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Home Foreign National

Foreign National Loan Program | Foreign National Mortgage Guidelines

byNicholas Auriemma, NMLS# 1455001
3 years ago
inForeign National
Foreign National Loan Program Foreign National Mortgage Guidelines

Foreign National Loan Program | Foreign National Mortgage Guidelines

Looking for an investment rental Foreign National loan program? The investment rental Foreign National loan program is available to a Foreign National as long as they borrower in a name of a U.S. based LLC and in a permitted country.

Can Qualify Based on Cash Flow of the Property

Foreign National mortgage guidelines are based on debt-service coverage rather than personal debt-to-income. The property qualifies based on property’s debt-service ratio. Debt-service ratio is taking the full mortgage payment (principal, interest, taxes, insurance, and association dues) to rent to determine cash flow coverage. The minimum loan amount is $75,000 and minimum property value is $100,000.

Permitted Countries Include

Eligible country list includes:

  • A-B: Argentina, Australia, Austria, Belgium, Brazil, and Bulgaria.
  • C-E: Canada, China, Columbia, Croatia, Czech Republic, Denmark, and Estonia.
  • F-J: Finland, France, Germany, Greece, Hungary, Ireland, Israel, Italy, and Japan.
  • L-N: Latvia, Lithuania, Luxembourg, Malta, Netherlands, and New Zealand.
  • P-S: Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
  • U-V: United Kingdom, and Venezuela.

Credit Requirements – Investment Foreign National Loan

The Foreign National mortgage guideline for credit requires an attempt to pull credit. When a credit report is available, it must be evaluated for the loan. If a credit report is not available, the borrower is still eligible.

Loan-to-Value and Loan-to-Costs

The maximum loan-to-value is 70% on the investment/business purpose 1-4 unit and condo loan. Options for investment/business purpose loans for 2-6 units are available too.

Property Types

  • Single-family detached
  • Planned unit developments (PUD)
  • Condominiums (warrantable and non-warrantable)
  • Townhomes
  • 2-4 units
  • Modular Homes

Minimum Property Requirements

  • Detached units must be a minimum of 700 square feet.
  • Attached units must be a minimum of 500 square feet.
  • Property must have a fully functional bath in the main structure.
  • Property must have a fully functional kitchen in the main structure.
  • Property must have an “as is” appraisal, which is habitable and lease ready condition with a rating of C4 or better.

Refinance Transactions

  • Cash out refinances are acceptable.
  • For 1 unit properties, the property must be leased at the time of financing or provide evidence that the property has been leased within the 2 months of normal turnover.
  • For 2-4 unit properties, the property should not have more than 1 vacant unit at the time of closing and must provide evidence that the property was leased in the past 2 months.

Purchase Transactions

  • For 1 unit properties, the property does not require to be leased.
  • For 2-4 units, the property cannot have more than 1 vacant property at the time of closing.

Foreign National Mortgage Guidelines

The investment Foreign National loan program is considered wholesale portfolio lending and each loan is underwritten based on a more common sense approach to underwriting and the ability to repay.

Certain loan programs allow borrowers to occupy the subject property as a borrower’s primary residence, second home, or investment loan.

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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
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