| Product | Foreign Nationals: EA Core |
| Summary | Investor/second home loans for a person who is not a citizen of the United States and/or does not permanently reside in the US |
| Ineligible Borrowers | Green card holders, borrowers from countries listed in OFAC and SDN, diplomatic immunity, irrevocable or blind trusts |
| Products | 30-yr Fixed, 30yr IO Fixed, 5/1 ARM, 5/1 IO, 7/1 ARM, 7/1 IO
40yr IO Fixed Rate, 40yr IO ARM |
| MAX Loan Amount | $3.0M |
| Min FICO | Assumes 660 FICO *See below for credit qualifications |
| Max LTV | 70% on loans up to $1.5mm, 60% on loans between $1.5M and $3.0m |
| Cash Out | Not permitted |
| Documentation Requirements | Valid passport and visa to enter US |
| Downpayment/closing cost requirements | Must be held in a US Bank |
| Credit requirements | 1) Foreign credit report, translated, if available OR 2) 2 credit reference letters written or translated in English and 1 bank reference letter written or translated in English |
| Income requirements | Copies of last 4 months of bank statements, translated into English
Self-Employed: a letter on company letterhead from a professional in borrower’s country of residence, and verification via government license or website. Wage Earner: A letter on company letterhead from employer stating employment details and copy of valid pay stub |
| Rate/Term Refinance | Yes, if existing loan is with a US financial institution |
Marketing Tips:
• Target foreign nationals interested in second/investor homes in the US
• Streamlined income verification process
• No specialty translator, can use google translate
• LLC with personal guarantee permitted
Process Tips:
• Make sure documents are translated
• Ensure down payment and closing costs are in a US Bank
SG Capital:
Susan Menkhaus Jaffe
Direct: 203-355-6141
Email: sjaffe@sgcp.com
SG Scenario desk:
Phone: 203-355-6190
SGCPScenarioDesk@sgcp.com
Nations lending
Scenario Desk:
Susanna Carouthers
Direct: 330-338-7785
suzanna.carouthers@nationslending.com
