Guidelines & Documentation for Loans to Foreign Nationals

Please be advised the conditions below are a general guideline and all of the conditions may not be required by each lender. We can arrange for loans requiring very minimal documentation, however be advised interest rates may be higher than prevailing interest rates. Please consult with your Loan Officer to determine the best program for your particular needs and circumstances.

• Property must be non-income producing and available to borrower year-round.

• Borrowers with diplomatic immunity are not eligible.

• Borrower’s visa status must be documented to determine eligibility by providing a copy of the passport and visa. The borrower must live and work abroad.

• A credit report from a US reporting agency is required, if available. If this report is not available or deemed to be insufficient, a minimum of 3 original letters of reference (trade) and credit (bank) from the country of origin will be required covering a 2 year period.. Additionally, the borrower must provide the past 3 months credit card statements, and all outstanding credit obligations must be verified in writing, or through a credit report.

• Verification of income over a minimum of the past 2 years must be documented by providing copies of paycheck stubs, personal tax returns and/or a letter from an employer, a letter from an accountant and/or income statements.

• The down payment, closing costs, and 6 to 9 months PITI (principal, interest, taxes and insurance) reserves must be verified by a bank or computer bank statement as deposited in a United States bank prior to closing. This cash reserve must be available in the account at all times.

• The borrower must provide the most recent 3 months bank statements together with a copy of the Wall Street Journal’s conversion table as of the same date as the bank statements, for the purpose of converting the borrower’s foreign currency to US dollars.

• Three months Real Estate Taxes and Homeowners Insurance must be escrowed.

• The maximum LTV (Loan To Value), in general, will vary from 55 - 80%. The LTV ratio depends on the level of documentation (the greater the documentation the greater the LTV) and the loan amount (the greater the loan amount, usually $400,000 and up, the lower the LTV allowed).

• Corporate resolution specific to the individual transaction

• Articles of incorporation

• Certificate of good standing

• Name of designated servicing agent within the United States with address and telephone number.

• Borrower must show proof that he/she owns at least 51% of the corporation.