mandatory FEMA-designated flood zone, any applicable flood coverage must also be included in the escrow account.
• Reserves - Minimum 20 months of all expenses must be documented through proper bank statements. If borrower's country of origin requires the filing of a tax/ financial document, we will require it's review.
• Professional translator requirement - If the borrower's country of origin does not show English as a primary language, then a professional interpreter (or a native-speaking agent of the title company in the transaction) must be present at closing to explain all loan documents and must sign as either a professional interpreter or as an authorized employee of the title company.
• RESERVE ACCOUNT - Applicant must establish a Reserve account with ACH Auto-Payment Debit and a minimum monthly balance requirement equal to 4 months of the full PITIA payment (Principle + Interest + Property Taxes + Homeowners Insurance, and Homeowners Association). This account must be established at a financial institution of our choosing. The balance requirement is subject to increase depending on several factors, such as borrower's country of origin and/or the current state of affairs with county of origin.  Mortgage Interest rate is subject to a 2% increase if this account is not maintained as agreed.
• Maximum Interested Party Contributions - 4% of sales price.  (2% max if the subject property is an investment home.) Combined from all parties in the transaction, including Sellers, Real Estate Agents or Builders, etc.
• Closing Attendance - Applicant must physically attend the closing on US soil.  Closing cannot be performed at a US Embassy, Military base, or any other US property abroad.  Signing via Power of Attorney (POA) is not permitted.

LOAN SIZE LIMITS

$250,000 - $10 Million

ACCEPTABLE HOME TYPES

• Single Family Homes
• Townhomes /  Villas
• Condominium (low rise or high rise) - both warrantable or non-warrantable condos okay
• Specialty and/or unique properties considered on a case-by-case basis

OCCUPANCY

• Primary Residence
• Second Home / Vacation Home
• Investment Home *

* NOTE: a property will automatically be considered an investment property if any of the following apply:

• Only rented when the borrower is not at the property
• If the property is managed by a firm that handles rentals
• Developments that allow for short-term rentals, even if the borrower does not intend to rent the property
• Anything with a 1-3 day minimum rental period