If you are a foreign national, you may not qualify for a traditional mortgage because you lack a U.S. credit history and income history in the country. Foreign national mortgages are specifically meant for foreign nationals who want to buy property here in the U.S., but may not qualify for a traditional mortgage. Although foreign national mortgages typically require larger down payments and come with higher interest rates, they can still be a beneficial option for those who want to buy real estate in the U.S.
If you want to apply for a foreign national mortgage, you do not need to submit a visa, green card, or Social Security number as part of the application process. Additionally, you do not need to have a FICO score. Instead, you will need to prove your level of creditworthiness by submitting a credit report from your country of origin.
After that, the process for obtaining a foreign national mortgage is nearly identical to applying for a traditional mortgage. You will need to estimate how much you can invest, obtain pre-approval, put together paperwork to process your loan, and submit an offer for the piece of real estate you want to buy.
We can answer any questions you have about foreign national mortgages at Investor Loans Express. To speak with one of our lending professionals or to start your application for a foreign national mortgage, contact us today.