In the United States, all homeowners are property investors. Homeownership is one of the tenets of the American Dream, and it is available to foreigners who wish to own a piece of this great nation. New York is one of the most attractive states for foreign national property ownership, and we are happy to help finance this dream.
Previously, home ownership by foreign nationals in the U.S. was mostly restricted to wealthy investors who arrived with suitcases full of cash to purchase a vacation home that they could only enjoy for a few months in a year. These days, however, foreign nationals can apply for mortgage loans to acquire investment properties, and they may be able to occupy their homes for as long as their visas allow them to.
The basic guidelines and assumptions of our foreign national home lending program are:
- Minimum loan amount: $100,000
- Maximum loan amount: $650,000
- Maximum loan-to-value (LTV) ratio: 65 percent
- Credit score: 680 FICO
- Purpose of the loan can be purchase or refinance
- Applicants must prove strong reserves and adequate credit profile
- Condominium units are acceptable
- No penalties for pre-payments
- All liens seasoned at least 12 months can be settled with refinancing
With regard to the type of mortgage loan that foreign nationals can obtain, we approach each case individually. A fixed rate mortgage may make sense for some borrowers while others may like the flexibility of an adjustable rate.
The mortgage loan application process for foreign nationals is not as complex as some people believe it to be. A current passport with a visa in good standing is essential; obtaining an Individual Tax Identification Number (ITIN) may be required in some cases. Other documents may include: letters of good standing from foreign banks as well as international credit reports.