Foreign National Mortgage Loans

MAXIMUM LOAN TO VALUE (LTV) FOR CONDOMINIUMS

MAXIMUM LOAN TO VALUE (LTV) CONDOMINIUMS

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $ 1.5 Million	70%	50%
Over $1.5 Million	65%	50%

New condo buildings must be at least 50% closed or sold (under contract to close) or a combination of both. If the condo is not 50% closed or sold (under contract to close) or a combination of both, the maximum loan to value is 50%.

MAXIMUM LOAN TO VALUE (LTV) FOR SINGLE FAMILY HOMES AND TOWNHOMES

MAXIMUM LOAN TO VALUE (LTV) SINGLE FAMILY HOMES AND TOWNHOMES

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $1.5 Million	75%	60%
Over $1.5 Million	70%	60%

KEY FEATURES

KEY FEATURES

Loan Programs Available:	3/1 ARMs (Fully Amortizing) 5/1 ARMs (Fully Amortizing) 7/1 ARMs (Fully Amortizing) 30 Year Fixed Rate Mortgage
Adjustable Rate Loan Description:	The adjustable rate mortgage loan programs are based on the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board, also known as the One Year Constant Maturity Treasury (1-year CMT)
ARM Margin:	The current margin is 3.75%.
ARM Caps and Floor:	The interest rate may not increase or decrease by more than 2 percent above or below the previous rate. In addition, the interest rate has a life‐of‐loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate.
Terms:	30 or 15 years
Late Charge Fee:	7% of overdue principal and interest payment if not paid within 10 calendar days of the due date
Occupancy:	Primary Second Homes Investment Properties
Prepayment Penalties:	Prepayment penalties are (3/2/1) 3% first year; 2% second year and 1% the third year. A partial principal reduction of 20% of the original balance is allowable with no penalty during the first three years of the loan.
Escrows:	Escrow waivers are NOT allowed. No exceptions.
Lending Areas:	Primary Lending Areas: The entire State of Florida Central Florida Area: Foreign National Loans in the following counties: Polk, Lake, Seminole, Osceola and Orange, will have a 5% reduction in loan to value for certain occupancy types when compared to the of the State of Florida. Check with us for specific details.
Multiple Loans To One Borrower:	There is a maximum of Three (3) loans to any individual
Acceptable Collateral Types:	For the purpose of this program acceptable collateral includes: * Single Family Homes, 2‐4 Family Properties , Condominium, Townhouses Condo Hotels are allowed on a case by case basis, but never to exceed 65% Loan to Value CONDO HOTELS IN CENTRAL FLORIDA ARE NOT ALLOWED STUDIOS (without a full kitchen) ARE NOT ACCEPTABLE COLLATERAL.

DOCUMENTATION REQUIREMENTS

DOCUMENTATION REQUIREMENTS The following documentation is required for the processing and approval of our Foreign National Loans:
1. Self-employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year-to-date income figure.
2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.
3. Qualifying Ratios: The borrower’s income must be plausible. Qualifying ratios should generally not exceed 50% for the total obligation to income ratio.
4. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status.
5. Verification of Initial Down payment (Earnest Money Deposit), cash to close, and post closing reserves is required.
6. Post Closing Asset/Cash Reserve requirements as follows: All Foreign National borrowers must have acceptable liquid assets that are commensurate with borrowers provided financial and income information. At a minimum, post-closing reserves must be equivalent to no less than 12 months of PITI and HOA, with at least 6 months in a US Bank. Loan amounts greater than $1,000,000 will require verification of additional liquid assets. Gift funds are not acceptable on Foreign National Loans.
7. Fully Executed Purchase Sales Contract (on all purchases)
8. Copy of Borrower’s passport and visa
9. Appraisal by an approved appraiser. All appraisals must be ordered by Shoreline Mortgage.
10. Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution for monthly debit of the mortgage payment. A Waiver of the ACH debit payment requirement will be allowed by increasing the interest rate by 1%
11. Corporate title is acceptable. (Shell Corporations. ONLY). All corporate owners must be on the mortgage loan application and personally guarantee the debt.

