Foreign nationals can get mortgages 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.
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.
Down Payment
Down payment minimums: 25-30% for owner-occupied 35-50% for investment properties. The larger the down payment the more lender options available.
Documentation
Documents needed: 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.
Rates and Terms
Rates are typically 1-3% higher than conventional. Terms: 30-year fixed or 5/1 ARM. Prepayment penalties may apply. Some lenders require larger reserves to offset 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.
Alternatives
Alternatives include supporting a US-based family member to apply, seller financing, or waiting until you establish sufficient US credit history.