We are a Florida Foreign National Mortgage Lenders, where you can place your borrower in a loan NOW, until they can qualify for a Better Rate & Terms in the future.
NOTE: Florida Foreign National borrowers are eligible for 2nd Homes & Investment Properties with Full Documentation only. Florida Foreign National Loans to Foreign National borrowers with Florida second home occupancy should be originated as such; however, for qualification purposes, all Florida foreign national loans will follow investor occupancy guidelines, credit restrictions, matrices under the Florida Foreign National Mortgage Lenders Investment Property Program only.
Verification of Residency Status
The following visa types are allowed as Florida foreign nationals: B–1, B-2, H–2, H–3, I, J–1, J-2, O–2, P–1, and P-2 A U.S. credit report is required for each Florida foreign national borrower with a valid Social Security number.
The credit report should provide merged credit information from the three major national credit repositories.
A 2-year housing history is required.
If a Florida foreign national borrower does not have a valid Social Security number, an Individual Taxpayer Identification Number (ITIN) is allowed. An ITIN is acceptable if the Florida foreign has the ITIN for purposes of reporting taxes from passive income sources only and is not employed in the U.S. A traditional U.S. credit report is not required for Florida foreign with only an ITIN.
Qualifying U.S. Credit
The Qualifying U.S. Credit designation refers to non–U.S. citizen Florida foreign national borrowers who meet the Standard Trade line requirements in Trade line Requirements Section. A Qualifying U.S. Credit Florida foreign national borrower is eligible for all investment property products and programs reflected on the Investment Property Matrix.
Qualifying Foreign Credit
The Qualifying Florida Foreign Credit designation refers to non–U.S. citizen borrowers who do not meet the Standard Trade line requirements in Trade line Requirements Section and are limited to a maximum LTV of 65%. A Qualifying Florida Foreign Credit foreign national borrower may or may not have a U.S. credit report with no credit score, a single score, or a score with insufficient tradelines.
• Qualifying Florida Foreign Credit borrowers must establish an acceptable credit history.
• 3 open accounts with a 2–year history must be documented for each borrower reflecting no late payments.
• The 2-year housing history may be used as trade line.
• U.S. credit accounts may be combined with letters of reference from verifiable financial institutions in a
Foreign country to establish the three open accounts and an acceptable credit reputation.
• If letters of reference are obtained, they must state the type and length of the relationship, how the accounts are held, and status of the account. All contact information must be provided for the person signing the letter. Any translation must be signed and dated by a certified translator.
Copies of the borrower’s passport and unexpired visa must be obtained.
Acceptable alternative documentation to verify visa classification is an I–797 form (Notice of Action) with valid extension dates and an I-94 form (Arrival/Departure Record). When applicable, a valid employment authorization document (EAD) is required for U.S. employment if the visa is not sponsored by the borrower’s current employer.
NOTE: Borrowers unable to provide evidence of lawful residency status in the U.S. are not eligible for financing.
If a non–U.S citizen is borrowing with a U.S. citizen, it does not eliminate visa or other foreign national documentation requirements. Co–borrowers in possession of spouse or family member visas may be considered on a case-by–case basis.
Borrowers who are residents of countries which participate in the State Department’s Visa Waiver Program (VWP)
will not be required to provide a valid visa. Participating countries can be verified through the U.S. Department of
State website at http://t>ravel.state.gov/visa/temp/without/without_1990.html.
To document income received for Salaried Florida Foreign National borrowers, items below should be obtained:
- Letter from employer providing current monthly salary, YTD earnings, and two months valid pay stubs are to be obtained when possible. Pay stubs may be waived if the borrowers employer does not provide them and verification of employment can be obtained through other means.
- Letter from employer must be on company letterhead, including address and company web address.
- Employer to be independently verified (via LexisNexis, D&B International Business Search, Google, or other means of verification).
- All documents must be translated by a certified translator.
- If borrower is employed within the U.S., standard income and employment documentation requirements apply.
Self–employed foreign national borrowers are allowed when the following requirements have been met:
• Borrower must be self-employed a minimum of 2 years.
• Self–employed business is to be independently verified (via LexisNexis, D&B International Business Search, Google, or other means of verification).
• A letter from a CPA is required verifying income figures for the last two years and year-to-date income figures. CPA is to be independently verified.
- All documents must be translated by a certified translator.
Foreign national borrowers must have 12 months PITIA reserves. All funds for down payment, closing costs and reserves must be seasoned for 60 days and meet the requirements in Asset Documentation Section and Age of Documents Section.
Foreign assets are acceptable. All assets used for the transaction must be seasoned in a U.S. depository institution for 30 days prior to closing.
Exclusionary List/OFAC/Diplomatic Immunity
All parties involved on each transaction must be screened through any exclusionary list. Parties to the transaction
must also be cleared through OFAC’s SND List (borrowers, sellers, employers, banks, etc.).
A search of the Specially Designated Nationals and Blocked Persons List may be completed via the U.S. Department of the Treasury website:
Florida foreign National borrowers from OFAC sanctioned countries are ineligible. Access the link below for a list of sanctioned countries:
Individuals with diplomatic immunity are not eligible due to the inability to compel payment or seek judgment. Verification the borrower does not have diplomatic immunity can be determined by reviewing the visa, passport, and/or the U.S. Department of State’s Diplomatic List at http://www.state.gov/s/cpr/rls/
Ineligible Foreign National Borrowers Include:
• Borrowers with diplomatic immunity or otherwise excluded from U.S. jurisdiction Limited partnerships, general partnerships, corporations
• Borrowers whose income is not likely to continue for at least 3 years.