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Loan Program Preview: Foreign National Loans

February 25, 2014

Foreign National Loan Matrix

  • Foreign Nationals Only (a non-U.S. Citizen with a valid passport and valid visa)
  • Fixed rate terms (10, 15, 20, 25 & 30) and 30 I/O or Adjustable rates (5/1, 7/1, 10/1) and 10 I/O
  • Self-employed okay
  • Eligible properties include single-family homes, condos, PUDs, and townhouses
  • Occupancy includes primary and second homes
  • All loans must establish an ACH debit for mortgage payments from a U.S. bank
  • No previous bankruptcies or foreclosures permitted
  • Borrowers who are politically exposed are ineligible. Involved entities cleared thru OFAC SND list
  • Primary and Second Homes Only; First Time Homebuyers are not permitted
  • Valid Passport/Visa required. Visa Waiver Program accepted (See Guidelines)
  • Politically exposed borrowers are not permitted (See Guidelines)
  • Non-occupant Co-Borrowers are not permitted • An international credit report is required; if the borrowers has a valid SSN or Tax ID, a traditional credit report is also required.
  • A credit reference letter, on the financial institution’s letterhead including contact information, detailing the types and lengths of their relationship is required
  • Borrower must have no mortgage lates and no prior bankruptcy or foreclosure
  • 24 months liquid assets; at least 50% or 12 months must be liquid and held in a US-based bank
  • NPF exposure is limited to 1 loan, regardless of occupancy; borrowers owning an additional US property will be considered on a case-by-case basis
  • 1 Full appraisal is required; 2 full appraisals will be required for loan amounts >$500,000
  • All Borrowers must complete a W8 prior to final approval
  • All borrowers must register for ACH prior to close (See Guidelines for details)
  • All documents must be fully translated (including all transactions on assets) into English by a certified translator; copies of the original document and the translation will be required.

Read more about our loan programs by clicking here

Email us your loan scenario to info@pmccanhelp.com or give us a call at 800-385-3657!

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