Foreign National Mortgages
Foreign National Mortgages is Available!
Is Foreign National Mortgages Right For You?
If you’re a foreign national in the United States, buying real estate can seem like a nearly impossible task. However, foreign national mortgages can make it easier for noncitizens to secure a mortgage and purchase a property. These types of mortgages allow you to pursue the American dream regardless of your citizenship status.
At GM Brokerage, we offer foreign national mortgages with competitive interest rates. Our skilled mortgage specialists can help you explore different foreign national loan programs and ultimately secure foreign national financing. Keep reading to learn more about the different types of foreign national mortgages and the requirements for securing one.
Can Foreign Nationals Get a Mortgage in the U.S.?
Yes, foreign nationals can get a mortgage in the United States. By applying for a foreign national loan from GM Brokerage, noncitizens living in the U.S. can get the funds they need to purchase a real estate.
What Is a Foreign National Loan Program?
A foreign national loan program is a lending option for nonresidents in the United States who are looking to purchase a house, whether it be used as an investment property or homebase while visiting. This program is designed to help foreign nationals in the U.S. navigate the unique challenges they may face throughout the course of the homebuying process.
Foreign national loan programs generally allow nonresidents to secure a mortgage without a Social Security number, green card, or visa. Additionally, borrowers are not required to have a FICO score to provide proof of credit. Instead, borrowers may demonstrate creditworthiness through alternative means or submit a credit report from their country of origin.
Foreign national loans are also known as ITIN loans or non-permanent resident alien loans. These types of programs make it possible for noncitizens in the U.S. to purchase property, even if they lack documentation that’s traditionally required to secure a home loan.
Requirements for a Foreign National Loan
Foreign national loans have several unique benefits that make securing funding easier for noncitizens attempting to purchase a home. While borrowers may not need a Social Security number, green card, or FICO score to get a loan, they do need to meet certain requirements. For instance, borrowers must generally provide the following documentation:
- Proof of income
- Visa or visa waiver
- VISA Types Allowed: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa
- Proof of creditworthiness
Borrowers who don’t have qualifying credit and those without a Social Security number or Individual Tax Identification Number (ITIN) typically must provide three active and open trade-lines with at least two years of history.
It must also be noted that if you don’t currently have a FICO score, you won’t be able to receive a loan if you have derogatory marks against your credit. Additionally, borrowers from OFAC sanctioned countries will not be able to qualify for foreign national loans.
