Recent Changes to Foreign National Guidelines Giving More Options for Property Ownership Opportunities in the U.S.

Property ownership opportunities in the United States are not limited to its residents. The Foreign National program offers tailored solutions for non-residents looking to invest in the U.S. real estate market.

Foreign National Program Updates

The Foreign National program has undergone recent updates to better cater to the needs of non-residents. Let’s take a closer look at these changes:

  • Increased Loan-to-Value (LTV) for Purchase/RT Refi
  • Foreign Nationals can now access up to 75% LTV for Purchase or Rate and Term Refinance transactions. This means that borrowers can secure financing for up to 75% of the property’s value, allowing them to make substantial investments in the US real estate market. To qualify for this option, a minimum credit score of 660 is required.

Cash Out Refinance

Foreign Nationals can also take advantage of the Cash-Out Refinance option, which allows them to access the equity in their U.S. properties. With a maximum LTV of 65%, borrowers can tap into their property’s value to fund other ventures or investments.

No U.S. Credit or Score Requirement

One of the significant advantages of the Foreign National program is that it does not require a U.S. credit history or score. This means that non-residents can secure financing with a maximum LTV of 65% without having a U.S. FICO score. This flexibility opens up opportunities for individuals who are new to the U.S. market or have a limited credit history.

Debt-Service Coverage Ratio (DSCR) Product

The Foreign National program also offers a Debt-Service Coverage Ratio (DSCR) product. This alternative income verification method focuses on the property’s cash flow rather than traditional income requirements. With this option, borrowers can qualify for loans up to $2,000,000, providing them with substantial financial support for their real estate endeavors.

Benefits of the Foreign National Program

The recent changes to the Foreign National program bring several benefits to non-residents seeking property ownership opportunities in the U.S.

Flexibility in Financing

With increased LTV options and the absence of U.S. credit requirements, the Foreign National program offers flexibility in financing. Non-residents can access substantial loan amounts, allowing them to make significant investments in the U.S. real estate market.

Tailored Solutions

The program caters specifically to the needs of non-residents, providing them with tailored solutions. Whether it’s a Purchase, Rate and Term Refinance, or Cash-Out Refinance, the Foreign National program offers options to suit different investment objectives.

Simplified Income Verification

The DSCR product simplifies the income verification process by focusing on the property’s cash flow. This alternative method allows self-employed individuals or those with unconventional income sources to qualify for financing without the need for traditional income documentation.

The recent changes to the Foreign National program have made property ownership opportunities in the U.S. more accessible to non-residents. With increased LTV options, no U.S. credit requirements, and alternative income verification methods, the program provides tailored solutions for individuals looking to invest in the U.S. real estate market. By leveraging these updated guidelines, non-residents can unlock their potential and seize the opportunities that await them in the U.S.