Foreign Nationals!

Individuals not living in the United States or who may be classified as foreign nationals of the United States may obtain a mortgage for purchasing a home. There are two programs which make this possible.

1. (70% mortgage) 30% deposit of purchase price or appraised value which ever is more plus 6-8% for closing costs is required. There is no employment or income required within the United States. A US Bank account showing the aforementioned funds is required.
2. (75-80% mortgage) 20-25% deposit of purchase price or appraised value which ever is more plus 6-8% for closing costs. This program requires proof of adequate documented income in country of residence for the previous two years. A letter from employer's Human Resources department is acceptable for salaried borrowers. The adjustable loan is convertible to fixed after 24 months for a nominal charge of $250-500.
3. Non Permanent Resident Aliens. These are individuals who have an Alien Card but do not reside permenently in the US. Up to 90% financing is available.
4. Up to 100% financing available. Some special requirements apply to this program.

In 2 and 3 the borrowers must have established traditional credit with a minimum of five trade lines that are at least two years old. If borrowers show no credit, then there must be three original credit letters issued by credit institutions from their home country such as a bank, or one credit document from a large internationally known financial institution. Credit letters must document a two year credit history and reflect no derogatory credit information. All funds required for the transaction must be shown for at least two months prior to closing.

New homes or resales are OK. There is some real estate assistance available for location property of choice. If the purchase is for investment purposes, i.e. rental, the real estate personnel may consider managing the property depending on location.