Foreign National Loans & Non-U.S. Citizen Mortgages
Foreign national loans and ITIN mortgage loans are for non-residents of the United States who don’t have a Social Security number. These loan programs allow you to purchase real estate without being a citizen. If you’re looking for a simple way to invest in American real estate and purchase a residential property but reside in another country, a foreign national loan might be a good option for you.
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If you’re a foreign national in the United States, buying real estate can seem like a nearly impossible task. However, foreign national mortgages 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.
At Griffin Funding, we offer foreign national mortgages with competitive interest rates. Our skilled mortgage specialists can help you explore different foreign national loan programs and ultimately secure foreign national financing. Keep reading to learn more about the different types of foreign national mortgages and the requirements for securing one.
Can Foreign Nationals Get a Mortgage in the U.S.?
Yes, foreign nationals can get a mortgage in the United States. By applying for a foreign national loan from Griffin Funding, noncitizens living in the U.S. can get the funds they need to purchase a real estate.
What Is a Foreign National Loan Program?
A foreign national loan program is a type of non-qualified mortgage designed for non-residents in the United States who are looking to purchase a house, whether it be used as an investment property or homebase while visiting. This 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 mortgage programs generally allow non-residents 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 and ITIN loans are most commonly used when an individual borrower does not meet the requirements of permanent resident alien or non-permanent resident alien. These types of programs make it possible for non-citizens in the U.S. to purchase property, even if they lack documentation that’s traditionally required to secure a home loan.
Like all home loans, foreign national loans are granted based on the borrower’s creditworthiness, income stability, and ability to repay the loan, factoring in additional expenses, such as property taxes and homeowners insurance. However, unlike conventional loans, these loans may have more stringent requirements and require more extensive documentation.
Types of Foreign National Mortgages
Getting a mortgage can be more complex for non-citizens looking to buy property in the United States than for domestic buyers. Foreign national mortgage loans are designed to help non-citizens finance a home purchase, though they often have stricter eligibility requirements and additional documentation. Griffin Funding offers multiple mortgage solutions for foreign nationals, ensuring borrowers can access the right loan product for their needs.
Foreign national mortgage loans cater to individuals who are not U.S. citizens or permanent residents but wish to purchase property in the U.S. Explore our foreign national mortgage guidelines and benefits below.
Eligibility
Foreign national loans generally require:
- A valid visa or visa waiver.
- Proof of income, which may include foreign bank statements or employer verification.
- Minimum 20% down payment.
- Reserves to cover several months of mortgage payments.
Benefits
- Loan amounts of up to $5 million.
- Finance non-warrantable condos.
- Access to U.S. real estate investment opportunities.
- Flexible income verification options.
- Competitive foreign national mortgage rates.
Griffin Funding’s lending services
- Full documentation loans require plete proof of income, employment, and assets.
- Debt service coverage ratio loans allow borrowers to qualify based on rental income generated by the property.
- Interest-only loans provide lower monthly payments by requiring only interest payments for a set period.
- ITIN loans are designed for borrowers without a Social Security number, allowing them to secure financing with an Individual Taxpayer Identification Number (ITIN).
ITIN Loans
ITIN loans are designed for non-U.S. citizens who do not have a Social Security number but possess an Individual Taxpayer Identification Number (ITIN).
Eligibility
- Borrowers must have a valid ITIN issued by the IRS.
- Proof of stable income and employment is required.
- Down payments as low as 20%.
- Alternative credit documentation may be required if a U.S. credit score is unavailable.
Benefits
- Loan amounts of up to $5 million.
- Unlimited cash out.
- Provides a financing option for non-U.S. citizens without a Social Security number.
- Allows borrowers to build U.S. credit history through homeownership.
- Access to competitive loan terms based on financial qualifications.
Griffin Funding’s lending services:
- Full documentation loans require complete verification of income, employment, and assets.
- Bank statement loans are ideal for self-employed borrowers who may not have traditional income documentation.
- Debt service coverage ratio loans qualify borrowers based on rental income from the property.
- Asset-based loans enable borrowers to qualify based on liquid assets rather than income.
- Interest-only loans allow for lower monthly payments by only requiring interest payments for an initial period.
Permanent Resident Alien Loans
Permanent residents, also known as Green Card holders, can access mortgage products similar to U.S. citizens.
