MORTGAGE PROGRAM for FOREIGNS

There are many businessmen who already have come from expat foreign nationals to the US. Since they have been here less than two years, their credit lines are not enough.

However, their bank statements balance is high. They have real estates in their countries. So they have sufficient ability to pay and that can pay %30-50 as down payment.

Global Finance Platform& Gulf-USA Capital & Beneficial Financing & Configuring Group welcomes the opportunity to provide mortgage services to Foreign Nationals who want to purchase or refinance a home in the United States.

  • • We can help qualified members globally secure a US mortgage, including E1-E2-EB-5 visa holders, foreign nationals, and those with little or no US credit history.
  • • The borrower is not required to have a Green Card, SS# or VISA. No FICO required.
  • • Assets do not need to be in a U.S account.
  • • Loan amount: $300,000- $7,000,000 (higher by exception)
  • • Fixed and adjustable rate loans are available
  • • Cash out options and refinance available
  • • Rest assured, we working closely with you every step of the way to get you the right loan for your needs and your budget.
  • • Our eligible properties include single-two family residences and condominiums located in US markets served by our Group.

Also, Foreign investors can refinance their first purchase after they close escrow after 6-12 month with low rate. There are low rates this 2021 year.

Changing the terms of your loan can benefit you and maximize your monthly income. A lower monthly mortgage payment can help free-up money you can save, invest or use for other expenses.

When rates are favorable, refinancing to a lower rate or longer-term mortgage can keep more money in your pocket every month.

Please note that there is our cooperated lenders and banks that finances up to $5M within 45 days with the least amount of documents. We evaluate each applicant case by case.

The process for commercial real estate investment is the same as residential investment.

Necessary procedures for Foreign Mortgage Loans

  • If the income, credit, and asset documentation is in a foreign language, it must be translated by a certified translator. Our banks require the translator’s certificate, as well as each translated page to be stamped by the translator.
  • Note: All U.S. Embassies provide translation services.
  • Include a business card or letterhead of the translator, tax preparer and/or CPA so our banks may contact them if needed.
  • Power of Attorney is not permitted
  • For purchases and no cash out refinances without an ITIN, the bank requires a letter from the borrower stating they do not have an ITIN number, as they have no desire to file US taxes.
  • Borrowers seeking cash-out refinance over $100,000 and purchases on investment must have an ITIN number or proof they have applied for one.

Credit:

  • No FICO required.
  • Borrowers may provide alternative credit qualifications with four credit references from the country of origin. Must be on company letterhead and show a rating for a minimum of 12 months.
  • International credit reports are acceptable to prove creditworthiness, such as www.intlreporting.com.
  • Borrowers must show proof of properties owned free and clear in another country, along with proof of insurance and HOA if applicable. If there is a loan on the property, the bank requires a copy of the mortgage statement.
  • Loan amount: $300,000- $7,000,000 (higher by exception)
  • No Fico required…In Lieu of Fico, the bank requires either an International Credit Report or a minimum of 2 alternate credit references (utility bill etc…) each seasoned for a minimum of 12 months.
  • 2 Months banks statements.
  • Assets must be seasoned 60 days in a known verifiable institution.
  • Assets do not need to be in a U.S account.

Down Payment

  • 35% down for loans up to $2mm
  • 45% down for loans up to $3mm
  • 50% down for loans up to $5mm

Rates

  • Rates can range from 3.25% to 4,25 % depending on the specific case and program, each client is different and depends on the how many points want to be paid by the borrower.
  • You can choose from 5 year ARM, 7 yr ARM or 10 yr ARM, amortized over 30 years.
  • Rates will be fixed for either 5 years, 7 years or 10 years depending on the ARM program chosen. After that time period, it will become variable based on LIBOR for the remaining life of the loan.

Additional Documentation for Gift/Donors

  • Copy of donor’s ID
  • Donor’s place of employment
  • Copy of bank statement

Income:

  • The bank requires 2-years of income verification, including year-to-date income. If they do not have U.S. tax returns, tax documents from their country of origin are acceptable. Any documentation with income numbers must be translated. Pages in documentation with informational text that the translator verifies as irrelevant to income are not required to be translated.
  • If the country of origin does not require the borrower to file the equivalent of tax returns, then the bank requires pay stubs, bank statements to prove deposits of income, an employment letter on company letterhead explaining compensation, and proof that the borrower is not required to pay taxes. This can be done by a tax preparer, or equivalent, and should state the tax code.
  • If borrower works for a company, the bank also requires proof of paystubs and proof of income received such as in bank deposit or checks paid to borrower covering 2 months.
  • 2-years tax documents from country of origin, If the country of origin does not require the borrower to file the equivalent of tax returns we will allow alternative documentation.

Assets:

  • Two to three months of bank statements
  • 2-years income verification history but it is not necessary to have U.S. tax returns…
  • If the borrower is required to file tax returns in their country of origin, provide 2 years taxes.
  • If the borrower is not required to file we require paystubs and a verification of employment from the Human Resources department on company letterhead, along with proof of deposit via bank statements.
  • Self-employed borrowers will need to provide a CPA equivalent letter, stating the length of self-employment and total net income for 2 years.

Reserves:

  • 12-months full debt service (including all credit card payments, cars, etc.) are required.

Rest assured, we will work closely with you every step of the way to get you the right loan for your needs and your budget.

If you are interested in the details of mortgage and real estate transactions in US please call me.

 

Wishing you all the success..

Mike Johnson

Adviser for Foreign Mortgage

Global Finance Platform& Gulf-USA Capital & Beneficial Financing & Configuring Group

One Liberty Plaza,165 Broadway 23rd Floor, New York,

Phone-WhatsApp: +1(845)480-8762, 973-938-2039

https://globalfinanceplatform.com/  , [email protected]