We provide mortgage loans to Foreign Nationals with no tax returns or credit scores required. Please see the Documentation Requirements below or simply call (305) 535-9950 or email our office.
LOAN PROGRAMS FOR FOREIGN NATIONALS
GENERAL GUIDELINES AND DOCUMENTATION REQUIREMENTS
- Copy of Passport from country of origin including VISA page
- Resume of the borrower (just two or three paragraphs about the borrower’s business background)
- Website of borrower’s business if self employed
-Bank reference letter showing a minimum 2 year relationship
- Letter from Employer or Certified Public Accountant (CPA) stating income of Borrower for past 2 years and year to date
- Appraisal supporting sales price
- Completed Application and signed disclosures
Income Documentation
We do not require tax returns, but if borrower is employed by a corporation, a letter written by the employer on the company’s letterhead is required. It has to state how long the individual has been working for the company, and yearly salary. If the company has a web address, the website should be furnished as back up documentation.
If Self Employed, we require a Certified Public Accountants (CPA) letter from the country of origin stating the borrower’s income for the past two years and YTD. This letter must be written on CPA letterhead showing name of the firm, name of accountant, dated and signed.
Asset Verification
Borrower must provide two most recent bank account statements located either in the US or abroad. Assets should be commensurate to income and be equivalent to at least 24 months of housing expenses.
Bank Reference Letter
Two original bank reference letters (US or foreign bank) on bank letterhead with bank address and phone number of authorized signing party. Letter must be dated and include how the account is titled, type of account, account number, when it was established (must be at least 24 months) and translated into English.
CPA Letter
CPA letter must be original, on CPA company letterhead, dated and signed by CPA, explaining Borrowers’ source and amount of income for the past two years and YTD.
MAXIMUM LOAN TO VALUE GUIDELINES
LOAN TO VALUE:
$100,000 - $2,000,000 70%
Over $2,000,000 Case By Case
Refinance Cash Out 50%
Super Jumbo Loans up to $6 million
CONDOMINIUMS:
In addition to having the buyer approved, the buildings also have to be approved, and are considered on a case by case basis.
New Condo projects must be at least 50% closed and 70% sold.
Condo Questionnaire is required on all buildings unless they are Fannie Mae approved.
ADDITIONAL INFORMATION:
Auto Debit for mortgage payments is always required.
Originals of all documentation are required.
Closing under CORPORATE title or under the name of a TRUST is allowed.
Borrower may be required to perform a face to face interview with a bank loan officer.
Minimum loan amount is $100,000.
For further information please email us at info@cmcfunds.com
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