Getting a mortgage is not easy. It's made even harder when you are a foreign citizen trying to get one. First of all, you have no social security number and therefore no credit in the US, your income is from another country and is not verifiable by US lenders, and your assets are in non-US bank accounts. It's a daunting process and it has been neigh impossible since the credit bubble/mortgage meltdown of 07.
I have come across a pair of foreign lenders (in California only). They both only go to 65% LTV for purchase or refinance loans. Their rates are between 7-9%, neither will require income documentation but both will need to see 12 months of payments in reserves. The maximum loan amount is $1m. This is a tough loan scenario to make for most situations. Considering the apparent lack of any significant bank or broker programs lending to foreign nationals here in California, I think it is a step in the right direction.
As always, you can reach me at 310-709-8283 or here
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1 comment:
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