Tips for Getting a Foreign National Mortgage Loan

Buying a new home in California can be pretty challenging as a foreign national. However, it’s good to know that there are mortgage professionals who specialize in foreign national mortgage loans in CA.

You can still buy your California home even if you have no US credit history or a social security number.

We take a look at what foreign national loans are and share some tips on how to get one so that you can get closer to your dream of home ownership.

Learn What a Foreign National Loan Is

A foreign national mortgage loan (or ITIN mortgage loan) is designed for a citizen of another country who wishes to buy property in the U.S. The funds loaned are used to purchase a property while staying in the U.S. Imagine getting a mortgage loan without a social security number or green card? You may have thought that it was impossible, but you’ll be surprised that many of today’s homeowners are foreign nationals who are not even permanent residents of America.  

You can even get a loan without an established credit history in the U.S.!

Gather the Required Documents for a Foreign National Mortgage Loan

Lenders usually verify three things when a foreign national applies for a loan. First, you need to prove your identity. Next, your ability to make payments on your loan, and lastly, you need to show assets that could help with all the costs involved when buying property in a foreign country.

The typical documents required to secure foreign national loans may include one or more of the following:

  • Copy of your passport

  • U.S. visa

  • Two years of verifiable employment history

  • Two years of proof of residency, including address and whether owned or rented

If you want to know more about the best home loan for immigrants, reach out to a helpful mortgage professional from Accelerated Lending Group today.

Open a U.S. Bank Account, If Possible

If you are a permanent resident or have a work visa, opening a U.S. bank account would be a good idea. This will give you more leverage in your loan application and may even get you better rates.

Are you ready to get started?

If you are a non-citizen looking to purchase real estate in California, there are lending programs you can choose from that are tailor-fit for your needs.

An ITIN mortgage is one of the more popular types of foreign national loans, which gives you the chance to buy a home even without a social security number. All you need is an ITIN number, and you are good to go.

Our foreign national loan experts would gladly help you secure the financing you need. Try applying online or give us a call today.

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

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