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International Mortgage Help for Non Residents

As more and more International visitors and other tourists from outside the U.S. are inquiring about Miami real estate/condo purchases, the need arises to produce a quality product for our valued Resident Aliens, Non-Resident Aliens and Foreign Nationals.

Some lenders avoid makng a loan to a Non-Resident, but there is a large mortgage market for folks who don’t meet the standard guidelines.  Resident-Aliens and most Non-Resident Aliens are candidates for the entire product mix of certain lenders.

Foreign Nationals have many programs available; however, there are loan limitations. Foreign National borrowers should be prepared to pay a slightly higher interest rate (about 1%)  to compensate for the higher perceived risk.

Industry wide, 80% of the appraised value will be loaned to almost any legal “visitor”, “tourist”, or “guest”.  Persons who are “diplomatic” visitors are excluded.

For certain catagories i.e. Lawful Permanent Resident Aliens are considered for all programs that are available to United States citizens.

Countrywide (a personal favorite) has the view that they will grant loans to Foreign Nationals in addition to Permanent and Non-Permanent resident aliens.

Foreign Nationals are non-United States citizens, who are non permanent resident aliens, and do not have full or partial diplomatic immunity. 

To start the loan application process, a Non-Resident must provide:

  • a copy of their unexpired passport
  • evidence of a valid residency type visa
  • a Social Security number or a copy of “Certificate of Foreign Status” form W-8.

Visa catagories acceptable for mortgage consideration

B-1 and B-2 - Business Visitors and Tourists
E-1 and E-2 - Created for creating Treaties
G-1 to G-5 - For Employees of International Organizations
I - Foreign Media, Press, Radio, TV, Film
J-1 - Exchange Visitor
J-2 - Exchange Visitor Spouse or Child of J-1
K-1 - Fiancee of U.S. Citizen
R-1 - Religious Ministers, Priests, Church

Unacceptable Visa catagories

A-1 to A-3 - Diplomatic Full or Partial Immunity
F-1 - Temporary Visitor Academic Students
F-2 - Temporary Visitor Spouse or child of F-1
M-1 - Vocational Students Academic Students

This data should help clarify some issues around mortgage lending to Resident Aliens, Non-Resident Aliens, Foreign Nationals and International Tourists.

By Jim Jump To Comments
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10 Responses to "International Mortgage Help for Non Residents"

    felicia says:

    Hi Mr. Moore,
    I have been searching for a bank that can help me with loan for my clients that are a majority of non/perm/or just have a work permit but, have been her more than 2yrs. residents I am aware that Countrywide does these loans is there anyone else that my broker can join so we can close our loans. Countrywide will not accept outside brokers from what we have been told. Can you help. I would greatly appreciate it. I from California. Thank for your time.

    Reply

    Posted on 10/07 at 8:51 AM
    SBA Loans says:

    I understand these decisions as safety measures for the national financial equilibrium but I also think they are good investors and also they need encouragement.

    Reply

    Posted on 10/25 at 7:49 AM
sanda eusepi says:

Do you still do lending for foreign nationals?  Also, do you finance condo hotels to foreign nationals?

Reply

Posted on 11/03 at 11:02 AM
JAMES R. MOORE says:

Wish it were still so easy.
Although there are lenders still willing
to make loans, the loan to value percentages have been reduced.

In most cases these borrowers need about 1/3 down.

As for condo hotels the scenarios are
worse.

Reply

Posted on 11/04 at 6:55 AM
Sanda F. Eusepi says:

James,  I need to know the names of these institutions that are willing to lend.  The down payment of 1/3 or more down is fine.  My customers are willing to put a down up to 40% of the LTV. Regarding Condo Hotel financing they are willing to put down at least 40% or more.  I need an URGENT REPLY. Thank you.

Reply

Posted on 11/04 at 8:35 AM
James Moore says:

email me at:  .(JavaScript must be enabled to view this email address)
and I will give you my contact telephone
information

Reply

Posted on 11/05 at 3:13 PM
James Moore says:

yes and have someone write a letter that
you’ve piloted the space shuttle, and
next time it goes up you can be Mission Commander

Reply

Posted on 11/05 at 4:21 PM
Lofts says:

All mortgages are full status and proof of income and outgoings will be required. Mortgages can be arranged for acquisition & construction purposes. A deposit of 20% of the purchase price is generally required and you will also be liable for solicitor’s fees. Australian mortgages are Principle and Interest (Repayment) or Interest Only for up to 5 years then Principle and Interest will be applied to the loan. The maximum term available is 30 years, but will depend on age of the applicant and the age at the end of the mortgage term.Australian lenders assess eligibility for a mortgage on the applicant’s ability to service the loan and potential rental income from the property. The general guideline is as follows: of an applicant’s net income 33% should cover existing outgoings and the monthly repayment on the overseas mortgage. If you are self-employed income is assessed as the average of the last three years’ net income. A percentage of rental & investment income may also be considered. If employed a lender will base your income on your payslips and the amount that is credited to your account monthly.Outgoings considered are liabilities such as current mortgage/rent, personal loans & maintenance commitment.

Reply

Posted on 01/17 at 4:43 AM
Lorena H says:

Is it possible to a mortgage loan refinance if the main borrower is a non-us resident and do not live in the US. There is a second name on the loan holding a F-1 visa. Any Advise?

Reply

Posted on 11/15 at 5:18 PM
Jerry Koolhoven says:

i am a foreign national and am in th eprocess of buying a property in the fort lauderdale area. Most banks are asking rediculous terms, like 24 months of mortgage payments reserved. We are able to put 30% down. Could you please point me in the right direction ?

Reply

Posted on 01/09 at 8:54 AM

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