Eligibility
- Must possess a valid Green Card (Form I-551).
- Proof of stable employment and income.
- Credit history, preferably U.S.-based.
- Minimum down payment depends on the loan type.
Benefits
- Access to lower interest rates and traditional mortgage products.
- Eligible for government-backed loans such as FHA and VA loans.
- Potential for lower down payments compared to other foreign national loan products.
Griffin Funding’s lending services
- Full documentation loans require comprehensive proof of income, employment, and assets.
- Bank statement loans are ideal for self-employed individuals who may not have traditional income documentation.
- Debt service coverage ratio loans allow qualification based on rental income from the property.
- Asset-based loans enable borrowers to qualify using liquid assets rather than income.
- Interest-only loans offer lower monthly payments by paying interest only for an initial period.
- Recent credit event loans are designed for individuals who have experienced past financial hardships but are rebuilding their credit.
Non-Permanent Resident Alien Loans
Non-permanent residents hold a visa that allows them to live and work in the U.S. but do not have permanent residency status.
Eligibility
- Must hold a valid visa that falls under one of the following classifications:
- E-1, E-2, E-3.
- G-1 through G-5.
- H-1B & C, H-2 through H-4.
- L-1B, L-2.
- NATO 1 through 6.
- O-1.
- R-1.
- TN-1 & 2 (NAFTA).
- Must have a stable income and U.S. credit history.
- Down payment typically 5-10% for conventional loans, higher for other options.
- May need a U.S.-based co-signer or credit alternative documentation.
Benefits
- Loan amounts of up to $5 million.
- Unlimited cash out.
- Access to traditional mortgage programs if eligibility requirements are met.
- Can establish U.S. credit for better future loan terms.
- Competitive interest rates for qualified borrowers.
Griffin Funding’s lending services:
- Full documentation loans require verification of income and employment.
- Bank statement loans are ideal for self-employed borrowers who lack traditional proof of income.
- Debt service coverage ratio loans qualify borrowers based on a property’s rental income potential.
- Asset-based loans allow borrowers to secure loans based on their liquid assets instead of income.
- Interest-only loans provide an option for lower initial payments by paying only interest for a specified period.
- Recent credit event loans are available for individuals overcoming past credit challenges and looking to reestablish financial stability.
What Property Types Can You Finance With a Foreign National Mortgage?
Eligible property types for foreign national mortgages vary by lender. However, these loans are designed for non-citizens who wish to purchase a residential property and use it as a temporary home when visiting, a vacation home, or an investment property.
Non-citizens living permanently in the U.S., also known as permanent resident aliens (green card), can purchase primary residences, second homes, and investment properties with a permanent resident alien loan. Non-citizens living temporarily in the U.S., can qualify for a mortgage under the non-permanent resident alien or ITIN loan programs. In addition, borrowers can purchase just about any type of residential property they’d like — from single-family homes to condos, townhouses, and multi-unit properties — as long as it meets their lender’s requirements.
Think you qualify for a loan? Contact us today to find out!
Contact UsHow to Apply for a Foreign National Loan
To apply for a foreign national mortgage, there are several steps you will need to complete. Here is a general overview of what the lending process looks like at Griffin Funding:
- Discovery meeting: One of our mortgage strategists will meet with you to evaluate your financial situation and discuss the best loan options for you.
- Loan application: Applications can be completed via phone or our online digital mortgage portal.
- Lock in your rate: We will lock in an interest rate based on the terms in the loan application.
- Application and disclosures: We will send you the initial application and any disclosures either online or via physical mail.
- Supporting documentation: We will provide you with a checklist of any documentation you need to submit to us.
- Loan process: At this stage, we process and underwrite your loan.
- Appraisal and pest inspection: We will order an appraisal of your current or potential home and can assist you in finding a pest inspector.
- Loan approval: After approving your loan, we will reach out if we need any more items or documents.
- Final loan document signing: You will be able to review the terms of the loan and sign it in the presence of a notary.
- Loan funding/recording: Refinance loans have a 3-day waiting period before being funded, while purchase loans do not.
Our loan specialists will help guide you through the process.
