Choosing the Right Foreign National Home Loan for You!

Real Estate Agent with Decorus Realty DRE# 3207607

Provided by Jaci Shambley, Access e*Mortgage

Contrary to popular belief many mortgage lenders will lend to foreign nationals to purchase or refinance real estate in the United States and these loans are relatively easy to obtain. 

First and foremost, a foreign national mortgage applicant will need to prove that they are in the United States legitimately.  This documentation will need to be provided to a mortgage lender to get a foreign national loan approved.

Foreign nationals generally have access to the same types of mortgage loans as American citizens, including:

· 30 year fixed

· Interest only loans

· Minimum payment option loans

· FHA (No this is not a typo)

You may be able to buy a home in the US with an FHA foreign national home loan.  An FHA mortgage is a mortgage loan in the United States insured by the Federal Housing Administration and allows a minimum low down payment of 3.5% to borrow money for the purchase of a home.

You aren't required to be a US citizen. If you hold something other than U.S. citizenship, the lender must ask for and examine additional documentation and determine your residency status.

If FHA is not the way to go for you, greater news is some lenders will often allow a borrower to purchase a property with as little as 10% down.

As well as other lenders will allow a borrower to refinance (no cashout) up to 90% of the property value. This type of refinance, where no cash is taken out, is a rate and term refinance that serves to lower the monthly payment.

Lenders will often lend up to 80% of the value of a property for a cashout refinance.

Property types that a foreign national may borrow on include single family residences, condominiums, and townhouses.

Loan amounts vary from $100,000 to $5 million.

You will need to check with a specific lender to see what guidelines they follow.

And getting the loans approved through underwriting is generally a snap.  One condition to watch out for is that most lenders require the amount needed for reserves to be in a US bank account, just as the down payment - if required.  There are only about 6 US based banks that allow for true foreign nationals to open up accounts while out of the country.  Having these funds transferred can take a couple days and a paper trail is needed.  Of course, if you're using no documentation loans then this wouldn't apply.

As you can see programs and options are available to help non-U.S. citizens understand the process and overcome the obstacles of financing a home in the United States.  So next time someone says you can't tell 'em Jaci from Access e*Mortgage says, "you can!"

If you are interested in selling or buying a home or condo in the South Florida area we would love the opportunity to meet with you and discuss your real estate needs.  Foreign national programs now available.  From mortgage, relocation and residential services our peace of mind full service real estate brokerage has you covered.  Contact us today for a free consultation.

For the inside scoop on real estate deals both on and off the MLS follow us on Twitter @ We_Sell_Miami and join our Facebook page "We Sell Miami".


2875 NE 191 St

AventuraFlorida 33180

Miami Best Real Estate Team

ERA Herman Group Real Estate

Direct: (786) 704-8482



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Close your real estate transaction with Miami Best Real Estate Team/ERA Herman Group and Access e*Mortgage and we will refund your appraisal fee at closing.  Or make a donation to a charity of your choice on your behalf


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The Condo Shop | Decorus Realty

16850 Collins Avenue, Suite 105

Sunny Isles Beach, FL 33160

T: 786.704.8482 |








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