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The non-domestic borrower must live and work outside the United States
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Purchase of a Second Home using any of our Portfolio programs assume Owner Occupied rates and 40% down payment
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This Program is not intended for Refinance or Non-Owner-Occupied purchase
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For Application (1003) Purposes, All Areas Required – Information regarding Outside US does not need verification
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Foreign Credit Report Not Needed
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For No Social Security Number, Please List 999-99-9999 if you do not have a U.S. Social Security number.
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If a Credit Score is generated, the borrower is subject to the same guidelines as a U.S. Citizen.
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For borrowers who generate only one credit score, the middle score is “0”.
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All Second Homes above $400,000 require an exception.
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The Borrower must open a U.S. Bank Account prior to drawing docs so that the Mortgage Payment can be automatically withdrawn. The down payment must be in the account and verify.
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Information sheet for Non-Primary Home Borrowers (GF522) must be completed on all loans prior to drawing Doc’s.
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U.S. Government restrictions prevent lending to Foreign Nationals whose primary country of residence is one of the following: Iran, Liberia, North Korea, Zimbabwe. Loans to Cuban citizens are not allowed.
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The borrowers must have valid passports from their Country of origin.
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A Power of Attorney cannot be used to close the loan.
A loan can not be made to a Foreign National whose income is derived from a Foreign Government
