Foreign National Loan

If you’re a Foreign National in the United States, buying real estate can seem like a nearly impossible task. However, Foreign National mortgage loans can make it easier for noncitizens to secure a mortgage and purchase a property. These types of mortgages allow you to pursue the American dream regardless of your citizenship status.

WHAT IS A FOREIGN NATIONAL LOAN?

A Foreign National loan is a mortgage loan for nonresidents in the United States who are looking to purchase a house, whether it be used as an investment property or home base while visiting. This mortgage loan program is designed to help foreign nationals in the U.S. navigate the unique challenges they may face throughout the course of the homebuying process.

Foreign national loan programs generally allow nonresidents to secure a mortgage without a Social Security number, green card, or visa. Additionally, borrowers are not required to have a FICO score to provide proof of credit. Instead, borrowers may demonstrate creditworthiness through alternative means or submit a credit report from their country of origin.

Foreign national loans are also known as ITIN loans or non-permanent resident alien loans. These types of mortgage loan programs make it possible for noncitizens in the U.S. to purchase property, even if they lack documentation that’s traditionally required to secure a home loan.

HOW IT WORKS

HOW FOREIGN NATIONAL LOANS WORK

Offers unique benefits to make securing funding easier for noncitizens attempting to purchase a home
Borrowers may not need a Social Security number, green card, or FICO score to get a loan, but do need to meet certain requirements
Borrowers who don’t have qualifying credit and those without a Social Security number or Individual Tax Identification Number (ITIN) typically must provide additional information.
If borrowers do currently have a FICO score, they won’t be able to receive a loan if they have certain derogatory marks against their credit
Borrowers from OFAC sanctioned countries will not be able to qualify for foreign national loans