Posted on March 31, 2011 by eastbayexpertrealtor

For the New  Foreign National loan  Program.  

 How exciting for us Realtors! Not to mention our foreign clients. I just found out about this new product through Steve Walden at Mason McDuffie Mortgage (no relation to MMcD Real Estate)  510 520 3337.

 I have a client who has property in London and  bank accounts there but lives here. She can probably do just 30% down. But, in another  case, the parents live in Israel and want to get a loan there to buy their children a home here. Now, with this program it is a possiblity.  But, they would have to put 50% down. Still, this is going to freeup alot of people in our very international San Francisco Bay Area.

 Foreign National Basics

 Client is living and working abroad. Max LTV 50% Assets must be in well known foreign institution or US Bank and be able to be documented and sourced. Income documentation from country of origin required (if they are in another language we require a tax advisor letter in English explaining income). Alternative credit references required. Passport and 2nd form of ID required. TIN number or SS # required. Property can be Single Family or Condo and are considered as second homes.

 Client is living and working in US on a visa. Would be considered at non-perm resident alien loan. Max LTV 70%.

 Assets must be in well known foreign institution or US Bank and be able to be documented and sourced. Employment in US must be documented, can be just starting employment here, two year US historyForeign National Program. Foreign National Basics. Client is living and working abroad. Max LTV 50% Assets must be in well known foreign institution or US Bank and be able to be documented and sourced. Income documentation from country of origin required (if they are in another language we require a tax advisor letter in English explaining income). Alternative credit references required. Passport and 2nd form of ID required. TIN number or SS # required. Property can be Single Family or Condo and are considered as second homes. Client is living and working in US on a visa. Would be considered at non-perm resident alien loan. Max LTV 70%. Assets must be in well known foreign institution or US Bank and be able to be documented and sourced. Employment in US must be documented, can be just starting employment here, two year US history NOT required. Income documentation from country of origin required (if they are in another language we require a tax advisor letter in English explaining income). Two year US credit history NOT required. Alternative credit references required. Visa required. Property can be Single Family, Condo or two to four units and are considered as - primary residence. Loan Terms. 5, 7, or 10 year fixed/adjustable programs. Loan amounts: $300,000 to $5,000,000. Reduced LTV on amounts over $1,000,000, Turn time and conditions are case by case. NOT required. Income documentation from country of origin required (if they are in another language we require a tax advisor letter in English explaining income). Two year US credit history NOT required. Alternative credit references required. Visa required. Property can be Single Family, Condo or two to four units and are considered as - primary residence. Loan Terms. 5, 7, or 10 year fixed/adjustable programs. Loan amounts: $300,000 to $5,000,000. Reduced LTV on amounts over $1,000,000, Turn time and conditions are case by case.

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