Frequently Asked Questions:

1. Who is considered a Foreign National Borrower?

A citizen or legal resident of a nation other then US, and US citizen living and deriving income in the other country and applying for the loan in the US, is considered a Foreign National Borrower.

2. What type of properties can a foreign national purchase in the US?

Second homes, vacation or holiday home, investment and commercial properties can be purchased by foreign nationals.

3. What types of loans are available to the international borrower and under what terms?

Fixed and adjustable rate residential and commercial loans are available. Terms are 10, 15 or 30 years fully amortized or interest only loans.

4. How much down payment is required?

As little as 10% down payments are possible. However, at the present time 30% down payments is the minimum. 

5. What are the interest rates available to foreigners applying for a loan in the US?

Historically low interest rates in the range of 5.00% to 7.00% are available.

6. What are the costs involved for an international buyer to obtain mortgage in the US?

Closing cost or legal cost as it is called in some countries is the same for US citizens and international buyers. They are approximately 3% of the purchase price.

7. How long does it take to obtain a foreign national mortgage in the US?

Approximately 30 to 45 days is needed to obtain and close the loan.

8. What type of documentation is required to get approved for the loan?

Full doc: Foreign National Borrowers must derive their income from another Country, and their income must be verified via our U. S. Quality Control Procedures.
Stated Doc: Foreign National Borrowers accountant or employer must state borrower’s income in writing for the past two years and yers to date.

9. Does foreign national borrower must be present in the US at the closing?

No. Transaction can be closed thru POA (power of attorney) where the borrower designates someone else to close for him or in certain cases it can be a mail away.

10. Can a person with a US work visa qualify as a foreign national borrower?

Yes. Borrowers with (A, All of E, F 1, All of G, All H (except H4), All of I, All of J, K1, K3, All of L, M1, NATO, All of 0, All of P, All of Q, R1, S5, S6, All of T, All of U, V1) type of visas maybe able to qualify under foreign national guidelines.

11. Is US Visa required for all foreign national borrowers?
No. The countries that are in the Visa Waiver Program are are not required to carry a US visa to apply for the loan.

12. Which countries are in the Visa Waiver Program?

Andorra, Austria, Australia, Belgium, Brunei, Canada, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Japan, Liechtenstein, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, San Marino, Singapore, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom (For citizens with the unrestricted right of permanent abode in England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man) Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Slovak Republic and South Korea.

13. Would the borrower from any other than the above listed countries need US Visa?
Yes. Unless the borrower is also a US Citizen or Permanent Resident. 

14. If required, what type of visa would qualify the borrower to apply for foreign national loan? 
Any of the following US visa's would qualify: (B-1, B-2, H-3, I, J-1, J-2 or R-1)

15. Can a Non Citizen refinance existing mortgage on his US property?
Yes. At the present time only the rate and term loan refinancing program is available, as a cash out refinancing is not allowed.

16. What is a condotel?

A condotel (condo hotel) is a residential real estate building a combination of a condo and hotel building. Condotel combines elements of condominium ownership with the amenities often found in luxury hotels. A condotel will have a front desk staff that manages or oversees nightly rentals and daily housekeeping service. The condotel owner may lease the unit while not in use.