Everything You Need to Know about Foreign National Loans

Foreign national loans are mortgages designed for borrowers who are not U.S.-born or naturalized citizens and want to buy property in the United States. These loans have requirements and interest rates that slightly differ from standard Fannie Mae or FHA loans.

In this blog, we’ll discuss everything you need to know about foreign national loans and how to apply. Continue below to learn more.

What are Foreign National Loans?

Foreign national loans are simply mortgages designed for non-U.S.-born or naturalized borrowers who want to buy property in the United States. This means lenders offering foreign national mortgage options are willing to work with less conventional qualifying methods than other lenders.

How Do Foreign National Loans Work?

Foreign national loans work similarly to traditional mortgages but have different requirements. You must provide documentation proving your identity, income, employment, and assets to qualify for a foreign national loan. You’ll also need a down payment of at least 30% of the property’s purchase price.

Benefits of Foreign National Loans

One of the biggest benefits of foreign national loans is that they allow non-U.S. citizens to purchase property in the United States. A foreign national loan can also purchase a primary residence, a second home, or an investment property.

Drawbacks of Foreign National Loans

One of the most significant drawbacks of the foreign national loan program is that it often comes with higher interest rates than a traditional loan. Additionally, foreign national loans may require a larger down payment than traditional mortgages.

How to Apply for a Foreign National Loan

You must provide documentation proving your identity, income, employment, and assets to apply for a foreign national loan. You’ll also need a down payment of at least 30% of the property’s purchase price. Working with a lender with experience working with foreign national borrowers is essential.

Let HomeSpring Mortgage Help You Obtain Foreign National Loans in Hollywood, SC

Foreign national loans are an excellent option for non-U.S. citizens who want to purchase property in the United States. While they have different requirements than traditional mortgages, they can be a great way to achieve your dream of owning property in the United States.

At HomeSpring Mortgage, our mortgage lender team provides access to a convenient, transparent foreign national loan process you can trust. Contact us today to learn more about our loan programs.