Qualifying as a non citizen has never been easier.
Before you read about our 75% LTV loan program we would like to note a few differences between U.S., Asia and European mortgages. In the US mortgages work different then the mortgages in most of the other countries:
1. There is NO age restrictions. The buyer can be 85 + years old and eligible for 30 years mortgage term.
2. For our 75% LTV loans, the asset is the determining factor, and not the borrower’s income.
3. Life insurance is not required.
4. NO pre-payment or redemption penalty.
5. No tax returns or liquid reserves are required.
6. In many cases, the seller is allowed to pay up to 3% of the purchase price for buyers closing cost.
Our minimum 25% down payment foreign national mortgage program enables foreign nationals, non U.S. residents or employment transferees to place minimum 25% down payment and finance up to 75% of the property value. Most of the lenders still require 50% down payment in order to obtain foreign national mortgage loan but we can arrange financing with as little as 25% down.
Seller or developer can give the buyer up to 3% of the purchase price concession towards the closing cost and or prepays. If that is the case most of your closing costs would be covered and you’ll be able to invest less money upfront. Borrower must have verifiable funds for the down payment, closing cost in a verified financial institution in or outside the US. Any foreign language accounts would need to be translated and certified by a translation company.
Our 75% LTV mortgage for foreigners does not require Private Mortgage Insurance (PMI) so there is no extra cost. We also offer rate and term foreign national mortgage refinancing with often an unlimited cash out option (restricted by loan limits).
This foreign national refinance mortgage is available as a fixed and or adjustable rate mortgage. Adjustable rate are 5/1, 7/1 term for 15 or 30 years fully amortized loan. In some cases, interest only is also available.
Treasury Yields Could Increase Even More
After bottoming at 50 basis points, the 10-year Treasury yield has been growing since August 2020. On February Friday, it was 1.35%, which has a high chance of growing even more and reaching 1.5%.
However, the yield won’t increase rapidly unless inflation breaks out or the Fed tightens the policy. Even if inflation happens, it is unlikely to go out of control. Any policy change is not on the horizon, too, since James Bullard, the St. Louis Fed President, dismissed this possibility.
Here are some of the loan program features:
- Minimum 25% down Payment
- 5.75% Interest rate (right now. Does not include APR)
- Term, 30 years, 20 and 15 years fixed
- Loan amounts up to $5mm
- No prepayment penalty
- No U.S. credit required. International Credit History Report allowed
- No reserves (PITI) required
- Up to 3% seller contribution towards buyers closing allowed
- 1- 4 unit single family residential property eligible
- Condos eligible
- 72 hours for underwriting
- Closing on average 45 days
Here are the requirements for our foreign national loan program:
- Copy of executed purchase agreement
- Copy of passport
- 2 personal Credit References (Credit card, Mortgage, Car lease, Landlord Letter, Utility bill) OR International credit report.
- Last 2 months bank statements showing enough
- U.S. mortgage application
For more information on U.S., Australian, Canadian, U.K. or loans within Asia please visit us online or email [email protected]
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