We Help With Foreign National Loans
In a globalized economy, Florida real estate is a big commodity, attracting billions of dollars worth of purchases from foreigners all over the world. No matter what brings you to Florida – a second home, an income property, or a future residence – you will have to contend with an entirely different set of rules and programs to access a loan. As a globally-oriented mortgage broker, Legacy Park Mortgage is uniquely qualified to assist you in qualifying for Foreign National Loans.
The Challenges of Finding Foreign National Loans
Compared to domestic home buyers, foreign nationals are far likelier to pay cash for their property acquisitions. That’s because relatively few lenders in the U.S. offer home loans to non-U.S. citizens or residents. The vast majority of loans require a U.S. social security number, credit score, and proof of residence and income in the U.S., leaving foreign nationals locked out of the usual mortgages and financing options.
Fortunately, you don’t have to be among the few individuals with six figures worth of cash on hand to buy a home. As the Florida real estate market continues its integration with the global economy, there are a growing number of loans available to foreigners. Finding these select loans will still prove challenging on your own: partnering with a mortgage broker that has the right connections in the industry will improve your chances of obtaining a home loan that’s right for you.
Requirements for Foreign National Loans
Only a few lenders have loan programs that cater to foreigners, and each will vary in their criteria for approval. Typically, foreign national loans will require a much larger down payment than the average conventional or FHA loan: the starting amount is around 30 percent of the purchase price, and up to 50 percent depending on the size of the loan, the type of property you are buying, and your financial profile. Foreign nationals will usually be required to pay higher interest rates than U.S. citizens or residents, although this too will vary based on several factors, such as market conditions.
Like a domestic borrower, you will still be required to provide information and paperwork about your personal and financial background. These will include the following:
- Your passport
- Income statements and tax forms for the last two to three years
- Any credits report, whether from your native country and/or U.S. credit bureaus like Equifax, TransUnion, and Experian
- Proof of assets, preferably verified by a multinational financial institution
- Tax Identification Number (TIN), which is used for foreign nationals by the IRS via an application
These are just some of the broad requirements you should anticipate when seeking a foreign national loan. Some lenders may require more details, such as two forms of I.D. or a reference letter from your financial institution. Depending on your nationality, you may also be required to provide a copy of your visa, such as B-1 or B-2 temporary visitor’s visa. Your mortgage broker can assist you in meeting these requirements.
Partner With a Specialist in Foreign National Loans
Based in the global commercial hub of South Florida, Legacy Park Mortgage is uniquely poised to connect nationals from all over the world to the select lenders and programs that cater to them. Our brokerage firm works closely with every individual client to understand their unique needs and background and better locate the right loan for them.
If you are a foreign national looking for the best opportunities available for acquiring Florida real estate, contact us at email@example.com or (305) 901-1791.