Let’s face it, you love America. Our malls are huge, our meals are gigantic, our celebrities are legendary and our land is free.
Everyone wants to own a piece of paradise and we make it possible for you to buy your dream vacation home without losing your favorite Hawaiian shirt in the process.
What is a foreign national loan?
A foreign national loan is for a non-citizen of the United States. Expect to pay 30% of the value of the property as a down payment.
What you will need to provide:
- show sufficient income
- bank statements, and reference letters from your bank or credit institution
- two forms of identification
- copy of your passport
Hypotec can provide competitive mortgages for any foreign national (non-citizen) the market has to offer as well as providing additional support and guidance in getting the property secured and financed.
Hypotec is proud to offer foreign national loans with the following criteria:
- Borrowers can obtain financing for up to 70% of a home’s value.
- They can select from 3/1 ARM, 5/1 ARM, 7/1 ARM
- 15 year fixed rate loans
- As well as adjustable rate options.
- A debt-to-income ratio up to 50%
- Competitive interest rates
- Second homes and self-employed people are welcome.
The following documents are typically needed in order to process your home loans:
- Clear and visible copy of valid State ID’s: Driver’s License
- Home Owners Insurance Declaration page. (Document showing the annual premium, coverage and effective dates)
- Current Mortgage Statement
- A copy of the Mortgage Note – (This document can be found in the loan docs you signed on your last refinance) - If you cannot locate it we can call your lender together and have them fax it to us.
- Business Cards (with business email address and business website address)
- Original Letter from Licensed Accountant stating your income for the last 2 years in addition to your Year to Date. Income should be stated separately if it includes personal and business
- Copy of your Accountant’s License
- Original Letter from your Banking Institution stating the length of time the account has been opened, and your current standing with the institution
- All 1099’s for the last 2 years.
- All W2’s for the last 2 years.
- Complete and signed Tax Returns for the last 2 years (all pages and schedules).
- 2 most recent pay stubs
- HOA statement and payment history showing that your dues are current. (If applicable)
- Copy of recent credit report (for Canadians Only). This can be requested online very easily.
- Proof of home address (utility bill, credit card statement or bank statement)
- Assets and reserves
- Purchase contract (if applicable)