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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

Nations lending
Scenario Desk:

Susanna Carouthers
Direct: 330-338-7785

EA CORE Guidelines

Foreign Nationals Flyer 1

Foreign Nationals Flyer 2

SG Training Materials

Training Video

EA Core Info

SG Capital Process

Non-QM instructions