Foreign National Mortgage Loans for U.S. Property

A foreign national mortgage is a home loan for buyers who live outside the United States and want to purchase a U.S. second home or investment property. These loans are non-QM, so lenders can work with foreign income, foreign bank records and international credit references in place of a U.S. credit history. Depending on the program, you may qualify without a Social Security number or a U.S. address.

How foreign national loans work

Agency programs are designed around U.S. residents with U.S. credit, so financing for non-resident buyers comes from investors who set their own guidelines. The lender still needs a reasonable, good-faith basis to conclude you can repay, as the CFPB Ability-to-Repay rule requires. The difference is the evidence: documents from your home country, translated where needed and converted to U.S. dollars, take the place of U.S. pay stubs and credit scores.

Most foreign national programs cover property you will not live in full time, such as a vacation home or a rental. Some investment property programs look at the property's expected rent rather than your personal income; rental-property loans based on the property's rent are a separate category with their own rules. Expect higher pricing than an agency loan and a larger down payment, since these loans carry more risk for the investor. Guidelines differ by borrower, property and investor.

Property types lenders consider

Foreign national programs commonly finance single-family homes, townhouses and condos, and some extend to small multi-unit properties. Condo buildings add a layer of review, since the project itself has to meet the investor's standards. If you plan to rent the home, tell the lender up front, because how the property will be used affects which programs fit and how the loan is priced. Some programs limit short-term rentals, and many associations have their own rental rules, so check both before you sign a contract. Being clear about your plans early avoids surprises late in the process.

Who this loan fits

Buyers living abroad who want a vacation or seasonal home in the United States
Overseas investors purchasing a condo or house to rent out
Business owners abroad whose income is documented in a foreign currency
Non-resident owners refinancing a U.S. property they already hold

Documents lenders commonly ask for

A valid passport
A U.S. visa, if applicable to you
Proof of income from your home country, such as an employer letter, tax filings or an accountant's statement
Foreign bank statements, often with certified translations
International credit references, such as a letter from your bank, or a credit report from your home country where one exists
Proof of your foreign address
Statements showing the down payment, closing funds and reserves

Requirements differ widely. Some programs want foreign documents translated by a certified translator, and some ask that they be authenticated as well. Ask about this early so you are not waiting on paperwork from overseas as your closing date approaches.

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A U.S. bank account and wiring funds

Many lenders ask foreign national borrowers to open a U.S. bank account. It gives the lender a domestic account to draft monthly payments from and simplifies how funds reach closing. Some programs also want your down payment and reserves to sit in a U.S. account for a period before closing.

Moving money across borders takes planning. International wires can take several business days, banks may hold large incoming transfers for review, and exchange rates move. Lenders want a paper trail showing where the funds came from, so keep the foreign statement, the wire confirmation and the U.S. statement that shows the deposit. Wire fraud is a real risk in real estate. Confirm wiring instructions by phone using a number you already know, never one taken from an email.

How it compares with an ITIN mortgage

ITIN loans and foreign national loans are often confused. An ITIN mortgage is for borrowers with an Individual Taxpayer Identification Number who typically earn U.S. income and file U.S. tax returns, and it is often used for a primary residence. A foreign national loan is for someone whose income, credit and residence are mainly abroad, and it is usually limited to second homes and investment property. Your documents decide which path fits, and some buyers end up comparing both.

Pros and trade-offs

Pro: financing without a U.S. credit history or Social Security number
Pro: you keep more cash available than you would by paying the full price
Pro: foreign income and assets can be considered
Trade-off: pricing is higher than on agency loans
Trade-off: larger down payment and reserve expectations
Trade-off: paperwork from abroad and currency moves can slow the process

What a lender cannot answer

Buying U.S. property as a non-resident raises visa, tax and legal questions that a mortgage lender is not in a position to answer. Owning or renting out U.S. real estate can create U.S. tax filing obligations, and selling it later has its own rules. For visa or immigration questions, consult an immigration attorney. For questions about U.S. or home-country taxes, talk to a tax professional.

How to get started

Decide whether the property will be a second home or an investment, and gather your passport, income documents and bank statements. Open a U.S. bank account if you do not have one, and plan your wires well ahead of closing. Then talk with a loan officer who handles foreign national files and ask how they treat foreign income, translations and reserves. Ask, too, how long each step tends to take when documents come from abroad. Any loan you apply for is subject to credit approval.

Who this tends to fit

You live outside the United States
You are buying a U.S. vacation or second home
You want a U.S. rental or investment property
You have no U.S. credit history or Social Security number
Your income is earned and documented abroad
You can bring a larger down payment and reserves

Before you call

A valid passport, plus a U.S. visa if applicable
Proof of foreign income, translated if needed
Recent foreign bank statements
A bank reference letter or foreign credit report
A U.S. bank account for payments and closing funds
A wiring plan with time built in before closing

Foreign National Mortgages by state

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Common questions

Can a non-resident get a mortgage in the United States?

You may qualify through a foreign national mortgage program. These are non-QM loans designed for buyers who live abroad and want a U.S. second home or investment property. Instead of a U.S. credit score and pay stubs, lenders review your passport, foreign income records, bank statements and credit references. Programs vary by borrower, property and investor, and every loan is subject to credit approval.

Do I need a Social Security number or an ITIN?

Many foreign national programs do not require either one. They verify identity with a passport and, if applicable, a visa. Some programs may ask for an ITIN in certain situations, and you may need one for U.S. tax filings tied to the property. For questions about obtaining an ITIN or about your tax obligations, talk to a tax professional.

How do lenders check credit without a U.S. credit report?

Lenders commonly accept international credit references instead. That can mean a letter from your bank describing your relationship and account history, a credit report from your home country where one exists, or reference letters from creditors you pay. Some programs also review any U.S. credit you already have. Ask each lender which forms it accepts and whether letters must be translated.

Why do lenders want a U.S. bank account?

A U.S. account lets the lender set up automatic monthly payments and gives a clear record of your funds before closing. Some programs ask that down payment and reserve funds sit in a U.S. account for a period before closing. Opening the account early, and moving money in planned wires, helps you avoid last-minute delays caused by holds on international transfers.

Can I buy a primary residence with a foreign national loan?

These programs are usually built for second homes and investment property, not a primary residence, because the borrower lives abroad. If you plan to live in the home full time, a different loan type may fit your situation. Whether and how you can live in the United States is a legal question, so consult an immigration attorney about it before you shop for financing.

Can I use rental income to qualify?

Some programs qualify an investment property on its expected rent instead of your personal income, while others look at your foreign income and assets. Rental-property loans based on the property's rent are a separate category with their own guidelines. Ask the loan officer which approach fits your plans, and talk to a tax professional about how rental income from U.S. property is taxed.

Foreign National Mortgage Loans