Foreign National

Non-Permanent Resident Alien / Permanent Resident Alien


Obtaining a loan for a Foreign National, Non-Permanent Resident Alien (NPRA), or Permanent Resident Alien (PRA) is not much different than doing a loan for a US Citizen.  MOS requires credible documentation for 2 yrs + YTD Income, credit report or alternative credit to demonstrate ‘A’ quality credit worthiness, and seasoned funds in a known financial institution.  Translation of documents may be necessary if the originals are not in English. The borrower must also document that they have applied for, and in some cases have obtained, a Tax ID Number (TIN). 


Foreign Nationals:

  • The borrower lives and/or generates income used to qualify outside of the US, and has no Green Card and no VISA.

  • No FICO required…four credit references required – alternate credit from country of origin is okay…international credit reports are also acceptable. (Tip: Google the Country of Origin to determine if they have credit reports & tax filing).

  • Max 60% LTV; we underwrite as Second Homes…if an investment property, underwriters will consider on a case by case basis at lower LTVs.

  • Minimum loan amount of $300,000.

  • Income:

    • We require 2-years income verification history but it is not necessary to have U.S. tax returns…tax documents from country of origin is okay.  If the country of origin does not require the borrower to file the equivalent of tax returns, then we need an employment letter on company letter head explaining compensation.  If the employment letter is in a  language other than English you need to get a statement from a tax preparer or equivalent who can provide evidence of their credentials by translating the documents…it must be on letterhead so that we can verify the company through 3rd party sources. 

  • Assets:

    • Must source seasoned assets in a known verifiable worldwide financial institution (i.e., Credit Suisse, HSBC, UBS, Bank of Tokyo)…the funds may not be in an Institution which cannot be verified. The main reason for sourcing the income and assets is for OFAC (Office of Foreign Assets Control) which monitors foreign countries, regimes, known terrorists, etc.  In addition, the borrower’s name, employer, and financial institution from the country of origin where the borrower has their funds will be run through an OFAC verification engine to ensure they do not show up…this is done by an Underwriter.  Here is the OFAC website if you would like to check it out.

  • Financial Analysis - Tax Preparer or Equivalent:

    • If the income and asset documentation is in a foreign language or unfamiliar format, I advise you get an Accountant/CPA (tax preparer or equivalent) to analyze, interpret, convert and present the information in such a way so the Underwriter can easily understand. That is, have a comprehensive summary and accounting of the borrower’s financial position.

  • The Borrower must have a Social Security Number or Tax Identification Number (TIN) which can be easily be acquired through an Accountant/CPA or visit the IRS website that explains what and how to get a TIN. For purchase and rate/term refinance transactions, as long as the borrower has applied for the TIN, we can proceed….A TIN must be obtained prior to closing for cash out refinance transactions.  Application can be made to the IRS and confirmation of a TIN is provided generally within 6-8 weeks – please allow more time during peak tax season.  Services are available that can expedite this process for a fee.

  • Please note when submitting, most systems require a social security number in order to proceed…in this case, enter 000-00-000 in order to get the system to move forward. 

  • Passport and second form of ID required.

  • Power of Attorney (POA) are not allowed. The borrower will have to go to an American Consulate to sign and have loan documents notarized. 

  • VOM/VOR is required for previous 12 months.

  • Pledged Assets is permitted; however, the assets must be in a U.S. bank account.

  • Asset Depletion is permitted; however, the assets must be in a U.S. bank account.

  • Interest Only is optional.

  • Reserves of 12-months full debt service required (including all payments, cars, etc.).

  • When pricing a Foreign National, there is a specific rate adjustment….  However, it is not necessary to adjust for No FICO or 2nd Home. These adjustments are built-in to the Foreign National adjustment.  All other rate sheet adjustments apply. 


Non-Permanent Resident Aliens:

  • the borrower lives and works in the U.S. and is here on a VISA (L1, B1, etc. – we don’t accept all VISAs so check with me if not L1 or B1).

  • the VISA should be good for another 3 years and if it isn’t then the employer company would need to verify that the VISA will be renewed.

  • Link to the State Department’s website information regarding VISAs:  http://travel.state.gov/visa/temp/types/types_1271.html#1.

  • the borrower must have a Social Security Number.

  • the borrower hopefully has U.S. credit but if not, then we’ll need alternative credit.

  • Pledged Assets is permitted, however, the assets must be in a U.S. bank account

  • Asset Depletion is permitted, however, the assets must be in a U.S. bank account.

  • Minimum loan amount of $300,000 up to $5,000,000.

  • Regular LTV Matrix is available – no specific limitations.  However, when income is foreign we typically restrict the LTV to 60% much like a Foreign National.  However, we might be able to raise the LTV slightly depending on the scenario.

  • Interest Only is optional.

  • Reserves of 12-months full debt service (including all payments, cars, etc.).

  • There are no specific rate or pricing adjustments for a Non-Permanent Resident Alien…regular rate sheet adjustments apply…. If the borrower does not have a FICO, then a .25 No Fico adjustment applies to the rate.


Permanent Resident Alien:

  • the borrower lives and works in the U.S. and has a Green Card.

  • the borrower has U.S. credit and U.S. assets.

  • the borrower must have a Social Security Number. 

  • Pledged Assets is permitted, however, the assets must be in a U.S. bank account

  • Asset Depletion is permitted, however, the assets must be in a U.S. bank account.

  • Minimum loan amount of $300,000 up to $5,000,000.

  • Regular LTV Matrix is available – no specific limitations.  However, when income is foreign we typically restrict the LTV to 50% much like a Foreign National.  However, we might be able to raise the LTV slightly depending on the scenario.

  • Interest Only is optional.

  • Reserves of 12-months full debt service (including all payments, cars, etc.).                                                                                       

  • There are no specific rate or pricing adjustments for a Permanent Resident Alien…regular rate sheet adjustments apply…. If the borrower does not have a FICO, then a .25 No Fico adjustment applies to the rate.