Foreign National mortgage
A mortgage to a non resident is called a Foreign National Mortgage loan. A
foreign nationalwho is not a resident of the United States will in many cases seek to own real estate. Financing real estate is generally done by US mortgagecompanies and banks to United States citizens.
Lenders also offer loans to non citizens. They may be resident aliens, temporary residents or other classifications of either temporary or permanent status.
Down paymentrequirements are usually higher for foreign national borrowers. The minimum down payment is usually 20% of the total purchase price of the property. This is also referred to as an 80% Loan to Value " LTV" loan.
Types of Lenders Offering Foreign National Mortgage Loans
The most common type of Bank, Lender or Mortgage company, to offer Foreign National Mortgage loans are those in and around major cities Fact|date=February 2007. These lenders are situated where there is a large foreign natinional population base due to high
immigrationrates Fact|date=February 2007. The lenders in new immigration hubsare more likely to have to have foreign national mortgage loan programs so they can serve their local community.
The best referral source for obtaining a foreign national mortgage loan is a local
realtorthat works in a location that has a high immigration rateFact|date=February 2007. Some cities that might have a realtor familiar with Foreign National mortgage finance or many Foreign Nationals buying real estate might be Queens, New York, or San Diego, California, etc.
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