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US Mortgage For Non Residents Loan Requirements
US Mortgage For Non Residents Loan Requirements
Requirements
Is there a US Mortgage for non Residents?
Yes, you can get a US Mortgage for non-Residents! America Mortgages has several
mortgage programs for non U.S. Citizens to obtain US real estate for purchase or
refinancing, regardless whether they have U.S. credit (FICO score), residency, or even
proof of income.
Maximum Loan to Value for a non-U.S. citizen mortgage is typically capped at 70% LTV
(30 down payment) on a purchase and 65%LTV on a refinance.
America Mortgages for US non-residents can be dividing into two types of loan
programs for:
U.S. Mortgage interest rates for non-US citizen borrowers vary from 5% to 7+% and
are subject to change every day. America Mortgages compensation is not based on the
rate, and borrowers will receive the best options available at the time of application.
Non US Citizen mortgage borrowers need to show two months (60 days) of bank
statements and show that funds are “seasoned.” Seasoned funds mean that funds have
been in an account, U.S. or Foreign, for a minimum of 6o days for anti-money
laundering (AML) purposes. U.S. anti-money laundering laws require this.
If the borrower has money in cash, he/she will need to deposit that cash in their bank
and let it season two full months.
America Mortgages has loan programs that allow for 100% gift funds for Non-U.S.
citizen borrowers looking to purchase U.S. Real Estate. Gift funds are money given to
you by a family member or friend without expectation of repayment. This money will
also need to meet the AML seasoning requirements.
For most programs, a foreign credit report or bank reference letter will be required for
non US citizens.
The funds for the down payment and closing costs must be in a banking institution for
60 days (seasoned). These funds can be in either a U.S. account or non-U.S. account.
Any bank statements in foreign languages require professional translation.
Unlike regular loans, US mortgages for non citizens do have a minimum loan amount
requirement. Remember that it is the loan amount, not the sales price.
Reference: https://www.americamortgages.com/us-mortgage-for-non-residents/