Foreign national mortgages

Mortgages for Non-Permanent Resident Aliens and Foreign Nationals
Non-Permanent Resident Aliens *If you are a non-permanent resident* alien, you should be eligible for standard mortgage financing, no special program needed. Non-permanent resident aliens are permitted to live and work in the United States. Employment must be reasonably expected to continue for at least 3 years. An Employment Authorization Card (EAD) may provide acceptable evidence of legal residency. If a credit history has not been established, a foreign credit report will be ordered. Visa types** The following visas may allow the holder to qualify for standard financing for primary residences, second homes and investment properties. If you hold one of these visas you may not need the foreign national program, instead you may be eligible for the same rates and programs as a US citizen. E-1, E-2 treaty traders or treaty investors (includes spouses and children) E-3 Australian Specialty Occupation Workers G-1, G-2, G-3 (excludes G-5): foreign government officials to international organization (includes immediate family members) The G-2 is eligible if they will be in the U.S. long-term H-1B, H-1B1, H-1B2: temporary or transferred workers in specialty occupations; valid for up to three years with a maximum total stay of 6 years H-1C: temporary or transferred workers in specialty occupations; total stay is limited to three years K-1, K-2, K-3, K-4: fiancé, fiancée or spouse of U.S. citizen (includes child of K-1 and K-3) L-1, L-2: intra-company transferees NAFTA or "TN": North American Free Trade Agreement or trade visa for Canadian and Mexican nationals O-1, O-2, O-3: workers with extraordinary abilities (includes spouse or child of O-1 and O-2) P-1, P-2, P-3, P-4: Athletes and entertainers (includes team athletes, individuals in cultural programs, and spouse or child of P-1, P-2, P-3) R-1, R-2: religious workers (includes spouse or child of R-1) V-1, V-2, V-3: certain second preference beneficiary (includes spouse or child of principal beneficiary or child of V-1 and V-2)
Foreign Nationals A foreign nationals is someone who periodically visits the US for business or personal reasons and wants to own a secondary residence, rental property or commercial property. Income is stated on the loan application and source is verified by accountant's letter, brochures, websites etc. Banking assets are verified with bank statements or verification of deposit Credit references needed (3) Florida properties only 3 year pre-payment penalty of 2% 50% loan to value ratio for loans from $250,000 to $1,000,000 40% loan to value ratio for loans from $1,000,001 to $3,000,000 Available for purchase and refinance transactions including "cash out" Must be "arms length transaction" No builder loans No new condos No condos with rental pools No condos with foreclosures
What is an I-94? I-94 Record of Arrival-Departure The U.S. Citizenship and Immigration Services (USCIS) will issue an I-94 form when a foreign national enters the United States. This document is normally stapled to the passport. The I-94 allows the person to stay in the U.S. for a specific time period. The I-94 may be stamped D/S (Duration of Status) and not show an expiration date, which indicates the individual may remain in the U.S. for as long as their status doesn't change. In this case the person can stay in the U.S. as long as they are employed by the same company or remain in the same occupation. To remain in the U.S. one must have a valid unexpired I-94. The USCIS will not renew the date of an I-94 if the individual has been granted permanent resident status. In these cases, USCIS issues an Employment Authorization Card, which is valid for one year. These individuals will also have USCIS documents showing that they have filed for permanent resident status. If the I-94 indicates that the person has been approved for a permanent resident card, they would normally be eligible for standard financing the same as a U.S. citizen.