At some point in life, most people dream of owning a home. But for foreign nationals residing in a new country, this dream can become complicated when it comes to financing. Fortunately, many lenders are now offering foreign national loans to help make home ownership possible for non-US citizens.
Rod understands the unique challenges that foreign nationals face when seeking a home loan in the LA County. That’s why we offer a variety of loan options specifically designed to meet the needs of non-US citizens.
What are Foreign National Loans?
Foreign national loans are mortgage loans made to non-US citizens who are purchasing property in Sherman Oaks CA. These loans can be used for primary residences, second homes, and investment properties.
One of the most significant benefits of foreign national loans is that they allow non-US citizens to purchase property without the need for a US credit history or social security number. Instead, lenders will rely on other factors, such as credit history from their home country, to assess creditworthiness.
Types of Foreign National Loans
There are several types of foreign national loans available, including:
Fixed-Rate Loans Fixed-rate loans are the most common type of mortgage loan. They offer a set interest rate for the life of the loan, providing borrowers with a predictable payment schedule.
Adjustable-Rate Loans Adjustable-rate loans, also known as ARMs, offer an interest rate that adjusts periodically based on market conditions. These loans can be beneficial for borrowers who plan to sell or refinance their home in the near future.
Jumbo Loans Jumbo loans are mortgage loans that exceed the limits set by Fannie Mae and Freddie Mac. These loans are ideal for borrowers looking to purchase high-value properties.
Stated Income Loans Stated income loans are a type of loan that does not require the borrower to provide documentation of income. Instead, the lender will rely on the borrower’s stated income to determine their ability to repay the loan.
How to Qualify for a Foreign National Loan
To qualify for a foreign national loan, borrowers will need to meet certain criteria. These criteria may include:
Credit Score While foreign nationals may not have a US credit history, lenders will still want to see evidence of a good credit score from their home country.
Income Verification Borrowers will need to provide documentation of their income to prove they can repay the loan.
Down Payment Most foreign national loans require a down payment of at least 30% of the purchase price.
Residency Status Borrowers will need to provide proof of residency in their home country.
Why Choose Mortgage Globe for Your Foreign National Loan?
At Mortgage Globe we specialize in providing mortgage solutions for non-US citizens. We understand the unique challenges that foreign nationals face when seeking financing for a home purchase in the United States. Our team of experienced professionals will work with you every step of the way to ensure a smooth and stress-free loan process.
Contact us today to learn more about our foreign national loan options and how we can help you achieve your dream of homeownership in the Los Angeles Area.