Purchase or Refinance
Global Mortgage Group has several Foreign National, Non US Citizen mortgage programs to obtain US Real Estate for both purchase or refinance regardless if they have US credit (FICO), residency or proof of income.
Loan to Value (LTV)
Maximum Loan to Value for a non US citizen mortgage is normally capped at 70%LTV (30 down payment) on a purchase and 65%LTV on a refinance.Most programs allow up to US$2,000,000 maximum cash out for a refinance or remortgage.
Income Qualification
Global Mortgage Group has two US mortgage loan programs for non US citizens;
Stated Income – does not require income verification or tax returns. Perfect for non US citizen mortgage borrowers that are either self employed, or have numerous write-offs on foreign tax returns.
Full Income – requires the following;
• Two (2) years of foreign tax returns
• Two (2) months bank statements (foreign account okay)
• One (1) month pay statements
Visa & Valid Passport
Foreign National mortgage borrowers must have a valid copy of their passport. US Visa is not required normally. You should also check that your country is not listed in OFAC – Office of Foreign Assets Control - Sanctions Programs and Information.
Down Payment
The down payment can range from 30% to 50% depending on the property type, interest rate, and documents that you can can provide. GMG has mortgage programs for non income and income verification.
Interest Rate
US Mortgage Interest Rates for Foreign National borrower vary from the mid 5’s to the low 7’s and are subject to change every day. GMG’s compensation is not based on the rate and borrowers will receive best options available at the time of application.
Bank Statements
The Foreign National or Non US Citizen mortgage borrowers needs to show two months (60 days) of bank statements and to show funds are "seasoned". Seasoned funds simple mean that funds have been in an account, US or Foreign for a minimum of 6o days for AML purposes. U.S. anti-money laundering laws require this.
If the borrower has money in cash, he/she will need to deposit that cash in their bank and let it season two full months.
GMG has loan programs that allow for 100% gift funds for Non US citizen borrowers looking to purchase US Real Estate. Gift funds are money given to you by a family member or friend without expectation of repayment. This money will also require AML seasoning requirements.
Money Reserves
For most programs, reserves are NOT required.
Foreign Credit Report or Bank Reference Letter
For most programs, a foreign credit report or bank reference letter will be required.
Funds in a U.S. bank
The funds for the down payment and closing costs must be in a banking institution for 60 days (seasoned). These funds can be in a US account or non US account. Any bank statements require professional translation.
Minimum Loan Amount $100,000
Unlike regular loans, Foreign National loans do have a minimum loan amount requirement. Remember that it is the loan amount, not the sales price.
If you have a specific scenario and property that you would like us to price it and give you the requirements for your client, please feel free to email [email protected].