Choosing a Foreign National Mortgage Lender
If you’re considering applying for a foreign national mortgage, it’s important to choose your lender wisely. Here at Griffin Funding, we work closely with borrowers to help them choose the type of loan program to meet their needs and secure a competitive interest rate. Our straightforward lending process uses the latest technology to make sure everything is as quick and convenient as possible on your end. Additionally, our experienced mortgage specialists are always ready to answer your questions and guide you through the lending process.
Griffin Funding offers a wide array of lending services, so you can find an option that meets your needs. Whether you’re in search of a non-QM mortgage or a traditional home loan, we can assist you in securing a mortgage that fits your particular situation.
Where We Offer Foreign National Loans
Griffin Funding offers ITIN loans in several states to help homebuyers find a home in their ideal location. Learn more about ITIN home loans in your desired state of residence:
Our team can help you understand the requirements and specifications of ITIN loans in these regions. Reach out today to take the first step towards obtaining an ITIN foreign national loan.
Apply for a Foreign National Loan Today
A foreign national loan can be a great option for non-citizens looking to purchase real estate in the U.S. Work with the mortgage specialists at Griffin Funding to secure the financing you need. To take the first steps toward securing a non-U.S. citizen mortgage loan, contact us today by calling (855) 394-8288 or reaching out through our website’s chat feature. You can also get started online to quickly find out which lending programs you may qualify for.
Other Non-QM Mortgage Products
DSCR Loans
Debt Service Coverage Ratio Loans allow borrowers to qualify for financing based on the cash flow generated by a rental or investment property.
Bank Statement Loans
Only a bank statement is required for this type of Non-QM loan. Self-Employed borrowers can qualify with as little as twelve month’s bank statements.
Asset-Based Loans
Asset-based loans allow you to leverage assets you already have, including checking and saving accounts, investment accounts, or money market accounts to secure a loan.
Frequently Asked Questions
An Individual Taxpayer Identification Number (ITIN) is a number issued by the IRS for tax purposes. If you work and pay taxes in the United States but don’t have a Social Security number, you have an ITIN. These numbers are issued to individuals regardless of immigration status, whether they’re residents or non-residents of the U.S.
Your ITIN can be used as an alternative to a Social Security number when taking out a mortgage loan if you opt to apply for an ITIN mortgage.
ITIN mortgage loans are a type of home loan available to borrowers with an ITIN rather than a Social Security number. They’re designed to enable individuals to buy homes in the U.S., even though they don’t have traditional credit histories or SSNs, creating homeownership opportunities for immigrants and foreign nationals working and/or living in the U.S.
To qualify for an ITIN loan, borrowers must demonstrate proof of employment or self-employment and show that they file tax returns using their ITIN. In addition, they’ll need to have a steady income and decent credit history. Since these types of borrowers might have limited traditional credit history, some lenders may accept proof of bill payments, such as timely rent and utility bill payments. Alternatively, you can also submit a credit report from your country of origin if you don’t have a FICO score or established credit history in the U.S.
ITIN loans have different requirements compared to traditional home loans and other types of mortgages like VA loans.
Foreign national loans provide a path to homeownership for non-citizens of the U.S. However, there are a few downsides to non-U.S. citizen mortgage loans, such as higher interest rates, larger down payment requirements, stricter requirements, and limited availability over a traditional mortgage.
Since these loans are considered higher risk for the lender, foreign national loans may carry higher interest rates. In addition, these loans may require a larger down payment to offset this risk, thus increasing the upfront cost of purchasing property.
Lenders may also have more stringent lending requirements for foreign national loans, such as having a higher credit score to qualify. While lending criteria vary by lender, borrowers should determine a lender’s requirements before applying for a loan.
Unfortunately, not all lenders offer foreign national loans, limiting your options and making it even more challenging to find the best rates. Luckily, Griffin Funding is able to offer non-U.S. citizen mortgage loans at competitive rates.
Down payment requirements for ITIN mortgage loans vary by lender. However, typically these loans require a larger down payment than conventional loans. Borrowers should expect to put down at least 20% of the property’s purchase price, but some lenders may require more.
Your exact down payment amount will depend on factors such as your credit history, income, market conditions, and the lender’s evaluation of your ability to repay the loan.
Foreign national loans generally have higher interest rates than other loan types, but your actual interest rate can vary based on a number of factors, such as the lender’s guidelines, creditworthiness, income, down payment, and market conditions.