Foreign Nationals, in the mortgage industry, refers to foreigners living, working or studying in the United States. These foreigners entered and live in the U. S. legally. They have valid foreign passports with a U.S. issued work visa or student visa.

Because of their job requirements, or their academic studies, many of these Foreign Nationals live in America for a prolong period of time every year. Many banks offer mortgage loans for Foreign Nationals when they purchase homes in the United States.

Most FN obtain a Social Security Number. Those that have them are then reported on to the three credit bureaus and scores are computed. Though not required by the various lenders, this assists in the ability to get a mortgage.

Though Foreign Nationals are ineligible to receive conforming loans due to Fannie Mae guidelines, non-conforming loans are still an option. Though there may be restrictions on certain programs, non-conforming loans still have a wide range of possibilities.

When working with Foreign Nationals remember that you will probably only be able to qualify for a Maximum of 80LTV with most lenders. In addition some lenders will be able to use an international credit report if the borrower has not yet acquired a social or is buying a second home. The key to working with Foreign Nationals is to carefully read the guidelines with each specific lender so as to minimize the amount of time spent on the phone or resending documents. Many of these borrowers are still overseas while processing the loan.

 

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