Foreign National Loan Program includes Non-Resident and Non-U.S. Citizens borrowing for second homes, extended to all countries, not just Canada. The following are required guidelines:
- Maximum loan amount $417,000
- 30-year fixed rate mortgage
- 30% down payment required from borrower’s own funds and must have 6 months reserves in a US bank before closing
- MAX LTV 70% - NO GIFTS
- Must have 24 months of credit history
- Income amounts must be converted into US dollars
- Credit report must contain four (4) trade lines
- 700 credit score minimum required
- 36/45 DTI
- Single family homes and condos allowed
- Property must be in an area where second homes are common and customary
- Can not own additional US property
- Borrowers with diplomatic immunity are ineligible
