The details
Foreign national loans are designed for non-resident, non-citizen buyers purchasing US property, usually as a second home or investment. The core requirements are straightforward: a larger down payment (25 to 35 percent is standard), documented foreign income, bank statements showing reserves, and a passport with valid visa or entry documentation.
What you do not need: a Social Security number, US credit history, or US tax returns. Lenders verify your identity and income through foreign documents, sometimes with translated and certified paperwork. Some lenders ask for a credit reference letter from a bank in your home country.
Expect pricing 1 to 3 percentage points above domestic investor loans, plus higher reserve requirements. The loan must be for a US property, and most programs require the property to be in a major metro area. Working with a broker who specializes in foreign national files matters, because guideline details vary widely between the few lenders who offer these programs.
Run it yourself
Related loan programs
Foreign National Loans
A foreign national loan lets a non-US citizen who does not live in the US finance a US investment property or second home without a US credit history or Social Security number.
DSCR Loans
A DSCR loan is an investment-property mortgage that qualifies you on the property’s rental income divided by its monthly payment (the debt service coverage ratio).
ITIN Loans
An ITIN loan is a non-QM mortgage for borrowers who file US taxes with an Individual Taxpayer Identification Number instead of a Social Security number.
Frequently asked questions
What down payment does a foreign national need?
Typically 25 to 35 percent. Some programs go to 30 percent minimum with no exceptions. Higher down payments can improve pricing.
Do I need a Social Security number?
No. Foreign national programs do not require an SSN or ITIN, though ITIN loans are a separate option for borrowers who have one and file US taxes.
Can foreigners buy investment property in the US?
Yes. Many foreign national loans allow investment properties, and DSCR-style qualification on rental income is available through some lenders. Expect the higher end of down payment requirements for rentals.
What documents does a foreign buyer need?
Valid passport, visa or entry documentation, 12 to 24 months of foreign bank statements, proof of income (employment letter or business docs), and proof of reserves. Documents in other languages need certified English translations.
Are foreign national mortgage rates higher?
Yes, typically 1 to 3 percentage points above comparable domestic loans. The premium reflects the added verification risk and the smaller lender pool.
More answers
- Is there such a thing as a free mortgage?
- Can you get an interest-free mortgage?
- What is a no-closing-cost mortgage?
- What is the difference between lender-paid and borrower-paid compensation?
- What does “lender-backed” mean on a mortgage?
- Mortgage broker or bank: which is better?
- How is DSCR calculated for a mortgage?
- What DSCR ratio do I need to qualify?