Foreign National Mortgages

The JMGroup at Sentrix Financial Services, Inc.

Traditional Mortgage Definition of a Foreign National


A foreign national is a legal resident or citizen of another nation.

They buy a second home or a vacation home here in the U.S. for personal use.

The foreign national lives in the US property only on a short-term basis.

He or she could be here on business, or while on vacation or holiday.

Foreign nationals primarily have income, employment, credit, and residency in a   country other than the US.


But a Foreign National Can Also Be:


A foreign buyer who is purchasing investment property to rent out or lease.

A buyer purchasing commercial property such as hotels, office buildings, apartment buildings or warehouses

A borrower with an ITIN (Individual Taxpayer Identification Number)

Someone with a certain class of work visa, other than the B-1/B-2 visitor visa.

International borrowers.

US citizens who work abroad and earn income overseas.


Who We Are and How We Help


The JMGroup works with national and international lenders who provide financing to foreign nationals, and who lend to borrowers with visas and ITINs.  This is a complex mortgage niche, served by a smaller, specialized broker community. We have worked with foreign nationals for over 13 years, and have earned a reputation for broad product selection, low rates, and top-notch advice.


A Brief History of Foreign National Financing


In 1995 and 1996, foreign national loans, if they could be found at all, required 35% to 40% down with fixed rates in the 9%-10% range.   However, by 2000, 80% financing became the industry standard.  Interest rates fell as low as the 5%-6% range, both fixed and variable rates.  90% financing was also available.


Now, the pendulum has swung the other way.  In 2006 and 2007, we noticed a tightening of underwriting guidelines.  Some banks dropped out of the foreign national market entirely.  70% financing became the de facto rule for true foreign nationals. By 2008, some of the larger lenders required 40% to 50% down.







There are exceptions to every rule.


Even under the current market conditions, the JMGroup still provides access to 75% and 80% financing.  Niche programs may allow for 90% financing, depending on borrower’s country of origin, location, and type of property. However, most foreign buyers should prepare for a 25%-35% down payment and budget for 12 months of mortgage payments in reserve.


Certain visa holders may be eligible for 95% financing, and may occasionally get 97% to almost 100% financing.  Buyers with visas should enter into purchases expecting to make at least a 10% down payment.  If a visa buyer gets better terms due to the strength of the application, than it might be a welcome surprise.


Financing for investment properties and co-ops, and for land (lot loans) is available in certain counties.  Condominium financing has become more difficult, and lenders tend to favor established condo projects where the majority of owners live primarily or as second home residents.


Questions? We can help! Call 440-600-1731



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