Foreign nationals, or those who hold citizenship in countries outside the U.S. and maintain their primary residences abroad, typically do not have access to conventional mortgage loans. Instead, they often rely on specialized lenders for their home loan needs. Our services also extend to permanent residents or green card holders who may be eligible for favorable loan terms. We’ll guide you through the process and help you secure the best loan for your unique needs.
Budget
Before you start looking at property listings, it’s important to understand your financial capacity. We can evaluate your assets and considers the income-earning potential of investment properties against monthly mortgage obligations. Keep in mind that down payments for investment properties tend to be higher with a non-conforming loan, typically between 25-30% down, and a 6-12 month reserve will need to be sourced to meet closing terms.
Maximize your potential with our pre-qualification option which offers a preliminary budget estimate and interest rate. Pre-qualification is invaluable whether you’re beginning your search or have already found your dream investment property.
Property Search
If you’re a foreign national looking to buy property in the U.S., be sure to use our search engines and neighboring realtors to your advantage. It’s important to consider your residency status when determining the occupancy type of your property. Below are two options to keep in mind:
Second or vacation home: To qualify, the property must be located in a vacation or resort area. If it’s in a metropolitan area, lenders may categorize it as an investment property.
Investment properties are known as non-owner-occupied property and this option does not allow you to use this as a primary property. You must rent it out, making it a form of investment. Keep in mind that investment properties usually come with higher interest rates and lower LTVs but make a very lucrative investment.
Loan Options
Snowbird Financial Consulting offers specialized loan programs designed for foreign investors. Their web application evaluates client needs and objectives, recommends suitable loan programs and terms, and simplifies the loan process. Common loan programs for non-US citizens are available
Locking in your Rate
You have found property and signed a purchase agreement. Now it is time to initiate the mortgage process by completing the application. SFC will walk you through the next steps to secure the best rate possible in today’s market.
Collecting Documents
You will be given a list which normally includes the following:
- ID
- Bank statements
- Executed purchase agreement.
- Proof of funds
Underwriting
The underwriter will determine what is needed to satisfy eligibility to meet the loan requirements. The underwriter will provide a list of “conditions” depending on what is needed to close the loan. Examples: an insurance binder, a Condo Questionnaire if property is in an HOA, Bank statement discrepancies explained. You may be asked to do a credit pull even if you do not have US credit. This is a possibility and will incur a cost to the buyer so we like to make the buyer away.
Property Appraisal
Every property will require an appraisal to determine the value of the property. This assures that the amount of loan is in alignment with the property’s market value.
Closing
Completing the terms, verifying the documentation, and settling the down payment are all part of the preparations for the closing process. The best part is that you can take care of all these tasks from the comfort of your own home.
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