70% LTV Foreign National Mortgage

Before you read about our 70% LTV loan program we would like to note a few differences between US and European mortgages. In the US mortgages work different then the mortgages in most of the European countries:  

1.    There are no age restrictions. The buyer can be 70 years old and elgible for 30 years mortgage term.

2.    Gross income is used when qualifying for the loan instead of net-income widely used in Europe.

3.    Life insurance is not required.

4.    No tax returns are required but the employer or accountant letter is enough.

Our 30% down payment program enables foreign nationals to place 30% down payment and finance 70% of the purchase price. You have probably heard that in this market you may need 50% down payment in order to obtain foreign national mortgage loan. With the loan program we offer 30% down payment is all you need. Seller or developer can give the buyer up to 6% concession towards the closing cost and or prepays. If that is the case your entire out of packet expense may be 30% down payment. Borrower must have verifiable funds for the down payment, closing cost and payment reserves. Our 70% LTV mortgage for foreigners does not require Private Mortgage Insurance (PMI).
So called rate and term foreign national mortgage refinancing is available but the borrower is not allowed to cash out.

This foreign national refinance mortgage is available as a fixed and or adjustable rate mortgage. Adjustable rate are 3/1, 5/1, 7/1 term for 15 or 30 years fully amortized loan. Fixed rate are offered for the 10, 15 or 30 years fully amortized loan. Please call or Contact Us for details.

Here are some of the loan program features:    

·         Minimum 30% down Payment

·         3.75% to 5.75%  Interest rate (right now)

·         Term, 30 years, 20 and 15 years fixed

·         Loan amounts up to $417,000 (We have a Jumbo Loan option up to $1.5M)

·         Par rate only

·         No prepayment penalty

·         Credit History Report not required

·         6 months of payment reserves (PITI) required

·         Up to 6% seller contribution towards buyers closing cost allowed

·         1 unit single family residential property eligible

·         Condos eligible only  if FANNIE MAE approved or 70% sold and closed and conform to other FANNIE MAE guidelines

·         72 hours for underwriting

·         Closing on average 45 days

 Here are the requirements for our foreign national loan program:

·         Copy of a purchase agreement

·         Copy of passport with a valid US visa if required (B-1, B-2, H-3, I, J-1, J-2 or R-1)

·         4 personal Credit References (Credit card, Mortgage, Car lease, Landlord Letter, Utility bill)

·         If self employed accountant (CPA) letter or employer letter

·         Last 2 months bank statements showing enough funds for minimum of 30% down payment plus closing cost

·         Checking account required with the lending bank (need direct debit set up for a mortgage payment) Account is FDIC insured

 *We can help with Credit reference, CPA or Employer sample letters if needed.

Please do not hesitate to call or Contact Us as with any questions you may have. Also, if you wish to apply for the loan or get pre-approved Click here now for our quick online application.