While specific requirements may vary by lender, the following are generally needed to qualify for a Foreign National Mortgage:

1. Residency Status: The borrower must be a non-U.S. citizen without a permanent residency status (i.e., no green card or U.S. Social Security Number). Common eligible borrowers include foreign investors, international business professionals, and those seeking second homes in the U.S.
2. Larger Down Payment: Foreign nationals are usually required to make a down payment of 25% to 40%. The exact percentage depends on the lender, the type of property, and the borrower’s financial background.
3. Documentation: Since traditional U.S. income and credit verification is often unavailable, foreign nationals need to provide alternative documentation, including:
   • Foreign tax returns: Proof of income through international tax filings.
   • Bank statements: Documentation showing sufficient funds, typically for the down payment and reserves.
   • Proof of funds: Evidence of liquid assets to cover the down payment, closing costs, and reserves.
   • International credit report: If available, this may be used to assess the borrower’s creditworthiness.
4. Property Types: Eligible property types generally include single-family homes, condos, townhouses, and multi-family units. Some lenders may also offer financing for vacation homes and investment properties.
5. U.S. Bank Account: Many lenders require foreign nationals to have a U.S. bank account to facilitate mortgage payments and other transactions related to the property.
6. Professional References: Some lenders may ask for professional or financial references, such as a letter from a foreign employer or financial institution.