​Foreign National Programs – Help for Non-US Citizens to Buy a Home in Florida

​If you’re not a US citizen, but you want to set up roots in the state of Florida, you need a Foreign National Program with flexible underwriting guidelines and great rates. While the Foreign National Program isn’t the same as a traditional mortgage found at your local bank or credit union, it’s a great program for non-US citizens, offering many solutions for those who think they can’t own a home in the United States.  In fact, most banks and credit unions here in Florida only lend to US citizens, and do not offer Foreign National Financing, which make our program a popular option. 

If you’re looking to set up residence here because of work or you want to take advantage of the booming real estate industry by investing in real estate, the Foreign National Program will help you achieve your goals. 

What are Foreign National Programs? 

A Foreign National Program is a mortgage for non-US citizens with decent credit and who can prove they can afford the loan. The premise of the loan is the same as a traditional mortgage loan: you make a down payment and borrow the remainder of the purchase price to buy the home. You may monthly payments consisting of principal and interest and build equity in the home as you pay the balance down. 

Foreign National Programs put non-US citizens on even playing ground with citizens, allowing them to establish homeownership in the US which can be convenient as well as a good investment for the future. 

As long as you can prove you can afford the loan by providing documentation of your income, reserves, and work history, you have a chance of owning real estate in the United States. 

How do they Work? 

We offer both full documentation and stated income loans, although most of our clients use the full doc option because of its incredible rates even though it’s not a conventional loan. If you qualify for the full doc loan, you’ll provide: 

• Proof of your income for the last 2 years
• Proof your assets (liquid assets for reserves are important)
• US credit scores (if you have them), if not then you’ll need a bank reference letter from your country of origin, specifically where your primary banking relationships reside
• Passport
• Foreign credit report, if applicable

If you don’t qualify for a full doc loan because you can’t verify your income the ‘traditional’ way, you may qualify for a stated income version of the Foreign National Program where we can verify your income another way. This is common for self-employed individuals and those living off assets versus earned income. 

Fair warning, the loan terms for Stated income Foreign National Loans may carry higher interest rates and a few more requirements than the traditional "full doc/ traditional" Foreign National Program. We’re happy to discuss your options if you can’t verify the information, we listed above. Stated income loans are just an alternative way of proving your income so we know you can repay the loan but can’t prove it with tax returns or pay stubs like the full doc program requires. 

Who Qualifies? 

It’s easier than most people think to qualify for a Foreign National Program mortgage with these requirements:

• At least a 35% down payment unless you live in Brazil or China, then a 50% down payment is required
• At least 20 months of mortgage reserves in a liquid account
• Verification of tax documents either from the US or your origin country
• Set up a Reserve account with at least 4 months of PITI (principal, interest, taxes, and insurance) with ACH auto-payment debit enabled for your mortgage payment (must set this up within 2 – 3 weeks of closing) 

You can borrow loan amounts of $100,000 USD to $6.5 million USD based on your income, assets, debts, and debt-to-income ratio. 

You can use the program to buy the following types of homes:  

• Single-family home
• Townhomes/ Villas
• Condominiums
• Condotel
• Specialty properties, such as a Barndominium, large-acreage homes, etc. (Note: specialty home types are considered on case-by-case basis)

You must prove you can afford the loan – there isn’t a specific loan amount maximum for certain countries, types of income, or credit scores. If your income, debts, and potential mortgage payment fit within the parameters, you can qualify for a higher loan amount. 

If you’re using the loan to buy an investment property, you’ll need a higher down payment of 45%, though. This helps us reduce the risk of default that occurs often with investment properties since you aren’t at risk of losing your primary residence when it’s an investment. 

What are the Benefits of the Foreign National Program? 

We make it easy to secure Foreign National financing. Even though there is more paperwork and hurdles to jump, we work with you every step of the way to make it as stress-free as possible. 

The benefits of working with us include:

We work hard to verify your ability to repay and look at all sources of income, from any country not just your country of origin

• You can buy a home to use as your primary residence, vacation home, or investment property
• You don’t need US credit, which allows you to secure financing faster
• You don’t need a translator unless your country’s primary language isn’t English
• You can self-manage your escrows (in other words, you pay your own property tax and homeowners insurance premiums yourself, rather than through your monthly mortgage payments
• No prepayment penalties on any loan 

Getting a Foreign National Loan anywhere in the state of Florida

We know it’s overwhelming to navigate the mortgage loan process in the United States, especially when your documentation is from another country and possibly in another language. We’ll walk you through the steps, helping you understand everything you need to qualify for a loan. If you qualify for the full documentation program, you’ll get attractive interest rates and the highest loan amount you qualify for, allowing you to buy attractive real estate here in the Tampa Bay area or anywhere in the state of Florida. 

If you can’t use the full documentation program, we’ll help you understand the stated income program and how it may help you secure a loan. 

If you’re ready to explore your options for the Foreign National Program, contact us today. We’ll get you started on the most exciting process of buying real estate in the United States and realizing the great profits an investment of this magnitude offers.

WRAPPING UP...

As always, if you’re looking to purchase, refinance or get preapproved to purchase a home anywhere in the state of Florida, we’d love to help.  Simply give us a call so we run some numbers for you and answer all your questions! 

You can also drop us a line HERE »

Yours in successful homeownership,

Derek Bissen
Loan Originator
NMLS#365627
Unconventional Lending Program Director

For even more information about our Foreign National Program, visit our Foreign National resource page.