As you power through hectic work days, you may think you don’t have time to deal with non-QM loans, especially foreign national loans. We’re here to change your mind, because foreign national loans make up nearly $55 billion of annual purchase volume. There’s a big opportunity here, and LendSure can help you take advantage of it.
At LendSure, non-QM lending is the only thing we do. We’re the experts in this space. Whether it’s foreign national loans, bank statement loans or another non-QM product, we work with mortgage broker partners like you to determine a borrower’s ability to repay differently than Fannie Mae, Freddie Mac and other avenues. What if you could help your referral Realtors close several more big ticket loans each year? If you help them to be more successful, they refer more business to you, which ultimately impacts your bottom line. That’s a win for everyone.
Who qualifies for this type of loan? A foreign national is a non-resident alien who is not authorized to live or work in the United States or holds a work visa that is indicative of more temporary residency. Right now, more foreign national buyers come from China, Canada, India, the United Kingdom and Mexico than anywhere else in the world. But borrowers from almost anywhere can qualify if they meet the parameters. In order to be eligible, the borrower must live and work in another country and be a legal resident of that same country. They may not be purchasing property intended for use as their primary residence. It must be an investment property or a second home.
How do foreign national loans work? The paperwork process for foreign national loans can be daunting. Needed documentation – frequently provided in a language other than English – includes a copy of a valid and unexpired passport and visa. Foreign credit must be verified. Borrowers must have three active trade lines with a two year history. Trade lines may be documented in a variety of ways including a U.S. credit report, international credit report, or verified and translated credit reference letters. A domestic credit score is not required. Wage earners must provide pay stubs or a pay ledger that supports employment, as well as a letter on company letterhead detailing employment history, salary and earnings.
Foreign national self-employed borrowers have a few additional paperwork requirements, as well. They must show a minimum of two years of financial work evidence from a CPA or accountant on letterhead as well as a copy of the accountant’s license. The business and accountant must be verified and all documents must be translated.
This may sound overwhelming, but this is why it’s so important to align yourself with the correct partner to support your foreign national loan offerings. When you work with LendSure, we ensure that the process will go as smoothly as possible. Our highly-experienced foreign national team takes care of all of the translation, documentation and financial details so you don’t have to worry. We’re here to help you through the process and keep everything moving forward to get the loan to close as quickly as possible.
What about foreign bank accounts? Our experienced team members are also on hand to guide you through the details of navigating funds in foreign bank accounts. Most foreign national loans require a downpayment and at least six months of reserves. Gift funds may be acceptable, but only if transferred to a U.S. account in the borrower’s name within 30 days prior to close. Business accounts are eligible to be used as reserves. Funds used for closing must be transferred to a U.S. account in the borrower’s name within 30 days prior to close, and assets must be verified in U.S. dollar equivalency at the current exchange rate. But don’t let this overwhelm you. When you partner with LendSure, we handle everything and make sure no detail is overlooked.
How do I market to these types of borrowers? This is the time to utilize your networking skills. Use Facebook, Twitter, LinkedIn and good old-fashioned networking to connect with international real estate attorneys, international tax attorneys, real estate agents for international buyers, CPA for foreign nationals and immigration lawyers. Scout out real estate listings in different languages. Connect with diverse real estate professional groups.
After you start making those important and valuable connections, take advantage of the private label resource kit available from LendSure to you when you become a partner mortgage broker. From flyers that you can customize to social media graphics to email templates, we give you all the tools you need to market your business and quickly convey all that you can do for foreign national borrowers, referral sources and others.
Foreign national mortgage loans are complicated, which is why working with an experienced partner like LendSure is so critical to your success. Harness the power of our dedicated team and outstanding underwriting experts to help you start originating more foreign national loans. And remember, it’s okay if you have a loan that doesn’t fit neatly into set parameters. At LendSure, we take a common sense approach to lending. We make exceptions for credit-worthy borrowers and make loans that make sense. Are you ready to get started with foreign national lending? We’re here to help you through the process.
Are you ready to benefit from a common sense 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.