Standard, Old-School Mortgage Definition of a Foreign National

A foreign national in need of a mortgage loan is a legal resident or citizen of another nation.
They buy a second home or a vacation home here in the U.S. for personal use.
The foreign national lives in the US property only on a short-term basis.
He or she could be here on business, or while on vacation or holiday.
Foreign nationals primarily have income, employment, credit, and residency in a country other than the US.

But a Foreign National Can Also Be:

A foreign buyer who is purchasing investment property to rent out or lease.
A buyer purchasing commercial property such as hotels, office buildings, apartment buildings or warehouses.
A borrower with an ITIN (Individual Taxpayer Identification Number)
Someone with a certain class of work visa, other than the B-1/B-2 visitor visa.
US citizens who work abroad and earn income overseas.
Any other International borrower.

Who We Are and How We Help

We work with national and international lenders who provide financing to foreign nationals, and who lend to borrowers with visas and ITINs. This is a complex mortgage niche, served by a smaller, specialized broker community. We have worked with foreign nationals for many years, and have earned a reputation for broad product selection, low rates, and top-notch advice.
Mortgage financing has changed and with it, the easy availability of money. This is true for both US borrowers and foreign nationals. Those left in the foreign national market work harder to find both new sources of financing and competitive rates.

A Brief History of Foreign National Financing and “The Pendulum”

In 1995 and 1996, foreign national loans, if they could be found at all, required 35% to 40% down with fixed rates in the 9%-10% range. However, by 2000, 80% financing became the industry standard. Interest rates fell as low as the 5%-6% range, both fixed and variable rates. 90% financing was also available.
Now, the pendulum has swung the other way. In 2006 and 2007, we noticed a tightening of underwriting guidelines. Some banks dropped out of the foreign national market entirely. 70% financing became the de facto rule for true foreign nationals. By 2008, some of the larger lenders required 40% to 50% down.

There are exceptions to every rule.

We still have access to 70% Foreign National Mortgage Loan financing. Niche programs may allow for 90% financing, depending on borrower’s country of origin, location, and type of property. However, most foreign buyers should prepare for a 30%-35% down payment and budget for 12 months of mortgage payments in reserve.

Certain visa holders will be eligible for 95% financing, and may also be able to secure 97% financing. Typical visas that allow for these low down payment options are H1 and L1 visas but there are other that will also work. We treat these visa status borrowers with the same options as United States Citizens and Green Card (resident alien) holders. Call us at 1-888-353-1558 or use our Request a Callback Form to request further information and see if you qualify.

Financing for investment properties is also available. The good news is that the mortgage rates we offer are the same for primary homes, vacation homes and investment properties. Fixed rate mortgages are in shorter supply, but we still offer them.

Most loans offered are variable rate mortgages. For instance, ask about 70% financing, with multi-currency rates as low as 4.25%, APR 4.369%. This mortgage requires income documentation with no credit report or credit check required. It is available to both US borrowers and foreign nationals, and can be used for investment properties and most condo projects.

Check out the detailed information below and then call us at (305) 454-0069 or Apply Online.

MAXIMUM LOAN TO VALUE (LTV) FOR CONDOMINIUMS

MAXIMUM LOAN TO VALUE (LTV) CONDOMINIUMS

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $ 1.5 Million	70%	50%
Over $1.5 Million	65%	50%

MAXIMUM LOAN TO VALUE (LTV) FOR SINGLE FAMILY HOMES AND TOWNHOMES

MAXIMUM LOAN TO VALUE (LTV) SINGLE FAMILY HOMES AND TOWNHOMES

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $1.5 Million	75%	60%
Over $1.5 Million	70%	60%

