Yes, foreign nationals can get a mortgage in the US through non-QM or portfolio lenders. These loans are not available through standard FHA, VA, or conventional programs.
Requirements typically include: a larger down payment of 25-50%, a valid visa or ITIN number, a US bank account, and sometimes a larger reserve requirement.
Rates are higher than standard loans. Not all lenders offer foreign national programs, so shopping around is essential.
Who Qualifies
Foreign nationals with valid visas (H1B, L1, E2, etc.), ITIN holders, and non-resident investors. Some lenders require 12+ months of US credit history. Others accept international credit reports.
Down Payment Requirements
Down payment minimums: 25-30% for owner-occupied, 35-50% for investment properties. The larger the down payment, the more lender options you have. Some lenders require 12 months of mortgage reserves.
Documentation Needed
You will need: valid passport and visa, ITIN or SSN, US bank statements (12+ months), international credit report or US credit history, proof of foreign income, and asset documentation.
Lender Options
Options include: portfolio lenders who keep loans on their books, non-QM lenders specializing in foreign national lending, and community banks with international departments.
Rates and Terms
Rates are typically 1-3% higher than conventional. Loan terms are usually 30-year fixed or 5/1 ARM. Prepayment penalties may apply. Some lenders require a larger down payment to offset the risk.
Timeline
The process takes 45-60 days typically. Start gathering documentation early. Work with a lender experienced in foreign national lending. Having a US-based co-borrower can help.