Foreign national loans for buyers living abroad

Overview

A foreign national loan is a mortgage for non-U.S. residents who want to buy property in the United States. These loans are offered by non-QM lenders and can finance a second home or an investment property, including condos, single-family homes and small multifamily buildings. They are not available for a primary residence, since the borrower lives abroad. Many buyers use them for vacation homes or rental property in South Florida.

Many foreign national programs do not require a U.S. credit report or Social Security number. Lenders review international credit references, income verification from your employer or accountant, and bank reference letters. Funds for the down payment and closing usually need to be moved to a U.S. account or the closing agent before closing, and reserves are typically required. A larger down payment is generally required, and some lenders let you close in an LLC.

Foreign national guidelines vary widely by lender in property types, reserves, document translation and income verification. QMS compares these programs, coordinates translations and international verification, and works with your real estate agent and closing agent so you can handle much of the process from abroad. Some programs can also qualify the property on its rent, similar to a DSCR loan. All loans are subject to credit approval and lender guidelines.