KEY FEATURES

KEY FEATURES

Loan Programs Available:	3/1 ARMs (Fully Amortizing) 5/1 ARMs (Fully Amortizing) 7/1 ARMs (Fully Amortizing) 30 Year Fixed Rate Mortgage
Adjustable Rate Loan Description:	The adjustable rate mortgage loan programs are based on the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board, also known as the One Year Constant Maturity Treasury (1-year CMT)
ARM Margin:	The current margin is 3.75%.
ARM Caps and Floor:	The interest rate may not increase or decrease by more than 2 percent above or below the previous rate. In addition, the interest rate has a life‐of‐loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate.
Terms:	30 or 15 years
Late Charge Fee:	7% of overdue principal and interest payment if not paid within 10 calendar days of the due date
Occupancy:	Primary Second Homes Investment Properties
Prepayment Penalties:	Prepayment penalties are (3/2/1) 3% first year; 2% second year and 1% the third year. A partial principal reduction of 20% of the original balance is allowable with no penalty during the first three years of the loan.
Escrows:	Escrow waivers are NOT allowed. No exceptions.
Lending Areas:	Primary Lending Areas: The entire State of Florida Central Florida Area: Foreign National Loans in the following counties: Polk, Lake, Seminole, Osceola and Orange, will have a 5% reduction in loan to value for certain occupancy types when compared to the of the State of Florida. Check with us for specific details.
Multiple Loans To One Borrower:	There is a maximum of Three (3) loans to any individual
Acceptable Collateral Types:	For the purpose of this program acceptable collateral includes: * Single Family Homes, 2‐4 Family Properties , Condominium, Townhouses Condo Hotels are allowed on a case by case basis, but never to exceed 65% Loan to Value CONDO HOTELS IN CENTRAL FLORIDA ARE NOT ALLOWED STUDIOS (without a full kitchen) ARE NOT ACCEPTABLE COLLATERAL.

DOCUMENTATION REQUIREMENTS

DOCUMENTATION REQUIREMENTS The following documentation is required for the processing and approval of our Foreign National Loans:
1. Self-employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year-to-date income figure.
2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.
3. Qualifying Ratios: The borrower’s income must be plausible. Qualifying ratios should generally not exceed 50% for the total obligation to income ratio.
4. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status.
5. Verification of Initial Down payment (Earnest Money Deposit), cash to close, and post closing reserves is required.
6. Post Closing Asset/Cash Reserve requirements as follows: All Foreign National borrowers must have acceptable liquid assets that are commensurate with borrowers provided financial and income information. At a minimum, post-closing reserves must be equivalent to no less than 12 months of PITI and HOA, with at least 6 months in a US Bank. Loan amounts greater than $1,000,000 will require verification of additional liquid assets. Gift funds are not acceptable on Foreign National Loans.
7. Fully Executed Purchase Sales Contract (on all purchases)
8. Copy of Borrower’s passport and visa
9. Appraisal by an approved appraiser. All appraisals must be ordered by Shoreline Mortgage.
10. Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution for monthly debit of the mortgage payment. A Waiver of the ACH debit payment requirement will be allowed by increasing the interest rate by 1%
11. Corporate title is acceptable. (Shell Corporations. ONLY). All corporate owners must be on the mortgage loan application and personally guarantee the debt.

Here are 3 Great Choices to get you moving in the right direction

MAXIMUM LOAN TO VALUE (LTV) FOR CONDOMINIUMS

MAXIMUM LOAN TO VALUE (LTV) CONDOMINIUMS

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $ 1.5 Million	70%	50%
Over $1.5 Million	65%	50%

MAXIMUM LOAN TO VALUE (LTV) FOR SINGLE FAMILY HOMES AND TOWNHOMES

MAXIMUM LOAN TO VALUE (LTV) SINGLE FAMILY HOMES AND TOWNHOMES

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $1.5 Million	75%	60%
Over $1.5 Million	70%	60%

