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Hello everyone.
Have some fairly good news about loans for foreign nationals here in the US.
First I'd like to ask if anyone knows of any reason why my other profile, 'US Investment Loans', would have been blocked. I find it strange that I cant get into to profile or login in so I had to create a new acount. Do you think it was because I posted some negative information about the US mortgage market? To add to this, when I first posted this particular thread, it was deleted within the first day so I had to come back and restart it. That was odd then and seems even odder now.
Anyway, here's an update on loans for US properties. 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.
Hopefully this reply wont disappear.
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