I am continually asked about foreign national mortgage financing, mostly from Canadian investors looking for a vacation home or rental. Most of that mortgage capital has dried up but there are two lenders, who will make these loans, at good interest rates, to resident aliens, working and living in the United States.
The two major conditons are:
1- An I-94 form with an expiration date that is more than two years from the date of property closing or an I-94 form with a "duration of status" (D/S) for expiration.
2- Employment by an American company, with at least one year's history OR, six months history and an employment contract, with at least two years remaining on the contract
Furthermore, the lenders want to see an established banking relationship, in the United States, for at least three months. Like all other conventional mortgages, the down payment (at least 25%) and closing costs funds must be verified as seasoned for at least 60 days. Any large deposits to that account will be required ot be explained and documented.
Generally speaking, a loan will be made for up to 75% of the purchase price and 30-year fixed-rate loans are available. rates are typically about .125% to .375% higher than a traditional mortgage, made to Americans.
