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Several days back I posted about some chages that were happening within the US mortgage market. I had some time to review new lending guidelines and speak to the lenders directly.
My main lender that I was using has still not given me a definitive answer on if they will still do foreign national loans. I do know that they cut all reduced doc (low doc) options, even for US borrowers. This was the only lender that would go to 80% lvr so I hope they can still do them under the full doc program. Full Doc means that a borrower would need to disclose their 2 year employment history, income, and assets on the application. The employment history and income would need to be verified by documents similar to the USA's tax returns and pay check stubs. Assets verified as well. Hope to know more by Monday.
In the meantime, I've found a new lender. This lender will do purchases on 1 unit properties up to 70% for low doc. In addition, they will also do cash out refinances up to 60% low doc. A cash out refinance can be done immediately after a property has been purchased so there is no required seasoning time to have to wait 6-12 months. This is a great benefit. Lender will allow up to 10 properties with them. Rates would be in the mid 8s. Much of the qualification process for credit qualifying is the same as my previous lender, usually need 3 reference letters from creditors in your own country. Minimum loan about $60,000.
I'll continue to look for other options.
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