American citizens looking to purchase a home in the United States can sometimes find it difficult to get approved for a traditional loan. Foreign National Mortgage Loan programs are available from some lenders, and they work like other loans. The biggest difference is that the down payment amounts are typically larger, about 30%.
For those wishing to avoid a higher down payment, a niche lender might offer other solutions. When applying for a mortgage, if you hold something other than US citizenship, other documents might be required to determine what your residency status is.
Lack of Credit History is Typically a Roadblock With Traditional Lenders for Foreign Nationals
One of the hardest parts of obtaining a loan for foreign nationals is that they might not have a credit history in the US. Or if they do, it isn’t substantial enough to qualify for a traditional loan. A specified foreign national loan uses different types of credit and documentation to lend.
A foreign national loan is a mortgage program designed for individuals who are not U.S. citizens but want to purchase property in the United States. These loans often have different documentation requirements, down payment rules, and interest rates compared to standard U.S. loans.
Foreign nationals include non-U.S. citizens who may or may not have permanent residency (green card). This can include visa holders, work permit holders, and international investors who meet the lender’s eligibility requirements.
Yes, foreign national loans can be used for primary residences, vacation homes, or investment properties, depending on the lender and foreign national program. Some programs are specifically designed for investment or second homes.
Typical documentation includes:
Requirements vary by lender, but HomeSpring Mortgage can guide you through what’s needed for your situation.
Down payment requirements are usually higher than for U.S. citizens, typically ranging from 20% to 30% of the purchase price. Specific programs for highly qualified borrowers may allow lower down payments.
Yes. Many foreign national loan programs accept foreign income, though lenders may require documentation such as foreign bank statements, employer verification, or tax returns from your country. Currency conversion and verification may apply.
Interest rates can be slightly higher than conventional U.S. mortgage rates due to additional risk factors. Rates vary depending on the lender, borrower profile, and property type. HomeSpring Mortgage works to find competitive rates tailored to foreign buyers.
Some foreign national loan programs do not require a U.S. credit history, while others may look at alternative credit references. Lenders often consider international credit reports, proof of timely payments, and financial history.
Yes. Many foreign national loan programs are designed specifically for foreign investors considering investment properties. Requirements may differ from primary residence loans, including higher down payments and reserve funds.
Processing a foreign national loan may take longer than a standard U.S. mortgage due to international documentation and verification requirements. On average, expect 30–60 days from application to closing, but HomeSpring Mortgage helps streamline the process.
Most lenders prefer that foreign national borrowers have a U.S. bank account for mortgage payments, down payments, and closing funds. HomeSpring Mortgage can advise on banking options for non-resident borrowers.
Absolutely. These loans are fully regulated and compliant with U.S. lending laws. Working with an experienced lender like HomeSpring Mortgage ensures your transaction is secure, transparent, and legal.
Yes. Many borrowers refinance once they establish a U.S. credit history or residency. Refinancing options vary by lender and your updated financial profile.
We specialize in helping international buyers navigate the complexities of U.S. real estate financing. With clear guidance, personalized solutions, and expertise in international documentation, we make the process seamless and stress-free.
