ITIN and Foreign National Home loans
ITIN Home Loan and Foreign National Home Loan
ITIN Mortgage Loan
Individual Tax Identification Number (ITIN) loans are for borrowers who do not have Social Security numbers. Borrowers with ITIN cards can qualify for a mortgage as long as they meet the eligibility requirements. This loan product is a full doc non-QM mortgage offering flexibility for individuals residing in the United States.
Minimum 600 FICO score or NO SCORE OK
Up to 85% Loan to Value on Primary Residence
Must have valid ITIN card or IRIS ITN Letter and a valid Government-issued ID
Program Overview
- Loans up to $2.5 million with a minimum of $50,000
- One year seasoning for foreclosure, short sale or deed-in-lieu
- Two years seasoning for bankruptcy, can use chapter 13 filing date
- Purchase and cash-out or rate-term refinance
- Primary home only (One unit only)
- Non-warrantable condos allowed
- Up to 55% DTI
- No Visa Required
Income sources allowed:
- W2 & Paystubs
- Years Tax Returns
- 12 Month P&L
- 12 Month Business or Personal Bank Statement
- Asset Depletion
Foreign National
This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. This is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit required to qualify.
Program Overview
- Assets sourced and seasoned for 60 days - must be in a U.S. FDIC insured bank for a minimum of 30 days
- 12 months reserves required
- Closing in a U.S. LLC entity is permitted
- ACH auto-payment is required
- No sanction listed countries allowed and will not lend in Osceola County
- Cannot reside in the United States
- Must have an eligible Visa: B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P1, P2
- No gift funds allowed
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
Frequently Asked Questions
A Foreign National mortgage loan is a loan done for a borrower that has one of the following visa: B-1, B-2,H-2,H-3, I, J-1, J-2, O-2, P-1, P-2 or resides in a Visa waiver country. Borrower must live and work in foreign country, cannot live or work in the US. The borrower qualifies under our ICF/DSCR program and qualifies just on how the property cash flows. The foreign national program includes non-owner occupied residences only. Purchase, refinance and cash out transactions
Yes, the Foreign National mortgage guidelines and requirements are different. A foreign national must live and work outside the U.S. and cannot reside in the U.S. A few additional requirements for the foreign national mortgage loan is that the maximum LTV IS 70%, 12 months reserves are required, 30-year fixed mortgage only, loan amounts up to $1,500,000 with a minimum of $75,000 offered and seller concessions are up to 3% only. ACH is required from a FDIC Bank for a monthly mortgage payment.
Yes, it is possible that a larger down payment is required for a Foreign National loan, but the percentage will vary depending on the borrower’s specific financial circumstances.
Inquiry Form
