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Richard Woodward

Foreign National Mortgage Purchase Program

Thursday, October 2, 2014 - Article by: Richard Woodward - Service First Mortgage - Message

Foreign National Mortgage

This program is designed for true foreign nationals, or persons of other counties, who would like to purchase a second home or investment property in the United States. A case-by-case approval process applies to each loan, and Interlinc Mortgage must have a comfort level with the country of origin's banking system for asset verification and with the borrower's income documentation.

Pre-Approval is highly recommended prior to executing a purchase contract.

  1. TIN or SS# is mandatory before funding
  2. Visa or Passport allowing entry into the US is required for each borrower
  3. Second Home & Non-Owner occupancy available. Second home must be in a vacation or resort area
  4. Second Home: rate adjustment applies
  5. Investment Property
  6. 50% Down Payment Required

Basic Guidelines

  1. Debt to income ratio cannot exceed 40%, including PITI on foreign REO and foreign installment and revolving accounts showing on bank statement payment history
  2. If borrower is married, add her/him to loan application if full value of joint asset accounts is needed to qualify. Otherwise, only 50% of the asset balances can be used for joint accounts
  3. Three year residence and job history is required on the application.

Credit Reporto US credit report is required if borrower already has a TIN or SS# - no credit score is acceptable


  1. Most recent 2-months personal bank statements, with all pages included (no screen shots allowed). Foreign asset accounts must be approved by Underwriting for down payment and reserves.
  2. Convert all foreign assets to US Dollars on the application. Interlinc Mortgage uses assets as a key qualifier - the more provided the better.
  3. Not allowed: Deposits that cannot be properly sourced.
  4. Foreign Real Estate Owned: 12 months PITI in reserves is required for each property owned

Income: As described below, with 40% DTI max:

  1. Wage Earner: Most recent year's W-2 equivalent, and pay stub dated within the last 30 days showing YTD income
  2. Self-Employed: Prior two years personal and business tax returns, plus a current YTD Profit & Loss statement. CPA summary translation to English and US Dollar equivalents are required.
  3. Written Verification of Employment: must be translated to English
  4. Foreign REO rental income may be considered on an exception basis with 6 months cancelled checks and a current lease agreement (must be translated to English and Dollars). Use 75% of rental income received as gross rental income on 1003.

Call Me Today to start your home buying process. Visit our website for more information and other programs

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