We Do Loans For Foreign Nationals...

Good Morning!

Did you know we have a loan program for Foreign Nationals?

A Foreign National is someone who is neither a US Citizen, or a permanent resident.

Here are some aspects of the Foreign National program…

70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion)

65% LTV Cash out transactions

If no US credit, minimum credit score is waived

Max loan amount is 5 million

Cash out okay for reserves

65%  LTV for our Investor No ratio, rental income not required

Eligible properties: SFR, 1-6 unit, warrantable/non-warrantable condos, & mixed use

5 yr, 7 yr, and 30 yr fixed terms with 10 year interest only payment option

That’s it for today!

Have a great day, and thanks for reading!


Get Pre Approved For A Loan Here
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Don't Do This On A Lease Option...

Good Morning!

 

I had this situation come up again recently...

 

Advice: If you enter into a lease option agreement don’t give cash for the option money.

 

The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it. …it’s hard to prove cash.

 

You can do a personal check, cashiers check, or money order. …but, don’t give cash.

 

That’s it for today!

 

Have a good day today!  …and thanks for reading.


Get Pre Approved For A Loan Here
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Where Is Your Down Payment Coming From?...

 Good Morning!

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called "sourcing down payment funds".

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

That’s it for today!

Have a good day today!  …and thanks for reading.

Get Pre Approved For A Loan Here
My Previous Blog