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.