- A foreign national is someone who lives and works outside of the US.
- Not all lenders offer foreign national loans, but Legacy Mutual Mortgage does.
- The first important criteria is that the individual must be from a certain country that is eligible for the program.
- The program does not require credit reports, employment verification, or income verification.
- The program offers a 70% LTV for non-owner occupied properties and requires 30% down payment for purchases.
- The program requires an eligible Visa for countries that require them and 60 days of source and season funds, with 30 days in a US bank account.
- The program also has a debt service coverage ratio requirement to ensure the property cash flows.
Jen and Cara Eubank discuss foreign national loans in this episode. Foreign nationals are individuals who reside and work in another country. Not every lender offers foreign national loans. These loans are available only if the individual is in a certain country, and the program has blackout countries. The lenders do not verify employment, credit report, or income in these loans. The program offers a 70% loan-to-value ratio, meaning the individual must have 30% down payment for a purchase. These loans are only for non-owner-occupied properties. The program requires eligible visas, 60 days sourced and seasoned funds, 30 days in a US bank account. The program also has a debt service coverage ratio requirement, meaning the principal, interest, taxes, and insurance, and any HOA fees must be equal to or less than the rent value. The challenge with this program is that it may not work for people who buy a condo with an expensive monthly HOA fee. Foreign nationals who want to put more money down will find this program useful.
Bullet Summary:
- Foreign nationals reside and work outside of the US.
- Not every lender offers foreign national loans.
- The loan program requires a certain country and has blackout countries.
- The program does not verify employment, credit report, or income.
- The program offers a 70% loan-to-value ratio.
- The program is only for non-owner-occupied properties.
- The program requires eligible visas, 60 days sourced and seasoned funds, 30 days in a US bank account, and a debt service coverage ratio requirement.
- The program may not work for people who buy a condo with an expensive monthly HOA fee.
- Foreign nationals who want to put more money down will find this program useful.
