Overview
A foreign national mortgage loan is a type of mortgage designed for non-U.S. citizens or individuals who are not permanent residents of the United States
(green card holders) but wish to purchase property in the U.S. Foreign national mortgage loans are specifically tailored to meet the unique needs and circumstances of non-U.S. citizens who want to invest in U.S. real estate.
Eligibility for Non-U.S. Citizens
Foreign nationals who do not have a Social
Security Number (SSN) or a U.S. credit history may still be eligible for a foreign
national mortgage loan. These loans are designed to accommodate borrowers
who are not residents or citizens of the United States and wants to purchase an
investment property.
Alternative Documentations
Since foreign nationals may not have the same
documentation as U.S. citizens, lenders offering foreign national mortgage loans
may accept alternative forms of documentation to verify the borrower's identity,
income, and creditworthiness. This may include foreign credit reports, bank
statements, proof of income from foreign sources, and other financial records.
Down Payment
Foreign national mortgage loans often require a larger down
payment compared to conventional loans. The down payment requirement can
vary among lenders but typically ranges from 25% or higher of the property's
purchase price. A larger down payment helps mitigate the risk for the lender.
