Foreign national loan program C offers a streamlined & expedited process of obtaining an international mortgage loan for real estate investment or cash-out.
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Property Types – Single Family and Condominium (Condo reduce LTV by 5%) –
Occupancy – 2nd Home, vacation home, home-to-let or Investment property
Loan Amounts – $200,000 to $5M
Loan Purpose – Purchase & R/T, Cash out refinance – OK!
Loan to Values – (LTV)
– 70% LTV (purchase) –
– 50% LTV for cash out loan requests
* New construction condominiums or Town homes have a maximum LTV of 65%
DOCUMENTATION REQUIREMENTS:
1. 1003 application
2. Income and Employment
– Self Employed
I. CPA/Accountant letter verifying income for the last 2 years + yr to date
– Salaried
I. Letter from Employer or most recent pay stub
3. Credit –
– 1 letter of reference from banking or financial institution showing at least 24 months relationship and status of relationship
– International Credit report required by foreign borrower orignating from – United Kingdom, Ireland, Canada
4. Purchase Sales contract
5. Reserve requirements are 24 months of principal, interest payments and property taxes and insurance ( HOA if applicable)
6. Mortgage verification (if applicable) – including statements for other owned properties
7. Copy of leases for all rental & income producing properties.
8. Copy of passport
OTHER INTERNATIONAL LOAN QUALIFICATION PARAMETERS:
Backend qualifying ratio cannot exceed 40%
Max seller contribution allowed is 6%
New condominiums must be 50% closed
Corporate Title acceptable (shell corps ineligible)
No Escrow Waivers allowed
Financing Available in Miami-Dade, Broward, Palm beach and Monroe Counties and Naples, Marco Island, Bonita Springs, Bonita Island, Stuart, Jupiter Island & Vero Beach
All loan must establish an ACH auto debit account with the bank
Prepayment penalties are:
– 3% – Yr 1,
– 2% – Yr 2,
– 1% – Yr 3
Cash to close and reserves must be in a US bank
No CLTV allowed
Maximum Broker & Lender Fee paid cannot exceed 5%.
click HERE To return to main Foreign national page to review other international loan program options
