Skip to content

Foreign Nationals Loan Program

Good news for all aspiring homeowners! Qualifying for a home loan is much easier than ever before. Besides, mortgage rates are at an all-time low.

All you need is to approach your preferred lender, fill out some forms, and wait for a closing call within 24 hours or so as long as you have a good credit score and verified income.

However, if you are a foreign national, qualifying for a home loan can be problematic. Foreign borrowers face unique challenges that only a seasoned mortgage professional can tackle.

With that said, here are a few points you need to know to secure a home loan as a foreign national.

Who is a Foreign National?

A foreign national is anyone who is not a citizen. You may be visiting or living in the country legally, but you are not a citizen.

Borrowing by foreign nationals has increased in recent times, with many foreigners investing in real estate. They may not be citizens, but they have played a massive role in recovering the real estate economy.

Since home loans for foreign nationals are not common, every lending institution has its own set of rules and guidelines as far as this type of financing is concerned.

Different foreign passports from many countries and regions from the world

Home Loan Requirements for Foreign Nationals

As earlier mentioned, qualifying for home financing can be a hassle if you are a foreign national. Banks and other lending institutions rarely give out loans to foreigners unless under exceptional circumstances.

Lenders usually avoid offering loans to foreign borrowers since the process can be somewhat tedious and complicated.

They have to verify your debt to income ratio from your country through a certified letter from an accountant since there are no federal income tax returns or W2 forms to compare.

Another way a lender can determine your income is by comparing the rental income from a prospective property to property taxes, mortgage payments, and home insurance.

The lending institution will divide the total mortgage by the gross monthly rent to calculate the debt service ratio, at least 1.25% of the qualifying amount.

To qualify for a home loan, your lender must determine your assets and verify your credit score. The process can be complex if you don’t have any documented assets and are yet to open any credit in the United States.

For this reason, the lender may ask for a 20-30% down payment to acquire mortgage loans from your new home.

The money used to pay the down payment must come from a bank account that has been active for at least two years, and you must provide a 12-month bank statement during your application.

If you have any credit in the US, your FICO score must be at least 680, with three open trade lines. The credit report must be at least two years old.

How Foreign Nationals Can Qualify For a Home Loan

As you can see, obtaining a home loan as a foreign national can be a long and strenuous process. Fortunately, this does not have to be the case when you engage a senior mortgage professional.

We have a team of experts who can help you navigate foreign national credit quickly and conveniently. Here’s a breakdown of our fast and hassle-free home loan process for foreign nationals:

Income Verification

While other lenders require a certified letter from an accountant in your home country to verify your income, we accept verification letters from either your employer or a CPA.

Income Tax Returns

We do not require federal income tax returns to issue loans to foreign national borrowers. Besides, the maximum debt-to-income ratio to receive a home loan from us is only 50%.

Credit Report

It is somewhat difficult to secure home loans if you do not have open credit in the US. However, this is not the case when dealing with these specific programs. We accept foreign credit reports as long as it is the latest document.

Property Types

Whether you need a loan for a single-family home or a townhouse, we issue financing for all types of properties except for Texas properties bigger than 10 acres

Loan Sizes

Our loan sizes and financing options are incredibly lucrative. We offer cash loans up to $500,000. Moreover, our loan-to-value ratio is up to 75%.

Visa Types

Unlike other lenders who may have issues with your visa type, we accept all types of visas. We accept B-2, B-2, H-2, H-3, I, J-1, J-2, O-2, P1, P2, and F-1 visas. However, your visa must be valid during the time of application.

So, what’s the next step?

Foreign nationals usually face a hard time securing financing for real estate investments. However, this does not have to be the case when partnering with a credible company.

Whether you need a loan for a single-family home or a townhouse, you can trust us to lend you up to $500,000 without asking for much.

Contact us today to learn more about our hassle-free home financing options.

Find The Right Mortgage

For more than 20 years, Phil have been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.

Schedule a FREE Consultation
Phil Ganz

Subscribe to Get Your First Time Homebuyer Checklist

Sign up for the weekly newsletter to stay up to date on the latest real estate market trends, loan news, and so much more!