Loans For Foreign Nationals…

Did you know I can do loans for people with only an ITIN number? That’s right, I can do loans for Foreign Nationals that have no social security number.

Here are some of the highlights from the guidelines for this program…

 A Foreign National is not a resident of nor permanently resides in the United States.

 Not allowed on:

 Interest Only ARM.

 Primary Residence

 Cash-out Refinance transactions.

 A resident of any country not permitted to transact business with United States

companies (as determined by any U.S. government authority) is not allowed.

 Maximum 70% LTV/(H)CLTV.

 12 months of reserves are required, in addition to the reserves required for the transaction.

Funds must be held in a U.S. bank. See Reserve Requirements.

 For a rate/term refinance transaction, the existing loan must be held with a U.S. financial

institution.

 Title must be vested in the borrower’s name.

 Escrows for taxes and insurance are required for the life of the loan.

 ALL of the following is required:

 Three credit reference letters written in English.

 Two bank reference letters written in English.

 Six months most recent bank statements. The statements must be translated to English and must be shown in U.S. currency.

 All funds required for down payment, closing costs and reserves must be held in a U.S. bank.

 Copy of the borrower’s valid Passport and Visa used to enter the United States.

 The borrower’s income and employment must be verified by an acceptable third party.

 Wage earners must be verified with all of the following:

 Letter on company letterhead from an authorized representative of the employer stating

the borrower’s position/title, time on job, current monthly salary and year-to-date

earnings.

 Valid paystub/pay ledger or financial institution deposit/transaction record that supports

the borrower’s employment and income.

 Self-employed borrowers must be verified with all of the following:

 Letter on company letterhead from a professional based in the borrower’s country of

residence (such as an accountant, CPA, Financial Institution Officer or licensed financial

adviser) verifying the nature of the borrower’s business, the business income figures for

the most recent two years and the year-to-date business income.

 Validation of the business existence must include an internet Web page address or

business/operator license from a governmental office.

 Note: Tax returns are not required.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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