Foreign National & ITIN Loans
What is a foreign national or ITIN mortgage loan?
Foreign nationals, ITIN (individual tax identification number) holders and people covered by the DACA Act are not United States citizens, but they can obtain mortgage loans in this country.
This group of people will not qualify for Fannie, Freddie and FHA mortgages, so lenders that offer them mortgages typically either keep them in portfolio or sell them into the secondary market.
Therefore, a foreign national, ITIN holder or Dreamer will have a much better chance of finding a mortgage for a non-citizen if they work with a broker.
What are some types of foreign national and ITIN mortgages?
► $100,000 to $750,000 loan amounts with limited documentation
► 90% LTV for purchase of owner-occupied and investment property
► No credit score required, loans to $3,000,000 with maximum cash-out of $1,500,000
► Up to 70% LTV, no prepayment penalty, $500,000 to $20,000,000 loan amounts with five-year fixed rate, interest-only payments
► Documentation: valid passport, international credit report or letter from financial institution and verification of domicile in the U.S.
► Fixed rate loans up to 80% LTV on owner-occupied, vacation homes and nonowner-occupied homes, condos and townhomes
► Private money financing of nonowner-occupied 1-4 units, multifamily, land and for construction. Up to 70% purchase LTV and 65% LTV for refinance
► 30 days’ sourcing and seasoning of assets for LTV up to 50%
► No tax returns required, income verification letter from employer or CPA accepted
► No ratio foreign national loans. No U.S. credit nor U.S. visa required.
► Portfolio loans for foreign borrowers, no credit score required, maximum 50% LTV, amounts from $300,000 to $10,000,000
► Foreign investor and foreign-owned U.S. businesses eligible for fix and flip, buy and hold and refinance
Source: US Department of Housing and Urban Development
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Available mortgage products change from day to day and more are added.