Sorry, took a moment to respond to the summons.
The borrower is a Foreign National as opposed to a Resident Alien. Foreign National underwriting is pretty standard across the board in institutional loans but has become less available since the crash.
Max LTV = 65%
Income & Asset Verification will come from home country.
Subject Property Designation is limited to either (a) Second Home or (b) Investment Property.
Usually with an investment property designation, they will want to underwrite a management contract. That is a lender specific overlay.
Credit underwriting will use alternative source as most other countries do not participate in the same credit bureau credit reporting we use in the US. Typically, they will seek standard alternative credit documents such as other loan performance and higher balance credit such as auto and credit cards.
The general view on these types of borrowers is boarder line stated documentation. As some borrower support is difficult to verify. This is what drives the LTV requirement.
Foreign income is income a borrower receives from a foreign
corporation or foreign government and paid in foreign currency.
All borrowers using foreign income to qualify must document their income with:
1. Copies of two years signed federal income tax returns, and
2. Standard income documentation (e.g., year-to-date (YTD) paystub and W-2 forms for prior years). All income must be
translated to U.S. dollars.
Fannie Mae & Freddie Mac no long buy foreign national loans. As such many of the mainstream commercial banks longer offer any program. The loan will have to be originated by a portfolio lender, whether private or public. Many banks in Florida still do these types of loans due to the amount of borrowers in the market.
There is a specific program for Canadian residents only. Fannie and Freddie will still purchase those. Other countries, no dice.
Some commercial banks that still might have a program might include RBC, HSBC and RBS. Outside of that its a toss up and you would have to shop around.
There is no grace given to "live here most of the time". Foreign Nationals are here on Visa (in most cases an H-1 Visa either B or C) and have permission to be in the country from 1 month to 6 months at a time. At the end of that term they must leave the US for a period of time before returning.
If your borrower has applied for a Resident Alien Card (Green Card), you might see how long their attorney thinks the approval will take. You might get a portfolio lender to bend a little on the underwriting.
Hope that helps.