KEY HIGHLIGHTS• Borrow up to $3,000,000 per property• Up to 50% DTI • Rates starting in low 7’s* • Investment properties• Fixed rate terms (30) - ARM’s (5/1 & 7/1)• New home loans and refinance• Debt-to-income ratios are 35%/45% and more• No pre-payment penalties• Up to 75% loan-to-value financing• Eligible properties: single-family, condos and townhouses• Loans are manually underwritten• Self-employed okay• Min FICO 640 (Some programs do not require credit report)• Available in select markets including Florida What documents do you need? • 3 Credit references (mortgage, car payment, credit cards, etc..)• Bank statements • If wage earner – Letter from employer • If Self-Employed – Accountant verification letter • Proof of ownership of home in the country you reside in • Proof of funds to close
Our Program 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.
More About Foreign National LoansThe American Dream has long been defined as the concept of owning a home. That's true not only for American citizens, but also for residents who live in the country and have not acquired official citizenship. For these residents, the hurdles of buying a home can be even greater, on top of the ongoing challenges inherent to the process, such as saving for a down payment and finding favorable interest rates.However, there are programs and products that can help. The Foreign National Programs at 1st Florida offers those non-us citizens the opportunity to buy a home in the United States at terms that are not restrictive or unattractive. With some of the industry's most flexible conditions, the foreign national loans at 1st Florida Lending is the key to helping non-citizen residents put down roots in the United States.The U.S. market is increasingly attractive to non-citizen buyersThroughout history, America's shores have welcomed individuals from around the world, many of whom were looking to start anew in an unfamiliar land. That continues right up until present day, as people continue to strive for the opportunity America promises.In a 2011 study, the National Association of Realtors showed the increasing popularity of American real estate. According to the report, $1.07 trillion in existing home sales were recorded between the months of March 2010 and March 2011. Of that total, $82 billion in sales were generated by buyers born outside of the United States, an increase from $66 billion the previous year.A significant portion of those buyers were foreign nationals - non-citizens who resided in the United States and were looking to purchase a permanent home. Experts note American real estate was attractive to these buyers for many of the same reasons it is to citizens - affordable prices and attractive mortgage terms. However, in many ways, foreign nationals' demand for American homes helped propel domestic real estate markets during difficult times.Terms compare favorably to those available to domestic buyersDue to that significant demand, it should stand to reason that non-citizens require affordable and accessible foreign national loans. Yet, for many years, mortgage terms remained unattainable for many of these residents. Obtrusive down payment requirements and high interest rates made the cost of affording such a loan difficult for many buyers.That was especially true in the wake of the financial difficulties that began in 2008, when many lenders tightened their standards to mitigate loss. As a result, many foreign nationals felt their ability to buy a home in America was significantly hindered.However, with the market opening up opportunities for all buyers and trusted lenders providing attractive foreign national loans for non-citizens in particular, the time may be ripe for these consumers to enter the American real estate market. The top foreign national loans in the industry can offer financing for a wider price range of homes and for a greater selection of buyers.The advantage of working with a trusted lenderWhile there are options for consumers looking for foreign national loans, 1st Florida lending programs remain among the industry's most flexible and attractive. Borrowers can finance up to $3,000,000 per property or obtain financing for up to 75% percent of a home's value. Additionally, they can select from a 30-year fixed-rate loans, and a bevy of hybrid adjustable-rate options.With financing, available in some of the nation's top markets at competitive interest rates and with freedom from pre-payment penalties, 1st Florida Lending foreign national loans can help these residents realize their own American