KEY FEATURES

KEY FEATURES

Loan Programs Available:	3/1 ARMs (Fully Amortizing) 5/1 ARMs (Fully Amortizing) 7/1 ARMs (Fully Amortizing) 30 Year Fixed Rate Mortgage
Adjustable Rate Loan Description:	The adjustable rate mortgage loan programs are based on the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board, also known as the One Year Constant Maturity Treasury (1-year CMT)
ARM Margin:	The current margin is 3.75%.
ARM Caps and Floor:	The interest rate may not increase or decrease by more than 2 percent above or below the previous rate. In addition, the interest rate has a life‐of‐loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate.
Terms:	30 or 15 years
Late Charge Fee:	7% of overdue principal and interest payment if not paid within 10 calendar days of the due date
Occupancy:	Primary Second Homes Investment Properties
Prepayment Penalties:	Prepayment penalties are (3/2/1) 3% first year; 2% second year and 1% the third year. A partial principal reduction of 20% of the original balance is allowable with no penalty during the first three years of the loan.
Escrows:	Escrow waivers are NOT allowed. No exceptions.
Lending Areas:	Primary Lending Areas: The entire State of Florida Central Florida Area: Foreign National Loans in the following counties: Polk, Lake, Seminole, Osceola and Orange, will have a 5% reduction in loan to value for certain occupancy types when compared to the of the State of Florida. Check with us for specific details.
Multiple Loans To One Borrower:	There is a maximum of Three (3) loans to any individual
Acceptable Collateral Types:	For the purpose of this program acceptable collateral includes: * Single Family Homes, 2‐4 Family Properties , Condominium, Townhouses Condo Hotels are allowed on a case by case basis, but never to exceed 65% Loan to Value CONDO HOTELS IN CENTRAL FLORIDA ARE NOT ALLOWED STUDIOS (without a full kitchen) ARE NOT ACCEPTABLE COLLATERAL.

DOCUMENTATION REQUIREMENTS

DOCUMENTATION REQUIREMENTS The following documentation is required for the processing and approval of our Foreign National Loans:
1. Self-employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year-to-date income figure.
2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.
3. Qualifying Ratios: The borrower’s income must be plausible. Qualifying ratios should generally not exceed 50% for the total obligation to income ratio.
4. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status.
5. Verification of Initial Down payment (Earnest Money Deposit), cash to close, and post closing reserves is required.
6. Post Closing Asset/Cash Reserve requirements as follows: All Foreign National borrowers must have acceptable liquid assets that are commensurate with borrowers provided financial and income information. At a minimum, post-closing reserves must be equivalent to no less than 12 months of PITI and HOA, with at least 6 months in a US Bank. Loan amounts greater than $1,000,000 will require verification of additional liquid assets. Gift funds are not acceptable on Foreign National Loans.
7. Fully Executed Purchase Sales Contract (on all purchases)
8. Copy of Borrower’s passport and visa
9. Appraisal by an approved appraiser. All appraisals must be ordered by Shoreline Mortgage.
10. Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution for monthly debit of the mortgage payment. A Waiver of the ACH debit payment requirement will be allowed by increasing the interest rate by 1%
11. Corporate title is acceptable. (Shell Corporations. ONLY). All corporate owners must be on the mortgage loan application and personally guarantee the debt.

Standard, Old-School Mortgage Definition of a Foreign National

A foreign national in need of a mortgage loan is a legal resident or citizen of another nation.
They buy a second home or a vacation home here in the U.S. for personal use.
The foreign national lives in the US property only on a short-term basis.
He or she could be here on business, or while on vacation or holiday.
Foreign nationals primarily have income, employment, credit, and residency in a country other than the US.

But a Foreign National Can Also Be:

A foreign buyer who is purchasing investment property to rent out or lease.
A buyer purchasing commercial property such as hotels, office buildings, apartment buildings or warehouses.
A borrower with an ITIN (Individual Taxpayer Identification Number)
Someone with a certain class of work visa, other than the B-1/B-2 visitor visa.
US citizens who work abroad and earn income overseas.
Any other International borrower.

Who We Are and How We Help

A Brief History of Foreign National Financing and “The Pendulum”

There are exceptions to every rule.

Check out the detailed information below and then call us at (305) 454-0069 or Apply Online.

