MAXIMUM LOAN TO VALUE (LTV)
CONDOMINIUMS
LOAN AMOUNT PURCHASES &
REFINANCE WITH NO CASH OUT
REFINANCE
WITH CASH OUT
$150,000 – $ 199,999 60% 50%
$200,000 – $ 2,000,000 65% 60%
Over $ 2,000,000 CASE BY CASE 60%
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)
SINGLE FAMILY HOMES AND TOWNHOMES
LOAN AMOUNT PURCHASES &
REFINANCE WITH NO CASH OUT
REFINANCE
WITH CASH OUT
$150,000 – $ 199,999 65% 50%
$200,000 – $ 2,000,000 70% 60%
Over $ 2,000,000 CASE BY CASE 60%
KEY FEATURES
Loan Programs Available: 3/1 ARMs (Fully Amortizing)
5/1 ARMs (Fully Amortizing)
7/1 ARMs (Fully Amortizing)
10/1 ARMs (Fully Amortizing)
15 Yr. Fixed Rate Mortgage
Adjustable Rate Loan Description: The adjustable rate mortgage loan programs are based on the 1
year LIBOR defined as the average interbank offered rates for 1 year
U.S. dollar‐denominated deposits in the London market (“LIBOR”) as
published in the Wall Street Journal.Interest rate renewals will utilize
the most recent Index figure available as of the first business day of
the month  immediately preceding the month  in which the  change
date occurs
ARM Margin: The current margin is 3.25%.
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.
2% first year; 1% second year on primary resident loans.
Escrows: Escrow waivers are NOT allowed. No exceptions.
Lending Areas: Primary  Lending  Areas:  Dade,  Broward,  Palm  Beach  and  Monroe counties.
Secondary  Lending  Areas:  The entire State of Florida excluding the following counties: Polk, Lake, Seminole, Osceola and Orange.
Multiple Loans To One
Borrower:
There is a maximum of two loans to any individual or family of individuals if the income is coming from the same business.
The second loan’s Loan to value may not exceed 60% and both loans will be cross‐defaulted.
Acceptable Collateral Types: For the purpose of this program acceptable collateral includes:
* Single Family Homes, 2‐4 Family Properties , Condominium, TownhousesSTUDIOS, EFFICIENCES ARE NOT ACCEPTABLE COLLATERAL.
CONDO HOTELS WILL BE CONSIDERED ON A CASE BY CASE BASIS.
Condominium Highlights: 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 LTV is 50%.
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 employee foreign nationals 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 30% for the primary housing expense income to ratio and 40% 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. Reserve requirements as follows:
The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level.For Loan to Values (LTV) greater than 65%, Post‐closing reserves must be at a minimum equivalent to no less than 24 months of PITI (Principle, Interest, Taxes and Insurance) and HOA (homeowners association dues).
For LTV’s 65% or below, Post‐closing reserves must be at a minimum equivalent to no less than 12 months of PITI and HOA.Reserves must be on deposit in economically stable countries.All cash to close must be on deposit in a US Banking Institution.
Gift funds are not acceptable.
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)
CONDOMINIUMS
LOAN AMOUNT PURCHASES &
REFINANCE WITH NO CASH OUT
REFINANCE
WITH CASH OUT
$150,000 – $ 199,999 65% 50%
$200,000 – $ 2,000,000 65% 50%
Over $ 2,000,000 CASE BY CASE 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)
SINGLE FAMILY HOMES AND TOWNHOMES
LOAN AMOUNT PURCHASES &
REFINANCE WITH NO CASH OUT
REFINANCE
WITH CASH OUT
$150,000 – $ 199,999 65% 50%
$200,000 – $ 2,000,000 70% 50%
Over $ 2,000,000 CASE BY CASE 50%
KEY FEATURES
Loan Programs Available: 3/1 ARMs (Fully Amortizing)5/1 ARMs (Fully Amortizing)
7/1 ARMs (Fully Amortizing)
10/1 ARMs (Fully Amortizing)
15 Yr. Fixed Rate Mortgage
Adjustable Rate Loan Description: The adjustable rate mortgage loan programs are based on the 1
year LIBOR defined as the average interbank offered rates for 1 year
U.S. dollar‐denominated deposits in the London market (“LIBOR”) as
published in the Wall Street Journal. Interest rate renewals will utilize
the most recent Index figure available as of the first business day of
the month  immediately preceding the month  in which the  change
date occurs
ARM Margin: The current margin is 3.25%.
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.
2% first year; 1% second year on primary resident loans.
Escrows: Escrow waivers are NOT allowed. No exceptions.
Lending Areas: Primary  Lending  Areas:  Dade,  Broward,  Palm  Beach  and  Monroe counties.
Secondary  Lending  Areas:  The  entire  State  of  Florida excluding the following counties: Polk, Lake, Seminole, Osceola and Orange.
Multiple Loans To One
Borrower:
There is a maximum of two loans to any individual or family of individuals if the income is coming from the same business.
The second loan’s Loan to value may not exceed 60% and both loans will be cross‐defaulted.
Acceptable Collateral Types: For the purpose of this program acceptable collateral includes:
* Single Family Homes, 2‐4 Family Properties , Condominium, Townhouses
STUDIOS, EFFICIENCES ARE NOT ACCEPTABLE COLLATERAL.
CONDO HOTELS WILL BE CONSIDERED ON A CASE BY CASE BASIS.
Condominium Highlights: 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 LTV is 50%.
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 employee foreign nationals 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 30% for the primary housing expense income to ratio and 40% 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. Reserve requirements as follows:
The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level.
For Loan to Values (LTV) greater than 65%, Post‐closing reserves must be at a minimum equivalent to no less than 24 months of PITI (Principle, Interest, Taxes and Insurance) and HOA (homeowners association dues).For LTV’s 65% or below, Post‐closing reserves must be at a minimum equivalent to no less than 12 months of PITI and HOA.Reserves must be on deposit in economically stable countries.
All cash to close must be on deposit in a US Banking Institution.
Gift funds are not acceptable.
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.

ApplyOnline