Property for sale in the south of france

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Property for sale in the south of france

FINANCES AND TAXES

A General Overview
As a Foreign national, it is relatively simple to finance a property in the USA. We work with all of the best lenders and have independent finance specialists available to offer advice. Here is an overview to give you a little information but feel free to contact us at any time for more information.

What is a Foreign National?
A Foreign National is citizen of a foreign country who has a valid VISA to visit the United States; s/he may be seeking to finance a home for which to reside in during his or her periodic visits to the U.S. S/he is not categorized as a non-permanent alien, permanent resident alien, or U.S. Citizen, nor is s/he employed in the U.S.

Eligible Transactions:
- Purchase
- Cash Out Refinance
- Rate & Term Refinance

Occupancy Types:
- Owner Occupied
- Second Home
- Non-Owner Occupied

Eligible Property Types:
- Single Family Detached
- 2-4 Unit Multi Family
- PUD
- Condominium
- Non-Warrantable Condominium
- Condo Hotel

Ineligible Properties:
- Manufactured Homes
- Mixed-Use Properties
- Properties Zoned Industrial
- Mobile Homes & Dome Homes
- Rehab loans and Houseboats
- Tax Shelter Syndicates
- Time-Share Units
- Unimproved Land
- Properties Zoned Commercial
- Model Home Leasebacks
- Working Farms

Loan-To-Value
Max LTV/CLTV of 80%

Document Types:
- Full Doc
- Stated Income/Verified Assets
- No Ratio

Available Products:
- Alt-A Fixed-Rate
• Interest Only Option available on Full Doc Transactions
- Alt-A Adjustable Rate
• Interest Only Option available on Full Doc Transactions
- Option Arm
• Available on Full Doc Transactions

Credit Requirements:
A Foreign National with a Social Security Number must have a credit report. If the borrower does not have a Social Security Number, any of the following is acceptable:

- International credit report
- Three original bank reference letters from financial institutions in their country of origin
- One major bank reference from the borrower’s country of origin.

Credit Report must demonstrate last 12 months of mortgage/rental history.
• 1x30 day’s max allowed over last 12 months.

FICO must be > 620.

Escrow Requirements:
- Escrow account must be established at closing; no escrow waivers permitted.
- All collections/charge-offs affecting title must be paid prior to closing.

Employment History:
- Salaried Borrowers - Verbal Verification of Employment (VVOE) must be performed by a third party within 5 days of the Note date.

Income Documentation:
- Full Doc: The amount of the borrower’s consistent monthly income is determined by the gross monthly income calculated from the borrower’s primary income source and any stable secondary income and overtime that can be verified over the past 12 months.

• Salaried Borrowers – Verification of Employment (VOE), previous 2 years W-2s, and five days prior to closing, a Verbal Verification of Employment (VVOE) is required
• Written Verification of Income and Employment (VOM/VOR) documenting the most recent 2 years required.
•Self-Employed Borrowers – Most recent two years tax returns.

- Alternative Documentation allowed in lieu of Standard Documentation (VOE, VOD, VOM/VOR);
• Examples: Most recent 30 day pay stub, two years most recent 1040s,verification of mortgage history on credit report, 12 cancelled checked evidencing housing obligations, asset verification, or 2 months most recent bank statements

- For Borrowers who do not have W-2s, paystubs, and/or U.S. tax returns, the following will be required.
• Form W-8BEN (Certificate of Foreign Status) for Borrowers without TINs (Tax Identification Numbers).
• Form W-9 required for Borrowers with U.S. Income and TINs.
• Letters from Borrower’s employer(s) which must include: annual income for the preceding 2 years, amount of guaranteed monthly income, current employment status, name and title of person providing information on the Borrower’s behalf, and Borrower’s job title and term of employment.
• Letters from employers must all be translated into English.
• All income must be converted into U.S. currency, in order to determine if Borrower qualifies.

- Stated Income/Verified Assets
Income disclosed on 1003; Assets and Employment are verified according to Asset Verification and Employment Verification requirements stated above.

- Asset Documentation:
Verification of Deposit (VOD) documenting last two months’ balances.

Supporting Documentation Requirements:
- Social Security Number OR a Certificate of Foreign Status (IRS form W-8)
- Legible copy of valid passport, including photograph, signature page, and evidence of stay permitted for each borrower or guarantor, and if applicable, a legible copy of a valid visa including photograph of each borrower or guarantor
- Canadian and Mexican citizens are not required to have a passport by the United States except after a visit outside the western Hemisphere
- The U.S. does not require Canadian or Mexican citizens to obtain a visa when visiting the U.S., however they must have a proof of identity and citizenship.

Qualifying Rates/DTI:
Max DTI = 45%

Cash Reserves:
2 Month’s PITI

Other Restrictions:
Restrictions or amendments to the Foreign National Mortgage Program may effected by the Country Of Origin or as determined by the lender

CREDITS

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