MAXIMUM LOAN TO VALUE (LTV) FOR CONDOMINIUMS

MAXIMUM LOAN TO VALUE (LTV) CONDOMINIUMS

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $ 1.5 Million	70%	50%
Over $1.5 Million	65%	50%

MAXIMUM LOAN TO VALUE (LTV) FOR SINGLE FAMILY HOMES AND TOWNHOMES

MAXIMUM LOAN TO VALUE (LTV) SINGLE FAMILY HOMES AND TOWNHOMES

LOAN AMOUNT	PURCHASES & REFINANCE WITH NO CASH OUT	REFINANCE WITH CASH OUT
$200,000 – $1.5 Million	75%	60%
Over $1.5 Million	70%	60%

KEY FEATURES

KEY FEATURES

Loan Programs Available:	3/1 ARMs (Fully Amortizing) 5/1 ARMs (Fully Amortizing) 7/1 ARMs (Fully Amortizing) 30 Year Fixed Rate Mortgage
Adjustable Rate Loan Description:	The adjustable rate mortgage loan programs are based on the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board, also known as the One Year Constant Maturity Treasury (1-year CMT)
ARM Margin:	The current margin is 3.75%.
ARM Caps and Floor:	The interest rate may not increase or decrease by more than 2 percent above or below the previous rate. In addition, the interest rate has a life‐of‐loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate.
Terms:	30 or 15 years
Late Charge Fee:	7% of overdue principal and interest payment if not paid within 10 calendar days of the due date
Occupancy:	Primary Second Homes Investment Properties
Prepayment Penalties:	Prepayment penalties are (3/2/1) 3% first year; 2% second year and 1% the third year. A partial principal reduction of 20% of the original balance is allowable with no penalty during the first three years of the loan.
Escrows:	Escrow waivers are NOT allowed. No exceptions.
Lending Areas:	Primary Lending Areas: The entire State of Florida Central Florida Area: Foreign National Loans in the following counties: Polk, Lake, Seminole, Osceola and Orange, will have a 5% reduction in loan to value for certain occupancy types when compared to the of the State of Florida. Check with us for specific details.
Multiple Loans To One Borrower:	There is a maximum of Three (3) loans to any individual
Acceptable Collateral Types:	For the purpose of this program acceptable collateral includes: * Single Family Homes, 2‐4 Family Properties , Condominium, Townhouses Condo Hotels are allowed on a case by case basis, but never to exceed 65% Loan to Value CONDO HOTELS IN CENTRAL FLORIDA ARE NOT ALLOWED STUDIOS (without a full kitchen) ARE NOT ACCEPTABLE COLLATERAL.

DOCUMENTATION REQUIREMENTS

DOCUMENTATION REQUIREMENTS The following documentation is required for the processing and approval of our Foreign National Loans:
1. Self-employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year-to-date income figure.
2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.
3. Qualifying Ratios: The borrower’s income must be plausible. Qualifying ratios should generally not exceed 50% for the total obligation to income ratio.
4. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status.
5. Verification of Initial Down payment (Earnest Money Deposit), cash to close, and post closing reserves is required.
6. Post Closing Asset/Cash Reserve requirements as follows: All Foreign National borrowers must have acceptable liquid assets that are commensurate with borrowers provided financial and income information. At a minimum, post-closing reserves must be equivalent to no less than 12 months of PITI and HOA, with at least 6 months in a US Bank. Loan amounts greater than $1,000,000 will require verification of additional liquid assets. Gift funds are not acceptable on Foreign National Loans.
7. Fully Executed Purchase Sales Contract (on all purchases)
8. Copy of Borrower’s passport and visa
9. Appraisal by an approved appraiser. All appraisals must be ordered by Shoreline Mortgage.
10. Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution for monthly debit of the mortgage payment. A Waiver of the ACH debit payment requirement will be allowed by increasing the interest rate by 1%
11. Corporate title is acceptable. (Shell Corporations. ONLY). All corporate owners must be on the mortgage loan application and personally guarantee the debt.