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FOREIGN NATIONAL FLORIDA LENDERS

Foreign National Florida Mortgage Lenders

 Eligible Foreign National Borrowers: •   Non-Permanent Resident Alien is a Foreign National who is permitted to reside in the U.S. on a temporary basis and may even have authorization to work in this country. (Note: Under specific circumstances such a borrower may be eligible under Florida Mortage Lenders Non-Prime Lending Program).•     Non-Resident Alien is a Foreign National who is not authorized to live or work in the U.S.   A true Foreign National may periodically visit the U.S. for various reasons including vacation and/or business.  

 

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.

 

Documentation Requirements

•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: Florida 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://travel.state.gov/visa/temp/without/without_1990.html.

 

Income/Employment Requirements

To document income received for Salaried 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.

 

Assets

 

Florida 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:

 

http://sdnsearch.ofac.treas.gov/

 

Borrowers from OFAC sanctioned countries are ineligible. Access the link below for a list of sanctioned countries:

 

http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ Programs.aspx

 

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 Borrowers

 

• 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

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