No score or FICO 680 Up to 70% CLTV
Our Foreign National DSCR program is designed for individuals living abroad who are interested in purchasing or refinancing investment property in the US. This is a DSCR program, meaning a borrower qualifies based on the cash flow generated by the investment, no income is required.
Program features
- Loan amounts up to $2 million
- Overseas assets allowed as reserves
- Cash-out allowed
- One bank reference letter
- Min reserves 12 months
Why choose our Foreign National DSCR?
- DSCR < 1 requires min FICO 680 or no FICO
- Gift funds allowed
- RON closing
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Program details
Loan amounts up to $2 million
Cash-out allowed
DSCR < 1 requires min FICO 680 or no FICO
Up to 70% СLTV purchase / Up to 75% СLTV cash-out
Investment properties
Max cash-in-hand $1 million, no limit for LTV < 55%
DSCR = Gross Income / Proposed PITIA. Borrower income is not required.
Any property within the past 36 months required
12 months of reserves required
Gift funds allowed (borrower contribution required — 20%) for down payment, closing cost, and reserves
0x30x12 and 0x90x24
24 months out of credit event
SFR, townhomes, condo warrantable/non-warrantable (limited review), condotel, 2-4 units, PUD, SFR rural, manufactured housing, short-term rentals, leasehold, multifamily property, mixed-use
30 & 40-year fixed, 5/6 & 7/6 ARM
120 months of I/O period, 240/360 months of amortization, qualified at amortized PITIA payment after I/O period, IO product not allowed in IL
Foreign National
Individuals, LLCs/Corp without a hit
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Fast turnaround times
Disclosure
24 hours
Underwriting
24 hours
Conditions
24 hours
Closing
24 hours
24 hours
Foreign Nationals DSCR FAQ
Can a Foreign National purchase property in the US?
Yes.A&D offers solutions for investment properties only. Foreign Nationals can qualify with documentation for the income generated in their residence country OR just with the cash flow from the subject property.
Can borrowers use a Foreign National loan to buy a home?
Foreign National loans are intended to be used to purchase homes as investments, not primary residences. What if borrowers want to purchase a primary residence in the US? They will need to be a US resident and obtain a regular mortgage.
Do applicants need a credit record in the US?
No, borrowers do not need to have a US credit record in order to qualify for a Foreign National loan.
What documents does a Foreign National borrower need to have ready?
Borrowers should get the following documents ready before they apply for a Foreign National loan in the US:
- A copy of their passport
- A copy of their unexpired Visa
- A current credit report
- Proof of income for the prior 2 years and the current year
- If self-employed, an accountant’s income letter for the prior 2 years and the current year
- A copy of their purchase contract
These documents should be translated into English by a certified translator. Having all of these documents gathered before your clients fill out their applications can save you a great deal of time and hassle.
Are there restrictions on who cannot apply for a Foreign National loan?
Yes. The following borrowers are not eligible:
- Borrowers with diplomatic immunity or otherwise excluded from U.S. jurisdiction.
- Residents of any country not permitted to transact business with US companies are ineligible (as determined by any U.S. government authority).
- Irrevocable Trusts or Land Trusts.
- Borrowers less than 18 years old.
Can clients close quickly on the property they want?
Yes, an experienced lender accustomed to working with Foreign National borrowers should be able to close this loan as quickly as a Conventional mortgage. And, because some of the income and credit qualifications are comparatively easier, it might happen even faster.
How high will their interest rate be?
Interest rates are dependent on a variety of factors, but borrowers can expect to have an interest rate that is competitive with those offered to US citizens.
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