Foreign National Program
A
Portfolio Program designed to meet the needs of Foreign National Borrowers and
Non-Permanent Residents
• 15 Year and 30 Year Fixed
• 3/1 Treasury-indexed ARM
• 5/1 Treasury-indexed ARM
• 7/1 Treasury-indexed ARM
Minimum
Loan Amount: $50,000; Loan increments should be rounded to the nearest $100.
Eligibility
•
Foreign Nationals
• Non-Permanent Resident Aliens
without a two (2) year history of U. S. residency,
employment, or credit in the United States
• Borrowers with Diplomatic Immunity
are not permitted unless they provide a waiver of immunity from the highest-
ranking official in their Embassy. The title insurance company must
also accept the waiver of immunity. There cannot
be any exception for diplomatic immunity in the title commitment.
Occupancy
•
Owner-Occupied or Second Home
•
Non-Owner Occupied rental properties
• Legible copy of a valid passport,
including photograph, signature page, and evidence of duration of stay permitted
for
each borrower or guarantor, and if applicable, a legible
copy of a valid visa (including photograph) for each borrower
or guarantor
• Canadian and Mexican citizens are
not required to have a passport by the United States except after a visit
outside
the Western Hemisphere. We will accept a laser visa card, it is
both a border crossing card and a B1/B2 Visa. A NAFTA
Treaty visa is also acceptable (TN,TC, E1 &E2). The United States
does not require Canadian or Mexican citizens to
obtain a visa when visiting the U.S., however they must have proof
of their identity and citizenship.
Title Vesting
• Individual
• Joint
• Inter Vivos (Living) Revocable Trust
• Corporate
Translations/Conversion:
All documentation must be translated
into English and currency converted to U. S.
Cash
Reserves (funds available to borrower after closing)
• 6
months PITI (mortgage payment, taxes, insurance and homeowners association fee)
•
Verification of closing funds
Stated Income
Feature This feature is available for loan-to-values of 75% or lower
• Waives the requirement for
verification of income, borrower’s overall asset position must support their
income stated on the application.
• Requires verification of cash
to close and 6 months PITI reserves (in the U.S. prior to closing) No seasoning
of funds required.
• Escrow Letter for
earnest money deposit.
• Reference Letter required.
Reference letter must be specifically for the borrower not the borrower’s
business if they are self-employed.
• Liabilities
listed on application must be verified and documented in file.
Earnest Money
Deposit: • LTV 75% or
less—verification of deposit only, source not required; an escrow letter from
the real estate broker holding the earnest money deposit must be provided
showing the amount of deposit and the date the money was received.
Stated Income Purchase
|
OWNER-OCCUPIED
(1-Unit) |
|
Loan To Value Ratio
|
Loan Amount |
Subordinate Financing Combined Loan
To Value Ratio |
Credit
Score |
# of
months
Reserves |
|
75%
|
650,000
|
75%
|
660 |
6 |
|
70%
|
1,000,000
|
75%
|
660
|
6 |
|
65%
|
1,500,000
|
75%
|
660
|
6 |
|
SECOND HOME (1-Unit) |
|
Loan To Value Ratio |
Loan Amount |
Subordinate Financing Combined Loan To Value Ratio |
Credit Score |
#
of months
Reserves |
|
75%
|
650,000
|
75%
|
660
|
6 |
|
70%
|
1,000,000
|
75%
|
660
|
6 |
|
65%
|
1,500,000
|
75%
|
660
|
6 |
|
NON-OWNER OCCUPIED (1-Unit) |
|
Loan To Value Ratio |
Loan Amount |
Subordinate Financing Combined Loan To Value Ratio |
Credit Score |
#
of months Reserves |
|
70%
|
400,000
|
70%
|
660 |
6 |
Credit
Criteria (Borrowers without Social Security Number and/or no credit
history) any one of these are acceptable:
|
(1) Letter of
Reference |
From either U. S. or
country of origin; dated, with bank name, address, phone number, and full
name and title of officer, OR; |
|
(1) Credit Reference
Letter |
From country of
origin; dated, with bank/company name, address, phone number, and full name
and title of officer, OR; |
|
Foreign Factual
Credit Report |
Three (3) trades
with a 24-month credit history OR four (4) non-traditional trades with a
12-month history
|
Cash Reserves
