A mortgage loan can be obtained to purchase a property in the United States if you are a citizen of another country. Foreign National Mortgage loans are mortgage loans that are available to non-residents of the United States. In many cases, a foreign national will seek to purchase real estate.
US banks and mortgage companies are the most common lenders of real estate financing. You can use the property as a second home or vacation home while you are in America. You could also make it an investment property.
Trust Lending is happy to offer mortgage services to foreign nationals looking to buy or refinance a property in the United States. Trust Lending provides loans to non-U.S.A. citizens who may be temporary residents, resident aliens or any other type of temporary or permanent status.
For foreign national borrowers, the down payment requirements are often higher. A minimum down payment of 30% is required for foreign nationals. This loan is also known as a 70% Loan to Value (LTV) loan.
Documents Required for Foreign National Mortgage Loans
1. Foreign nationals who are self-employed require a letter from an accountant/auditing firm (not related to the borrower or borrower) verifying income figures over the past two years and providing a current income figure for the year. It is helpful if the company has a website. Please provide brochures or printed business materials if the company does not have one. We may ask for additional references letters from companies with which the borrower has worked previously.
2. Salary employees must submit a letter from their employer indicating their current monthly salary, or a pay stub.
3. One letter from a bank or financial institution indicating at least 24 month history and relationship status. The borrower must have sufficient money to pay the U.S. taxes and maintain a normal lifestyle in the home country. The liquid assets of the borrower must be in line with their income and financial statements. Gift funds are not accepted.
4. Two utility bills, or any document from the home country that contains the borrower’s name (to prove his/her residency in the country where he/she resides)
5. When applicable, a copy of the passport and visa of the borrower.
6. The borrower will need to set up an Auto Payment Debit account with a US bank institution. This will allow the bank’s withdrawal of monthly mortgage payments automatically.