Foreign National Mortgage Loans On Home Purchase

 
Lending Network, LLC offers foreign national mortgage loans. Foreign National mortgage loans are portfolio loans without agency lending guidelines. Lending Network, LLC has special foreign national mortgage loans for Foreign Nationals with work visas. Many foreign nationals work for a company based in the United States, filing U.S. Tax Returns and getting paid. Alex Carlucci of Lending Network, LLC explains how foreign nationals qualify for Foreign National mortgage loans:

To qualify for Foreign Nationals Mortgage loans, borrowers do not need a credit score. Those who need Foreign National mortgage loans and have no credit score the borrower will be given a 740 credit score for qualification purposes.

Mortgage lenders specializing in Foreign Nationals Loans understand that most foreign nationals with work visas plan to stay in the United States. Lenders realize that most might not have credit. In this article, we will discuss and cover mortgage loan programs for foreign national borrowers.

Foreign Nationals Mortgage Loans Program

The Foreign Nationals Loan Program requires that the mortgage loan applicant have a valid work visa in the United States and be employed by a U.S. company or a foreign company with a U.S. subsidiary.  Dale Elenteny of Lending Network, LLC explains the types of foreign national mortgage loans.

Lending Network, LLC has multiple different types of foreign national mortgage loans. The foreign national mortgage loans we are discussing on this blog is a loan program for foreign nationals who work for a U.S. based company.

The borrower needs to file U.S. Tax Returns. No credit score is required or credit history. These loans are portfolio loans in which the mortgage lender will hold the loan in their investment portfolio. Mortgage Loans are 30-year amortized residential mortgage loans.

Terms Of Foreign National Mortgage Loans

30-year loan term adjustable-rate mortgages.  Portfolio loans are ARMs:

• 3/1 ARM
• 5/1 ARM
• 7/1 ARM

For example, on 3/1 ARM Foreign National Mortgage Loans, the borrower will get a fixed-rate the first three years:

• The mortgage rate will adjust on the 4th year, 5th year, 6th year
• Rates will adjust after the fixed-rate period throughout the remaining 30 years of the mortgage loan
• The adjustment rate is based on the index plus a 3% constant margin
• The index is based on the Cost Maturity Treasuries (one-year treasuries, CMT )

How To Establish Credit For Foreign Nationals

Lenders of Foreign National mortgage loans have other products to help establish credit for foreign nationals, such as the following:

• Unsecured credit cards
• Bank accounts
• Auto loans

Other financial products to offer the Foreign National borrower to help them re-establish their credit so that once they become U.S. Citizens or permanent residents, they will have their credit established.

Lenders For Foreign National Mortgage Loans

Mortgage lenders specializing in Foreign Nationals Mortgage Loans view Foreign Nationals as those seeking employment in the United States via a work visa. This is because foreign nationals intend to eventually become permanent United States Citizens. When it comes to foreign national mortgage loans, common sense applies, says Marga Jurilla of Lending Network, LLC:

Lenders of Foreign Nationals Mortgage Loans realize these borrowers have little or no credit. Foreign Nationals have strong employment skills because a U.S. Company is willing to sponsor them. Sponsoring companies believe foreign nationals will eventually become permanent or United States citizens.

Lenders of Foreign National mortgage loans are willing to approve their mortgage loan and offer them other services such as credit cards and auto loans to establish their credit. Once they become permanent residents or United States citizens, they will be all set to get any traditional residential mortgage loans and other forms of credit. The most important factor with Foreign Nationals mortgage loans is that the borrower needs to be employed by a U.S. Company or a company with a U.S. subsidiary and file U.S. Tax Returns. Income is an absolute must.

Types Of Mortgage Loans

As mentioned above, all Foreign Nationals Loans are portfolio mortgage loans where the mortgage lender will borrow from its investment funds and hold the mortgage loan in their portfolio, not sell it to the secondary market. A 20% down payment is required for the following:

• Homes
• Townhomes
• Warrantable condominiums
• Non-warrantable condominiums

Condotel units mortgage loans are available to foreign nationals with a 25% down payment. Reserves are great compensating factors, and the field of employment is weighed on strongly. Foreign Nationals interested in qualifying for Foreign National mortgage loans can contact us at Lending Network, LLC at  (844) 428-LOAN or text us for a faster response. Or email us at gcho@lendingnetwork.org. Lending Network, LLC is a national mortgage company licensed in multiple states with no mortgage overlays on government and conventional loans.