Foreign National
For Foreign Nationals Purchasing in US
- Loans up to $1.5 million, with a minimum of $100,000
- Purchase and cash-out or rate-term refinance
- Investment property only
- DSCR program with a 1:1 ratio on cash flow
- Cannot reside in the United States
- Closing in a U.S. LLC entity permitted
- Assets sourced and seasoned for 60 days - must be in a U.S. FDIC insured bank for a minimum of 30 days
- 12 months' reserves required and can remain in a borrower's home country
- ACH auto-payment is required
- Not available in Osceola County
- Must have an eligible Visa: B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P1, P2
- No gift funds allowed
Min Fico
NA
Max LTV
70%
This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. They must reside and work in their home country. This is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit required to qualify.
FAQ's
What is a Foreign National mortgage loan?
A Foreign National mortgage loan is a loan done for a borrower that has one of the following visa: B-1, B-2,H-2,H-3, I, J-1, J-2, O-2, P-1, P-2 or resides in a Visa waiver country. Borrower must live and work in foreign country, cannot live or work in the US. The borrower qualifies under our ICF/DSCR program and qualifies just on how the property cash flows. The foreign national program includes non-owner occupied residences only. Purchase, refinance and cash out transactions.
Do Foreign National mortgage loans have different requirements?
Yes, the Foreign National mortgage guidelines and requirements are different. A foreign national must live and work outside the U.S. and cannot reside in the U.S. A few additional requirements for the foreign national mortgage loan is that the maximum LTV IS 70%, 12 months reserves are required, 30-year fixed mortgage only, loan amounts up to $1,500,000 with a minimum of $75,000 offered and seller concessions are up to 3% only. ACH is required from a FDIC Bank for a monthly mortgage payment.
Do Foreign National loans require a higher down payment?
Yes, it is possible that a larger down payment is required for a Foreign National loan, but the percentage will vary depending on the borrower’s specific financial circumstances. Contact an account executive at Angel Oak Mortgage Solutions to determine the LTV requirement.
What is the benefit to originators who use non-QM loan products?
Originators who utilize non-QM offer a service that their competition may not offer. They become an expert and go-to for the non-QM borrower. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.