If you’re not offering foreign national loans, you could be overlooking a major opportunity. According to a newly released report from the National Association of Realtors, international buyers spent $53.3 billion on U.S. existing homes from April 2022 through March 2023.
The average ($639,900) and median ($396,400) existing-home sales prices among international buyers were the highest ever recorded by NAR. However, volumes are down – foreign buyers purchased 84,600 properties, a 14.2% decline from the previous year and the fewest number of homes bought since 2009 when NAR began tracking home sales to international buyers.
For the 15th year in a row, Florida was the No. 1 market for foreign buyers, accounting for 23% of all international purchases, NAR says. California and Texas tied for second (12% each), followed by North Carolina, Arizona, and Illinois (4% each).
China and Canada remained first and second in U.S. residential sales dollar volume at $13.6 billion and $6.6 billion, respectively, according to NAR. Mexico ($4.2 billion), India ($3.4 billion), and Colombia ($0.9 billion) rounded out the top five.
In other words, international buyers can be a major source of business for loan officers in many corners of the country. LendSure is a leader in foreign national loans, a product that offers many benefits for mortgage brokers. Among them:
- Expand your client base: Offering foreign national loans lets mortgage brokers reach a potentially lucrative market of international buyers.
- Build a niche: Brokers with experience in foreign national loans can establish themselves as experts in a specialized market.
- Diversify your book of business: Providing foreign national loans can help brokers widen their service offerings and tap into revenue streams.
- Create long-term relationships: Working with foreign national clients can lead to repeat business – these borrowers are affluent and may have ongoing real estate investment needs.
- Gain market insight: Engaging with international clients can provide brokers with valuable expertise in global real estate trends and investment strategies.
- Build new networking opportunities: Brokers who work with foreign nationals may have the opportunity to connect with international real estate agents, attorneys, and other professionals – professionals you normally wouldn’t collaborate with.
The benefits are many, but there are also challenges associated with foreign national loans, including regulatory complexities, currency exchange considerations, and other potential risks. LendSure can help you understand this market and make sense of any relevant regulations and client needs.
LendSure Foreign National Program
- A highly experienced Account Executive will walk you through the process
- Domestic credit score not required
- Up to 70% LTV
- Accept income verification letters for countries without tax returns
- We accept foreign credit reports or credit reference letters
- Foreign assets can be used for the reserve requirement
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers and ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to grow your business? Conforming loan approval guidelines can be restrictive, but we want to offer our mortgage broker partners the education, tools, support, and guidance they need in order to say “yes” to more of their clients. This ensures happy borrowers and opportunities for bottom-line growth. What are you waiting for? Let’s get started!
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.