What is A Foreign National Loan Program?

A foreign national loan program is a unique loan program for foreigners that allows them to secure a real estate property in the United States. Without a foreign national loan program, purchasing real estate with a loan within the country is nearly impossible for foreign nationals. A foreign national is any person (including organizations)  who is not a citizen or a national of the United States and has not been lawfully admitted for permanent residence in the country. At Blake Mortgage, we help such individuals secure real estate in the US via our loan programs.

What is The Foreign Nationals Loan Program All About?

Foreign nationals typically go through a complicated web of challenges that makes it nearly impossible for them to buy homes and other real estate properties on loan in the United States without the help of special loan programs.

With loan programs like ours, foreigners can secure a mortgage without possessing a social security number, income, job, or credit. Furthermore, borrowers are not required to provide an FICO score to prove their creditworthiness. Alternatively, borrowers can submit a credit report from the country where they originate or demonstrate their creditworthiness through alternative means such as a letter of good standing from their financial institution.

The implication is that these national loan programs enable foreign nationals to bypass the traditional documentation needed to get loans to acquire real estate property.

Types Of Foreign National Mortgages

There are varieties of loan options available to foreign nationals. At Blake Mortgage, our options include:

Asset-based loans

With an asset-based loan, a loan is secured by the collateral of the borrower. Inventory, receivables, equipment, or other property owned by the borrower can be used as collateral for an asset-based loan or line of credit.

Interest-only loans

An interest-only loan is a kind of mortgage where the borrower or mortgagor will only pay the interest on the loan for a period of time. The mortgagor is expected to pay the principal in a lump sum or installments.

Recent credit event loans

Recent credit event loans are available to people who have experienced an event that has damaged their credit score. Ordinarily, it can be nearly impossible to qualify for traditional mortgages when you have a bad credit score. Therefore, recent credit event loans are an alternative to traditional mortgages for those who have bad credit scores. Loans of this type are flexible in terms of who qualifies and what terms are agreed upon between a lender and borrower.

Bank statement loans

​​​​​​​Bank statement loans are usually perfect for those that are “self-employed “or own a business. They are loans that do not require some of the documents that are usually needed, such as pay stubs, W-2s, employer verification forms, etc. Instead, your personal or business bank account statement is majorly what you need to prove your cash flow and income. Some other documents that you may need include:

History of self-employment

Good credit score (this depends on the lender)

The ability to pay several months’ worth of mortgage payments in cash or other liquid funds

Evidence of liquid assets, such as a 401(k) or investment portfolio

The license for your business, if you have 

Debt Service Coverage Ratio loans (DSCR)

​​​​​​​DSCR is a type of loan in which the lenders use the DSCR formula to decide whether real estate investors are qualified to take a loan. It helps to know a borrower’s ability to pay.

How to Apply For a Foreign National Loan Program with Blake Mortgage

Several steps lead up to getting on our foreign nationals loan program, and we discuss them in detail below:

Discovery Call: Here, you meet with a member of our team. We consider the uniqueness of your situation and recommend the best loan options for you.

Loan application: Next, you can fill out your application for a loan via our online platform.

Determine your rate: We decide your interest rate based on the terms and conditions of the loan program you applied for.

Application and disclosures: We will send you the first application and make any disclosures you should get. We could do this online or physically.

Necessary documentation: We will also inform you of the supporting documents you need to submit.

Loan process: Here, we process your loan and underwrite it. 

Pest inspection and appraisal: We will arrange for an appraisal of your current or potential home and assist you in finding a pest control company.

Approval: We may reach out to you after loan approval for more documents or items.

Loan document signing: In the presence of a notary, you will sign the loan documents after reviewing their terms.

Loan funding/recording: Purchase loans do not have a waiting period before funding, while refinance loans do.

Why You Might Need A Foreign National Loan

A foreign national loan is a good idea for an individual who falls under the following categories:

Has no verifiable U.S-based income

Does not possess a Social Security Number (SSN)

Does not possess a Credit History or Credit Score

Cannot verify a down payment

How To Choose A Foreign National Loan Program Lender

When applying for a foreign national loan program, you must choose your lender wisely. Some things that you must look out for include integrity, openness, and a genuine concern for your specific situation.

At Blake Mortgage, we work very closely with you to ensure we help you pick the loan option that meets your needs and puts you in the best situation. We explain everything to you as simply as possible, and we are straightforward with you about your options. We also make use of technology and a structure that makes the entire process smooth, fast, and stress-free. In addition, our experienced mortgage experts are always available to answer your questions. Our goal is to always exceed your expectations.

Apply For A Foreign National Loan Today

If you are a non-citizen who wishes to buy any real estate property on loan in the U.S., a foreign national loan program can be a great option. You can easily secure financing to buy your dream home by partnering with us at Blake Mortgage. To get started, complete an online application or contact us by calling (480-699-1055).

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