Work Visa program - max 80% LTV

We will need to review the following items for a loan pre-approval.

You can receive a pre-approval with a TBD address and an offer letter.

• Fannie Mae 3.2 file
• Complete 1008 / 1003 with the last three years employment and residence history. Follow link to fill out application: http://www.bankerbroker.com/highly-secured-application-page
• Copy of offer letter or work contract and / or work visa and latest paystub if received.
• US credit report if they have a SS#. No credit score or low score is allowed.
• SS# or ITIN# required before funding.
• Typically no foreign credit report is required.
• If they do not yet have a SS# you can submit with no US credit and leave this section blank.
• Complete asset statements (foreign funds are usually acceptable) for net worth review. Screen shots are not allowed. Convert foreign funds to the USD equivalent on your 1003. Please note - the more assets you can list the easier it is for us to approve a file.
• Please add the spouse to the loan if possible (pull a joint credit report if they have a SS # but none is required).
• If the spouse is not on the loan please divide any shared asset by 50%.
• Stocks, vested options, mutual funds, bonds etc. are used at 100% face value and consider liquid for reserve purposes (see rates sheet for requirements).
• We allow the seller to cover up to 6% in closing costs AND HOA dues.
• We always ask what they are doing for a car and debt them 500.00 per spouse if no cars are listed as an asset. Some exceptions apply.
• We will offer a car loan (or two) and credit card (or two) should they need these immediately. The mortgage, car loan, and credit card will all appear on their US credit.
• Please qualify at 6.00% over the start rate for the 3/1, 2.00% over the start rate for the 5/1, and use the start rate for the 7/1.

Please let me know if you have any questions.

Foreign national - pre-approval checklist max 50% LTV

• Fannie Mae 3.2 file
• 1008 / 1003 with complete two year residence and job history. http://www.bankerbroker.com/highly-secured-application-page
• US credit report will be needed if they have an established SS#. No score or false / low score is ok if due to a lack of credit.
• SS# or ITIN# required before funding.
• Complete personal asset statements dated within 30 days (no screen shots allowed).
• Please convert all foreign assets to USD equivalent on the 1003. Remember that we use income and assets as our key qualifiers so the more you can list the better.
• Copy of their passport or visa allowing entry into the US.
• Foreign paystubs dated within the last 30 days if wage earner.
• Copy of the last two year’s personal and business tax returns and YTD P&L if self-employed.
• If married or a spouse is present please add to the loan if they share assets used to qualify. If removing a spouse please divide shared assets by 50%.
• Use 740+ base rate and add:
• .75% for foreign national.
• .50% for NOO. Or .25%  2^nd / vacation home ( must be in resort area ).
• All income, assets, PITI, and employment info must be translated by a US based certified translation company.
• Qualify at the max rate for the 3/1 arm, 2.00% over the start rate for the 5/1 arm, and the start rate for the 7/1 arm.

For Translation Services we accept the following translation companies:

http://www.link-translations.com/client/mortgage/

http://www.foxtranslations.com/en/quote.html

http://www.certifiedchinesetranslation.com/

Foreign National Full Doc. Purchase Loan Checklist:

• Signed Purchase Agreement
• Last 2 years Tax Returns or equivalent Verifiable Employment Contract or letter
• 2 years W-2 and current paystub (if applicable)
• 12 months cancelled checks for verification of rent/mortgage (if applicable
• 3 months copies of personal bank statements (all pages)
• Asset Statement (401K, Brokerage Accounts, Mutual Funds, Stocks, etc) all pages
• Signed loan application
• Mortgage Statement or Coupons/rental agreements
• Borrower's signed authorization
• Driver's License and Social Security Card - or Equivalent ID and/or Passport
• HOA Documents
• Home Owner Insurance provider info & dec. page 
• $25 Credit Card payment for each borrower on the loan payable at  this link:                   http://www.bankerbroker.com/credit-report-fee-paid-here