Hello -
I recently posted informational tips about the types of loans available to foreign nationals here in the US. http://www.somersoft.com/forums/showthread.php?t=30962 As well as info on opening up a checking/savings account easily with a US bank. http://www.somersoft.com/forums/showthread.php?p=274180#post274180
In this thread, I'll provide some general guidelines for qualifying on residential 1-4 unit investment property loans. Keep in mind that lenders dont always share the same guidelines.
In addition to a simple worksheet and REO spreadsheet, I would suggest starting to gather some of these documents as it will make the process much faster for you. Please remember that if you do not have employment, income, or money in checking/savings…this may not automatically prevent you from financing. There are options available in which nothing has to be verified but the down payment will be 20-30%.
1. Citizenship requirements - Unexpired Passport along with one other form of goverment ID.
2. No Social Security # or US credit needs to be established. However, if a ss# has been issued, the credit will need to be pulled. Otherwise, the lenders will need letters from three banks of the country you live in or 1 international lender (on their letter head) which must state your name (business accounts cannot be used), account #, balance, monthly payment, opening date, and if the account ever went over 30 days past due. The lender is looking for accounts that have been opened for at least 24 months.
3. If you are employed at a company, my staff will need to send your employer a 1 page verification form that will need to be completed and faxed back to them. Please discuss with your employer now so they know this will becoming. We will need a contact name and email address for them. If you own your business, the lender will need a letter from your CPA (on their letter head) which indicates the length of time that you have been self employed in the same industry and that you are sole owner of the business. No $ listed. The lender will also need the business registration documents.
4. Lender contact name, email, and account # for all mortgage loans secured by your personal name (commercial properties do not apply). It’s a good idea for you to probably start speaking to all your banks in which you have a mortgage loan to let them know we will be contacting them.
5. Last 2 monthly statements from any checking or savings accounts. Last quarterly statement from any stock accounts or other investments. (all pages). If you do not receive statements from your bank or if the documents are not in English, we will need the contact name and email address of someone at the bank who can complete a 1 page verification form. Please let this person know that my staff will be sending over this form.
6. Most programs will require that a US based bank account be opened. This is not required by all lenders though. The lender may want to trace where your down payment funds are coming from. So if you have opened up a US bank account and are transferring funds from your country, please make sure to keep all your records of the withdraw and deposit into the new account.
7. Preferred home owner’s insurance agent.
8. Preferred appraiser name and contact info *If none is provided we will be ordering from a national company which could incur higher costs. The appraisal will need to be paid for upfront by credit card; the processor will assist you in getting in touch by email with them for payment.
9. Preferred title company name and contact info *If none is provided we will be ordering from a national company which could incur higher costs. The appraisal will need to be paid for upfront by credit card; the processor will assist you in getting in touch by email with them for payment. You can choose to use almost any title company you prefer as long as they are approved by the lender. Please keep in mind that we have had dealings with some title companies that just can’t perform on these types of closings so we need to be careful on who is used. ******BEFORE WRITING A CONTRACT, WE HIGHLY RECOMMEND HAVING US SPEAK TO THE TITLE COMPANY FIRST TO MAKE SURE WE WILL WORK WITH THEM******
Having these items available will be very helpful to you.
One additional thread is available for information on US banks that will easily open checking and saving accounts for foreign nationals.
I recently posted informational tips about the types of loans available to foreign nationals here in the US. http://www.somersoft.com/forums/showthread.php?t=30962 As well as info on opening up a checking/savings account easily with a US bank. http://www.somersoft.com/forums/showthread.php?p=274180#post274180
In this thread, I'll provide some general guidelines for qualifying on residential 1-4 unit investment property loans. Keep in mind that lenders dont always share the same guidelines.
DOCUMENTS NEEDED FOR FOREIGN NATIONAL INVESTMENT LOAN
In addition to a simple worksheet and REO spreadsheet, I would suggest starting to gather some of these documents as it will make the process much faster for you. Please remember that if you do not have employment, income, or money in checking/savings…this may not automatically prevent you from financing. There are options available in which nothing has to be verified but the down payment will be 20-30%.
1. Citizenship requirements - Unexpired Passport along with one other form of goverment ID.
2. No Social Security # or US credit needs to be established. However, if a ss# has been issued, the credit will need to be pulled. Otherwise, the lenders will need letters from three banks of the country you live in or 1 international lender (on their letter head) which must state your name (business accounts cannot be used), account #, balance, monthly payment, opening date, and if the account ever went over 30 days past due. The lender is looking for accounts that have been opened for at least 24 months.
3. If you are employed at a company, my staff will need to send your employer a 1 page verification form that will need to be completed and faxed back to them. Please discuss with your employer now so they know this will becoming. We will need a contact name and email address for them. If you own your business, the lender will need a letter from your CPA (on their letter head) which indicates the length of time that you have been self employed in the same industry and that you are sole owner of the business. No $ listed. The lender will also need the business registration documents.
4. Lender contact name, email, and account # for all mortgage loans secured by your personal name (commercial properties do not apply). It’s a good idea for you to probably start speaking to all your banks in which you have a mortgage loan to let them know we will be contacting them.
5. Last 2 monthly statements from any checking or savings accounts. Last quarterly statement from any stock accounts or other investments. (all pages). If you do not receive statements from your bank or if the documents are not in English, we will need the contact name and email address of someone at the bank who can complete a 1 page verification form. Please let this person know that my staff will be sending over this form.
6. Most programs will require that a US based bank account be opened. This is not required by all lenders though. The lender may want to trace where your down payment funds are coming from. So if you have opened up a US bank account and are transferring funds from your country, please make sure to keep all your records of the withdraw and deposit into the new account.
7. Preferred home owner’s insurance agent.
8. Preferred appraiser name and contact info *If none is provided we will be ordering from a national company which could incur higher costs. The appraisal will need to be paid for upfront by credit card; the processor will assist you in getting in touch by email with them for payment.
9. Preferred title company name and contact info *If none is provided we will be ordering from a national company which could incur higher costs. The appraisal will need to be paid for upfront by credit card; the processor will assist you in getting in touch by email with them for payment. You can choose to use almost any title company you prefer as long as they are approved by the lender. Please keep in mind that we have had dealings with some title companies that just can’t perform on these types of closings so we need to be careful on who is used. ******BEFORE WRITING A CONTRACT, WE HIGHLY RECOMMEND HAVING US SPEAK TO THE TITLE COMPANY FIRST TO MAKE SURE WE WILL WORK WITH THEM******
Having these items available will be very helpful to you.
One additional thread is available for information on US banks that will easily open checking and saving accounts for foreign nationals.
