Our programs offer non-citizen residents who have the qualifications, resources, and motivation to purchase a second home, vacation home or investment property in the United States have helped propel domestic real estate markets in tough times. We offer several different Foreign National Lending Programs designed to put home ownership in reach for qualified non-citizen seeking to put down roots in the United States. Our proprietary program offers flexibility, fewer restrictions and our signature stability and service that sets us apart from other lenders. BELOW ARE TWO OF THE FIVE MOST POPULAR PROGRAMS.
Our Foreign National Loan Application is for non-citizen residents who have the qualifications and resources to purchase a home or invest and would like for us to pre-approve their loan amount, quote rates and terms before making a full commitment to move forward with little or no documentation for with quick, easy approval. Non-Citizens Can Buy and Finance Real Estate in the US EasilyIf you are not an American citizen but want to purchase a house here, at Florida Direct Lenders, we can offer foreign national mortgage programs, which work very much like standard U.S. loans -- except that the required down payment is generally larger about 25% However, you may have another alternative. Foreign nationals can also qualify for FHAmortgages. When you indicate on your mortgage application that you hold something other than U.S. citizenship. In this case we will ask to examine additional documentation and determine your residency status.•Lawful permanent resident aliens. If we determine that you enjoy lawful "permanent resident alien" status, the FHA will insure the mortgage under the same terms and conditions as it does for U.S. citizens. This means that we can finance your home in the U.S. with as little 3.5% down, and do not even need to have a credit rating in the U.S. to be eligible. Documents that function as evidence of lawful permanent residency are issued by the Bureau of Citizenship and Immigration Services (BCIS, formerly the Immigration and Naturalization Service) within the Department of Homeland Security. You have to produce these documents when applying for your FHA mortgage.•Non-permanent resident aliens. Those on work assignments in the U.S. can buy homes too. The FHA will insure a mortgage made to a "non-permanent resident alien" if the property will be the your primary residence, you have a valid Social Security number, you have earned a satisfactory two-year credit history, and you can produce an Employment Authorization Document issued by BCIS showing that you are eligible to work in the U.S. If your authorization is set to expire within one year, and a prior history of residency status renewal exists, as direct lenders we are allowed to assume that continuation will be granted. If this is your first year in the U.S. and there are no prior renewals, our underwriters will have to determine the likelihood of renewal based on information from the BCIS.Foreign Nationals Can Have Trouble Coming Up with Credit Scores – No Problem One challenge faced by foreign nationals is the that their American credit history is likely to be minimal. At Florida Direct Lenders, we can work with you even if you have a thin file. We provide guidance on how to construct a credit report from your payment history with utility companies, landlords and any other accounts requiring regular payments. It costs more to get a credit report of this type, but it can make a mortgage and home ownership possible. If you are using non-traditional credit, it's more important for you than for U.S. citizens to be prompt with your telephone, rent and electricity payments -- your mortgage approval may depend on it.
When Banks Say NO! We Say YES!
ASK US ABOUT OUR FHA FOREIGN NATIONAL LOAN PROGRAM
No Income Verification Required Foreign National LoansThat right! We now offer a “stated income” Foreign National Loan Programs. More specifically, we do not verify the borrowers income! The borrower simply states their income on the loan application. Program Highlights 50%LTV 5.625% $150k - $1 mil60%LTV 5.875% $150k - $1 mil70%LTV 6.125% $150k - $1 mil Income: Stated (No Income Verification) Identification: Only a Valid Passport Credit: International credit report or letter of good standing from current financial institution Reserves: NoPre-Payment Penalty: No Property Types: Second Home & Investment Property Terms: 5/1 ARM - 30 year Amortized PaymentWe also offer a 75% LTV program that requires additional financial documentation If you would like us to pre-qualify your client, please have them (or you on your clients behalf) complete our short questionnaire link below and one of our senior loan officers will contact you and/or your client to discuss the program options.
BASIC LIST OF DOCUMENTATION REQUIRED FOR OUR PLATINUM PROGRAM1. Current American visa and passport in country of origin2. Last month's bank statement from all accounts3. Last month's credit card statements of all active accounts4. If you are an independent employee, a letter signed by a Public Accountant indicating the entry of 2016 and 2017. (The letter must be on Accountants letterhead including address, telephone number and email address}. You must also send a copy of the professional accountant's license.5. If you are employed, letter on letterhead of the employer indicating salary, occupation and start date as well as the last proof of payment of your payroll6. A letter issued by the US bank where it says the balance to date. You must have enough money to cover the initial (40% down payment}, closing costs and 12 months' reserves. The reserves can be in your country of origin.7. If you have a purchase contract. We require a copy of the deposit check of the contract. If the deposit to buy is transferred via wire transfer, all documents of the wire must be sent and a copy of the bank statement where the money came from.8. Copy of a bill of water, light or telephone with the name of the borrower and current address in their name.