Hi,
Can anyone give me some advise?
I am really interested in getting into rehabbing and have read and researched for the last few months. I am now ready to jump in and am having a big problem finding a hard money lender that will loan to me as i am not a US citizen. My credit is in the mid 700’s and i have a perfect payment history for the 3 yrs i have been in the US.
Does anyone know where i can go to get a loan?
Any advice will be very helpful.
Thanks
Last time I check my FHA book it says anyone of legal age and citizen is not required with picture and ssi at time of loan application. As far as rehabilitation mortgage(203k) , I think there is requirement, not for investor. Would have to double check.
You can’t go 100% NOO, but Banco Popular has some decent Non-permenant resident alien programs.
Unless you have 2yrs of US employment/income, you’re maxed out at 80%ltv.
Hi all, thanks for your input!
<Unless you have 2yrs of US employment/income, you’re maxed out at 80%ltv>
Zachj - i have 3 years US employment, do you know of a hard money lender that can help me?
Why do you have to go hard money? You can’t afford rehab costs out of pocket?
Im not certain on the hard money, just conventional.
Golden Realty,
The first question that needs to be addressed here is how big of a rehab project are looking to take on.
Lenders that a mortgage broker uses will require that the property is in at least average habitable condition. With these lenders you can potentially get up to 90% financing.
The 2nd issue to address is what your status is in the US. Are you a non resident here on business? Have a H1 or B1 visa. This could be either a foreign national or non perm resident loan.
So if you have the ability to put down 10% + do the rehab work yourself, and the property is in habitable condition, then a loan through our normal lenders would be better terms.
However, if you’re in the same boat as most rehabbers and dont have the rehab funds or found a property that’s in bad condition…then you are going to need a hard money rehab loan. That takes us back to your original question. Yes, there is a hard money lender that will consider lending to Non US Citizens. If you’d like additional details, please feel free to contact me.
With those fico scores and if the property is habitable he can get to 100% conventional.
Thank you Zachj, do you actually know of a conventional lender that i can go to?
-Investment Loans, i will contact you later today, thank you!
Great, looking forward to your contact.
There are plenty of conventional lenders that will consider your loan depending on what your status is here in the US. Most of the lenders only do business with brokers so you’d need to run the loan through them.
If you are considered a true foreign national then there is not a program through conventional lenders that offers 100% financing.
He is not a foreign national, he said he has 2yrs employment in the US.and foreign national’s max ltv is 80%. Question is wether he is a non permanent resident alien or permanent resident alien. Non perm’s are usually restricted to single family, primary residence.
Typical guidelines.
Permanent Resident Aliens
• Must hold acceptable evidence of permanent residency issued by the U.S. Immigration and Naturalization Service (I.N.S.).
• Must have a minimum two- (2) year employment history with a United States-based employer. Income for qualifying purposes must be from the United States.
• Must have a minimum two- (2) year United States credit history.
• Documented, legible evidence of permanent residency must be provided. Acceptable documents
are:
• Alien Registration Receipt Card I-151.
• Alien Registration Receipt Card (Resident Alien Card) I-551 that does not have an expiration
date on the back.
• Alien Registration Receipt Card (Conditional Resident Alien Card) I-551 with an expiration
date on the back, as long as a copy of a filed INS Form I-751 accompanies it.
• A foreign passport that contains an unexpired stamp reading “Processed for I-551”.
Temporary Evidence of Lawful
Actually it would be best for Golden Realty to help us classify the status and not make assumptions. You could very well be right about his status though.
However, there are foreign national loans up to 90% for those reading this and needing that type of finance. 100% using hard money sources.
i have a P1 visa, which is a visa permitting me to live and work in the US for 3 yrs, it is then extendable for another 3 years after which i will get a green card. I have a social security number and tax returns for 2004 and 2005.
Yes you are right 90% is correct on the foreign national not 80%. This is clearly not foreign national status though Foreign Nationals are citizens of another country who periodically visit the U.S. and who are buying a home in which to reside during these visits. 3yrs employed in the US is perm or non-perm res. alien. So it appears, seeing a Alien Registration Receipt Card I-151 was not mentioned and just the visa, that you are classified as a non-perm.
Zach
Thanks Zachj,
So as a non perm resident can i get 100% loan from conventional or hard money lender?
yes
excellent!!!
Thank you both very much ;D
For conventional financing, primary or 2nd home as a non-perm yes you can do 100%. need 2yrs credit history though.