International buyers purchased $53.3 billion worth of residential properties in the U.S. between April 2022 and March 2023, according to the National Association of REALTORS® (NAR). And, 50% of these buyers purchased properties for use as a vacation home, rental, or both, compared to just 16% of all existing home buyers.
So, what does this mean for you? Simply put, it presents a significant market opportunity for foreign national loans, and partnering with LendSure can make navigating these loans easy.
Understanding Foreign National Loans
Foreign national loans are specialized mortgage solutions for non-U.S. residents and citizens who seek to secure an investment property but don’t qualify for conventional loans backed by Fannie Mae, Freddie Mac, FHA, VA, or USDA. Instead, these borrowers must opt for Non-QM loans.
Who’s The Right Match For A Foreign National Loan?
Foreign nationals are individuals who cannot permanently live in the United States. This includes:
- Individuals with Foreign Passports: Those without a U.S. green card whose income comes from abroad.
- Short-Term Visitors: People visiting the U.S. for vacation or temporary work purposes.
Note: Those paid in U.S. currency on U.S. soil are not considered foreign nationals.
The Advantages Of Offering Foreign National Loans
Specializing in these loans sets you apart from competitors, positioning you as an expert in a niche market. This specialization diversifies your service offerings and revenue streams, providing more stability. Plus, foreign national clients often have ongoing real estate needs, leading to repeat business and fostering long-term relationships.
Working with international clients also offers valuable insights into global real estate trends and investment strategies, helping you grow your network.
Example Scenario
Lorenzo is a foreign national with dreams of owning an investment property in the United States but was faced with several obstacles familiar to many non-U.S. residents. Lorenzo had:
- No FICO score
- No Social Security Number
- A $300,000 purchase loan with a 55% Loan-to-Value (LTV) ratio that had fallen through at another bank, even with an appraisal-ready
Despite these obstacles, Lorenzo and his broker found a solution with LendSure.
LendSure’s Streamlined Foreign National Loan Process
LendSure’s process begins with a simple submission and initial consultation. For Lorenzo, this meant:
- Accepting the appraisal from the previous bank
- Collecting a foreign credit report
- Obtaining a foreign income letter
- Collecting asset statements
- Securing a photocopy of his visas
All of this was accomplished fast. The best part? His loan closed within just seven business days from submission.
Why Choose LendSure?
Our foreign national loan program is designed to solve the unique challenges that foreign nationals face when securing funding for investment properties up to 4 units. Income verification is flexible, accepting employer or CPA letters and investor cash flow (DSCR), with no tax returns required. Foreign credit reports are accepted, eliminating the need for a domestic credit score.
LendSure’s competitive rates and fast funding times, combined with our experienced team, ensure smooth credit and asset verification, making the loan process hassle-free.
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers 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 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.
