Foreign National Program: Work Visa / Immigrant / Expatriate Home Purchase Program
Post date: Sep 17, 2014 12:30:41 AM
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% 2nd / 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