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Foreign National Full Documentation

As we noted earlier, the limited documentation DSCR Loan is the popular choice for Foreign National buyers.  However, if you have established credit, income and assets with institutional lenders in your home country then you may want to use a full document loan program as this can mean a lower down payment (usually 20% down instead of 25%-30%) and a better interest rate.  


A full documentation loan will look at all of your monthly debt and your monthly income in order to determine your debt to income ratio ("dti").  The debt to income ratio cannot be higher than 50 in most cases and is determined by taking your current monthly debt PLUS your proposed mortgage payment and dividing it by your monthly income.  The proposed mortgage payment number will include Principal, Interest, Property Taxes, Homeowner's Insurance and any Condominium/Association fees.  ("PITIA")  


Below we will take a look at the required documentation necessary to satisfy the criteria of a full document loan program.  First let's start with some characteristics that are common to Foreign National Programs:


                                                                                             ELIGIBLE PROPERTY TYPES


  • 1-4 Unit Properties
  • 5-8 Unit Properties
  • Condominiums (Both warrantable and non-warrantable)
  • Townhouses/Planned Unit Developments


                                                                                              MINIMUM DOWN PAYMENT


Your minimum down payment will depend on your credit score as follows:


  • 700 or above  = 20% down
  • 680 - 699        = 25% down
  • 620 - 679        = 30% down
  • Foreign Credit = 30% down

                                                                                                     ELIGIBLE PARTIES


  • All parties (borrowers, banks and property sellers) involved on the transaction must be screened through exclusionary lists, and must be cleared through OFAC's SDN list.
  • Borrowers from OFAC sanctioned countries including Russia and Belarus are ineligible. Access the link below for a list of sanctioned countries: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx 
  • Individuals with diplomatic immunity are not eligible. 

 

                                                                                                CLOSING REQUIREMENTS


  • Any loan made to a Foreign National must have an ACH agreement signed at the closing table. The ACH account must be set to draw from a US bank account. The Borrower shall provide proof that a US bank account is opened in their name (or in the name of the LLC which owns the property, if applicable) and that the account is funded with the first month’s payment.  


                                                                                                           DOCUMENTS


  • All documentation provided that has or will be translated to English must have a Certified Translator Stamp
  • Documents signed outside of the United States must be notarized by a U.S. embassy or consular official. The certificate of acknowledgment must meet the standard notarial requirements and must include the embassy or consular seal. 

Required Documentation

Proof Of Foreign Status

Proof Of Foreign Status

  • 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.

Proof Of Credit History

Proof Of Foreign Status

  •  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.

Proof Of Income

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.

Down Payment & Closing Assets

Holding Title In An LLC

  • 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. 

Reserves

Holding Title In An LLC

Holding Title In An LLC

  • 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. 

Holding Title In An LLC

Holding Title In An LLC

Holding Title In An LLC

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. 


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