Many people think non-U.S. citizens cannot get mortgages, but that’s not the case. Foreign National Mortgages exist but come with some requirements to achieve homeownership.
In this article, we’ll look at how to get a Foreign National Mortgage and what documents you must provide.
What is a Foreign National Mortgage?
Did you know that non-U.S. citizens have the same rights to homeownership as U.S. citizens? To help foreigners achieve the American dream, many loan programs are designed to assist non-residents in financing the purchase of their homes in foreign countries like the U.S.
There are, however, some requirements that you will need to meet to be qualified.
Requirements to Qualify for a Foreign National Mortgage
To qualify for this type of loan, mortgage lenders consider residency status, credit history, income, and employment.
- Residency Status:
- Permanent residents: Permanent residents, also called Green Card holders, will have an easier time getting a mortgage as some mortgage lenders treat them the same as U.S. citizens.
- Non-permanent residents: Residents with valid work visas and non-immigrant work visas will also qualify for a mortgage but must provide additional documents.
- Foreign investors and non-residents: Foreign investors and non-residents who are not living in the country can apply for debt-service coverage ratio (DSCR) loans.
- Credit History. Like any other loan, mortgage lenders will assess the non-U.S. citizen’s credit history. For non-residents who have not been in the U.S. for long enough to build a good credit history, there are loan programs designed for this.
- Income. Foreign mortgage lenders will determine if a non-U.S. citizen is eligible by looking at their debt-to-income (DTI) ratio and employment history. Most lenders will require the non-U.S. citizen to have at least two years of steady employment history.
How To Get a Foreign National Mortgage
When you apply for your mortgage, lenders will need to assess your eligibility, which means you will need to submit a number of documents from within the U.S. or your home country.
Here are some documents you will need to submit:
- Passport and visa: This is to establish and validate your identity and citizenship
- Proof of income: This will include things like employment letters, pay stubs, or income tax returns
- Employment verification: This is proof of employment, so things like contracts or a letter from your employer will work
- Bank statements: You need to prove your ability to cover all costs, including a down payment verification
- Tax returns: These are tax returns from your home country
Choose Liberty Capital Services for Foreign National Mortgages in Columbus, OH
The process of applying for a Foreign National Mortgage comes with a lot of paperwork and can be overwhelming at times. Let the Foreign National Loan experts at Liberty Capital Services help you through this process and answer any questions you may have. Call us today for a free consultation at (614) 505-0620.
