Foreign National Loan Guidelines for

Mortgage & ReMortgage your

 Floridian Holiday home

FOREIGN NATIONAL FACT SHEET
PRODUCT DESCRIPTION	A Foreign National is defined as a citizen of another country, who may visit the U.S. periodically or live in the U.S. for an extended period of time. A Foreign National is not a U.S. Citizen, permanent resident alien, or non-permanent resident alien. Borrowers with diplomatic immunity are only eligible for the Lite Doc program. Borrowers residing from countries on the OFAC listed are prohibited. Foreign National Borrowers are not eligible for the following: Non-Arms-Length Transactions Gift Funds Subordinate Financing
IDENIFICATION DOCUMENTATION	All documentation must be translated into English and US dollars by a disinterested 3rd party. Copy of valid, current passport and visa waiver or visa. · Copy of valid VISA to live or visit in the US. For Primary Residences, the VISA must allow residency for at least 12 months. If the borrower(s) does not have or does not provide a Social Security number, then a signed W-8(Certificate of Foreign Status) is required at closing. Form W-9 is required if the borrower(s) have U.S. income and a Social Security Number or a Tax Identification Number (TIN).
CREDIT	For all loans an attempt to pull a three bureau merge report must be made. An International Credit Report is required on all loans. Borrowers must have the trade lines required as stated on the Matrix for the program type desired. All mortgage and rental histories must be verified for the previous 12 months.
EMPLOYMENT	For Stated Income, No Ratio & Lite Doc Loans ,the preceding two years employment history must be verified. For Salaried Borrowers, a letter from the borrower's employer covering position and date of employment is required on Employers letterhead. If a faxed copy is provided fax number must appear at top of document.
	Self-Employed Borrowers are required to provide a letter from their CPA that indicates the length of time they have been in business, name of company, and type of business. The CPA must also indicate on the letter that they have either prepared or reviewed the tax returns for the borrower for the last two years. All CPAs must be licensed and registered accountants.
Qualifying Ratios	Qualifying total debt-to-income ratio for Stated and Lite doc is 40%
RESERVES AND ASSETS	For Stated & No Ratio loans sufficient funds to cover the down payments, closing costs, and required reserves must be deposited in a U.S. bank account prior to closing and must be verified with a VOD or 2 months of bank statements. Computer printouts are only accepted if borrowers name and full account numbers are reflected. Funds must be sourced and seasoned for 60 days on Stated and No Ratios Loans, with paper trail from overseas accounts to US accounts. Two months bank statements showing the withdraw of funds, wire or deposit slip showing where funds are deposited in US account. Lite Doc requires down payment, closing costs, plus reserves must be deposited in a US bank account prior to closing and must be verified with a VOD or 2 months of bank statements. Computer printouts are only accepted if borrowers name and full account numbers are reflected. Funds on Lite Doc loans do not require to be seasoned for 60 days but only sourced. Please provide copy of wire from overseas account and VOD for bank in the US. For No Doc loans, no funds or US account required to be verified. 3 months PITI reserves for Lite Doc 6 months PITI reserves for Stated & No Ratio Please note that all HOA dues must be included in PITI reserves.
PROPERTY TYPES	Eligible Property Types SFR Detached/Attached PUDS Condos (Low Rise & High Rise) Condo Hotels (Prior approval required) Not available on the MTA, or No Doc Programs. LTV may be lowered depending on project and square footage.
CONTRIBUTIONS FROM INTERESTED PARTIES	Seller concessions are limited to: 6% for Second Homes 2% for Investors
ESCROWS	Escrow accounts for property taxes and hazard insurance are required on all loans.
POWER OF ATTORNEY	Not permitted on any loans.

WHAT QUESTIONS DO I ASK A

FOREIGN NATIONAL BORROWER?

In addition to taking a 1003 (Residential application form),it is important to ask the following questions. The following list will help you to be better prepared for my questions in order for me to structure the loan correctly.

1. What country are you from?
2. Are you self-employed?
3. How long have you been self-employed?
4. Does an accountant prepare your taxes, and can verify they do so?
5. Do you own any other properties? Where?
6. Do you have mortgages on the properties?
7. Do you have credit?? How many references? For how long??
8. What is the intent with the property you are purchasing?
9. If you are planning to purchase as a primary do you have the proper work visa?
10. Do you have a US bank account open?
11. Do you have verifiable funds in a bank account?
12. Are those funds in your name? Or in your company’s name?
13. Do you have a Visa?
14. What type of Visa?
15. Do you have a social security number?
16. Do you hold any special status? Political Asylum, Diplomatic Immunity, etc.?
17. Do you have a valid passport?
18. Do you have a translator that can translate documents into English?
19. Does the borrower want to close in his own name or company name?
20. Will you be here for closing? Or will this be a mail away?
21. If it is a mail away do you have access to a notary?

Eli Magen

Florida Mortgage Specialist.