Foreign National Full Documentation

• Documentation showing your primary residence address in your  country of origin.  (i.e. lease, mortgage statement, utility bills)
• A copy of your visa (OR I-797/I-94) and passport with photographs.  If your resident country participates in the Visa Waiver Program then a visa will not be necessary.
• Canadian citizens traveling to the U.S. do not need a non immigrant visa.
• If the Buyer is from a NAFTA country (i.e. Canada, Mexico) a driver's license from the NAFTA country is all that is necessary.

•  Buyers will be required to have 3 tradelines that have been reporting payments/usage for 12+ months and have been active some time in the last 12 months, OR the Buyer can have 2 tradelines reporting payments/usage for 24+ months with activity in the last 12 months.  The tradelines can be shown by producing any combination of the following:

• Letters of Credit.  These are written references from a financial institution (lenders or banks) that you have established a credit history with in your country of origin.  The reference should state you have borrowed from the bank/lender, the term or length of time your debt(s) has been in good standing and that you have an established history of repaying your debt obligations for the past 12 or 24 months; OR
• An International Credit Report; OR
• If you have a valid Social Security Number or an ITIN number with established credit lines associated with that Social Security or ITIN number, then a standard U.S. credit report can be used; OR
• If you have an existing mortgage on a U.S. property associated with your SSN or ITIN, then you can provide 12 or 24 months statements from the mortgage lender showing payments have been made on time AND/OR 12 or 24 months statements from 1-2 credit card/auto loan companies from your home country showing on time payments.
• Buyers will have to verify a 12 month housing history for the 12 months prior to application.  This can be done via an existing mortgage the Buyer has on their primary residence in their home country or via a written verification of rent payments from the Buyer's landlord with 12 months of cancelled rent checks or similar documented proof of rent payments from the Buyer's financial institution.  If the Buyer's rent is paid to a Professional Management Company then 12  months of cancelled checks/similar documents is not necessary.
• A 24 month housing history can be used to satisfy one of the Buyer's tradelines.

To document income received for salaried Foreign National borrowers, the following items must be obtained:

• Letter from employer on company letterhead providing current monthly salary and YTD earnings, OR 2 months’ pay stubs with YTD earnings.
• Verification of earnings for the last 2 years (letter from employer or W-2 equivalent)
• Employer to be independently verified (via LexisNexis, D&B International Business Search, Google, or other means of verification)
• All documents must be translated by a certified translator.

For Foreign National borrowers who have been self-employed for at least 2 years the following items must be obtained:

• Letter from a CPA, Auditor or local equivalent (“Accountant”) providing income for the last 2 years plus your Year To Date earnings on Accountant Letterhead; OR
• 2 years tax returns from your resident country translated to English by certified third party translator
• Self-employed business and Accountant are to be independently verified (via LexisNexis, D&B International Business Search, Google, or other means of verification)
• All documents must be translated by a certified translator. 
• Verbal Verifications of Employment are not required for Foreign National borrowers.  
• If you are self employed then confirmation of business existence and ownership is required.  This can be your business license, properly filed/registered corporate documents or other similar documents.
• Income from countries sanctioned by OFAC will not be credited.

• Foreign assets CAN be used for the down payment, 1st mortgage payment and closing costs/escrows.  The foreign assets must be held in a foreign institutional account (i.e. Bank) so that the assets can be sourced to the Buyer for at least the past 60 days.  The foreign account statement terms must be translated by a Certified Translator. 

• The foreign assets needed for the down payment, 1st mortgage payment and closing costs/escrows must be transferred and arrive in a U.S. Bank at least 10 days prior to closing.
•  Borrowers with Bitcoin assets may utilize the assets for funds to close, but these assets are not eligible for reserves. To utilize for funds to close, the assets must be liquidated and deposited into another account with evidence of liquidation & deposit provided prior to closing. Bitcoin is the only eligible form of Cryptocurrency; all others are ineligible. 

• In addition to the down payment and closing costs the Buyer will have to show they have enough funds in their account(s) to cover 12 months of mortgage payments including principal, interest, property taxes, homeowners insurance, and association/condo fees (if applicable).
• Only 6 months reserves will be required if the Buyer puts more money down.  (Usually, an additional 5% of the purchase price.)
•  Assets held in a foreign account can be used for reserves. The two most recent 30-day account statements are required, and funds are to be converted to U.S. dollars using the current exchange rate. Any translation must be signed and dated by a certified translator. 

Vesting in the name of an LLC is allowed provided it is a solely business-purpose loan to be used for the purchase or refinance of an investment property.  The following requirements apply:

• Purpose of the LLC is for the ownership and management of real estate.
• The borrower(s) must be majority owners or managing members of the LLC. For LLC’s with multiple owners, each borrower own no less than 25% of the vesting business. All of this information must be supported in the operating agreement and/or the articles of incorporation.  
• The loan must be disclosed to all borrowers.

The following LLC documentation must be provided:

• Articles of Incorporation
• Operating Agreement
• Tax Identification Number
• Certificate of Good Standing

A personal guaranty is required if the property will be vested in an LLC.  The personal guarantor is subject to the following requirements:

• The guarantor must be an individual person and not a business entity.
• The guarantor must be a managing member or majority owner of the business entity. Each borrower can own no less than 25% of the vesting business.
• The guarantor is subject to the same credit requirements and fraud checks as individual borrowers.