Foreign nationals often spend much of their time here in the states, away from their home countries. It can be both mentally and physically exhausting staying in hotels and various other rental properties during this time. The idea of purchasing a home in Florida can be very appealing for local foreign nationals however there are often roadblocks related to credit and employment. At Continental Mortgage, we offer foreign national loans which are designed to overcome the obstacles that foreign nationals often face when looking to purchase homes in Miami, Ft. Lauderdale, and Palm Beach.
A borrower’s credit score is an important factor in the traditional loan approval process. One of the issues that foreign nationals commonly face is that they do not have a credit score like US citizens do. Generally, there are credit reports available for foreign nationals, but the scoring system is not the same as it is here. At Continental Mortgage, we are able to obtain and review these credit reports. This allows us to assess the credit worthiness of foreign nationals so that we can offer home loans in the absence of a traditional US credit score.
Employment verification issues can be quite common as well, especially for foreign nationals who are self-employed. Thorough background checks allow us to verify employment or the existence of companies. Foreign nationals should be prepared to provide documentation that will show income, bank statements, assets, references from banking institutions, and two forms of identification.
In some cases, foreign nationals may be seeking investment opportunities in the US, rather than a second home. Foreign national loans from Continental Mortgage are available for investment properties throughout Miami, Ft. Lauderdale, and Palm Beach.
Below are some of the features and benefits of a Florida Foreign National Loan from Continental Mortgage.
- US Credit Score is not required.
- Second homes and investment properties can be purchased
- Self-employed foreign nationals may qualify
- No pre-payment penalties
- Down payments as low as 20 percent
Whether you are interested in purchasing an investment property or a home away from home, Continental Mortgage offers foreign national loans throughout Miami, Ft. Lauderdale, and Palm Beach. Flexible underwriting and financing options allow us to tailor a solution to meet the unique needs of foreign nationals. Contact us today for more information on foreign national loans or to begin the qualification process.