BiggerPockets

Foreign National Financing...it does exist!

Monday, September 06

Foreign National Financing...it does exist!

I have recently had many Realtors and foreign investors ask about financing for Foreign Nationals..."does this type of lending still exist"? The answer is YES! However guidelines differ dramatically depending on the bank or lending institution. We have several senior level private banking relationships who will lend to Foreign Nationals with fairly reasonable lending guidelines. The following is a snapshot of what we have found and what is required.

Foreign Nationals Guidelines

Foreign Nationals financing up to 65% LTV, higher case by case. Passport needed at min. Conventional financing requires US bank account and in some cases US employment (L1). Private money only US passport required case by case.

● States: CA, GA, MA, NJ, NY, TX and WA
● Inv & NOO: 6 mo, 3/1, 5/1, 7/1
● 60% LTV w/o US Credit
● Residential: SFR, Condo, PUD & 1- 4 Unit Only
● Valid visa and passport at time of application
● Min 18 months verifiable PITI reserves at close

● States: CT, DE, FL, MA, NH, NY, PA and RI
● 60% LTV w/ US Credit 685 FICO; 50% LTV w/o Credit
● Purchase, R/T Refinance (no C/O)
● 3/1 or 5/1; Loan Amounts to $2M
● 1-2 Unit, Condo, Co-Op (NY Only)
● Visa and passport at time of application
● FL property less 15% from above LTVs; 40% LTV floor

Foreign National Financing is available in additional States (Case by Case). Guidelines are similar to the above however a banking relationship may be needed in the country of origin.

More information can be found on our website: http://www.finance1online.com

Stated Income Loans and other unique financing...

Sunday, September 05

Stated Income Loan Facts

Stated Income Loans do exist contrary to some opinions. We have spent many work hours locating niche lending products like Stated Income Loans...they are not easy to find! All low rate stated income and no income loans are offered by banks that do not work with brokers. We are mortgage bankers, we have senior level relationships with these institutions, which is why we are able to do these loans. Guidelines generally are as follows: 60% LTV max (higher with very strong borrowers), 6-12 months PITI at close and cannot be from cash out, cash out is limited to $100K for the most part (a few have no cash out limitations), 700+ FICO (I have seen as low as 660 FICO on stated 2nds)...no property limitations, no # of property limitations, owner occ and non-owner occ ok (great for investors). Stated loans are typically offered by smaller banks and typically lend regionally. Some, not all, require banking relationships with the borrower, as in deposits in to a newly established account at their institution. There are a couple larger banks who offer stated loans. One I know of recently stopped their program due to to many submissions. I would be happy to answer any questions anyone may have on the topic of Stated Income loans...drop me a line. Following states are the best for Stated Income Loans: CA, NJ, NY, GA, MA, TX, WA, CT, DE, MA, NH, PA, RI, NY & FL.

Other Niche Loan Programs:

- Super Jumbo Loans to $10M full doc, $3M stated income.

- Up to 15 properties with mortgages financed

- Foreign National loans

- Non-warrantable Condos

- Condotels

- Co-Ops in NY

- 100% Rehab loans in CA

- Hard money as low as 8%!

- Nationwide private money lending to $55M...commercial and residential

If you want more info contact me at david@finance1online.com.