Foreign National Loans
Are you a non-citizen and eager to join the booming real estate market in the United States? Do you want different requirements than more strict FHA loans? Foreign National Loans are a great way for commercial real estate investors that do not have citizenship get property in the United States. Call the Clifton, NJ office of Commercial Mortgage Depot (CMD) and ask about Foreign National Loans for sites in New York, New Jersey, Connecticut and Pennsylvania.
Understanding Foreign National Loans
Many foreign national loans have different requirements and rates than your traditional Fannie Mae or FHA loans. If you want to take advantage of one of these loans, there are some key considerations you need to keep in mind. Foreign National loans come with different restrictions on the uses and terms that can impact your decision making. Commercial Mortgage Depot is here to make sure you understand these and find great investment properties in the area.
Foreign National Loans for Investment Properties
Commercial Mortgage Depot has worked with many non-citizens to find an array of profitable investment properties. It is important to note that foreign national loans can only be used for this purpose. You must prove you live in a different country and have income from that country in order to qualify for that loan. You cannot make plans to come live here in your new property. However, you can get a United States vacation home if you like to visit. These loans are for people who are just looking for the rental income or capital investment.
Foreign National Loan Terms and Approval
Foreign national loans usually require larger down payments and may carry a higher interest rate. In addition, you are not required to provide tax returns in order to qualify. However, each lender will have differing needs when it comes to the documents that they require. Be prepared to assemble an array of financial documentation. Keep in mind that international banks are usually the ones who will provide this type of loan and talk to your broker about this.
Taxes and Foreign National Loans
In the United States, local and state governments will often have taxes they charge for properties. Be sure you research this while selecting where you want to buy an investment property. It will impact your returns. In addition, there will be taxes if you decide to sell the property. The IRS has built systems to enforce this.
Benefit from a Foreign National Loan Today
We look forward to helping you find the right way to meet your investment goals. Call the Clifton, NJ office of Commercial Mortgage Depot (CMD) and ask about foreign national loans for sites in New York, New Jersey, Connecticut and Pennsylvania today!
Foreign National Loans
In a recent study, a finding was noted that highlighted the growing rise of American real estate. According to that report, over $1.07 Trillion in existing home sales were recorded between the months of March 2010 and March 2011. It you look closely at that total, $82 billion in sales were produced by individuals born outside the United States, an increase from $66 billion the year prior. Out of this percentage, a large portion of these buyers were foreign nationals- non-citizens who resided in the United States and were in search of a permanent home.
In taking a look at today’s market, foreign national buyers are flocking to the U.S. housing market for second homes and to purchase investment properties. To cater to this trend, mortgage guidelines have gradually eased for Foreign National Loans for these borrowers, as in the case with domestic ones. It should be noted that it is often difficult to obtain a mortgage for a foreign national at National Banks, as they usually do not offer this program to finance foreign national investment properties. However, the mortgage funding market has programs available. These institutional investors know the local real estate market and make common sense loan underwriting guidelines / decisions and are pleased in offering this type of financing to Non U.S. Residents, Our international Foreign National Loan Program is tailored to each individual’s objective.
Our foreign national loan programs feature light documentation with quick and easy approval.
Sample Required Documentation:
- Valid Passport and US Visa
- Copy of the last 2 bank statements
- Two credit reference letters
- Two banking reference letters
- For Self-employed: Accountant's letter stating the last 2 years of income.
- Employees: Employer’s letter stating the last 2 years of income.
- Copy of Corporation or LLC information ( if title will held in corporation)
- Copy of the purchase contract -Property types: Condominiums, Single Family Residences, Townhouses, Condo-Hotels, Luxury Condominiums.
- * Additional documentation may be required by loan underwriter / investor
