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: