Non-resident foreigners can obtain a mortgage through foreign national lending programs. In order to show proof of credit, borrowers are not required to have a FICO score. Instead, borrowers can prove their creditworthiness through several methods or by submitting a credit report from their home country. Obtaining a pre-approval for a foreign national mortgage loan will give you the confidence in knowing how much your lender will loan to you before beginning your search.
A foreign national mortgage loan offers borrowers several unique advantages. some of the key points to remember are:
- Having the ability to finance second homes and investment property
- Obtain loans of up to $1.5 million.
- Condominiums, SFR Townhomes,2-4Units
- Loans with a low debt service ratio are available for investment properties.
- Cash-Out
- Loans for non-permanent resident Aliens, and persons not eligible for a Social Security number are frequently referred to as ITIN loans. These programs enable persons with an ITIN number to buy real estate in the United States.
Contact North Florida Mortgages NMLS #2131777 if you think a ITIN is for you!
