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Hi Beau,
I live in Japan and hope to move to the US in a few years. I was wondering what my options are for DSCR loans as a Foreign National. Plus, How much down would be required? And what general terms might I expect?
Thanks,
Hugh
Timestamps
[00:33] DSCR loans geared for foreign national borrowers
[00:42] Defining “foreign national”
[00:51] What are the eligibility requirements?
[01:40] Citizens who are not eligible for financing in the United States
[01:50] Available DSCR funding
[01:57] Some of the problems that foreign nationals might encounter
[02:46] Loan to Value limit for a non-U.S. citizen
[03:29] Go to investorfinancingpodcast.com/ask to ask other questions
A foreign national alien is defined as a Borrower that does not live and work in the US. This does not include permanent resident aliens or non-permanent resident aliens. If Borrowers do not have a valid work VISA, or work authorization card, and live and work outside the US, they are considered foreign national aliens. In addition, foreign national aliens are limited to loans on 2nd homes and Business purpose/investment.
• Foreign national aliens must provide a valid passport.
• Eligible for full documentation and debt service coverage
• Borrowers with diplomatic immunity are not allowed.
• Powers of Attorney (POA) are not allowed.
• Vesting in an entity is allowed, but no part of the entity can be foreign refer to Section 5.3 Country restrictions If the Borrower is a citizen of any of the below countries and is not either a United States citizen or a I551 green card holder then the Borrower is not eligible for financing.
• Afghanistan • Balkans • Belarus • Burundi • Burma • Central African Republic • Cote d’Ivoire • Cuba • Democratic Republic of Congo • Iran • Iraq • Lebanon • Liberia • Libya • Kenya • Myanmar • Nigeria • North Korea • Russia • Somalia • Sudan • Syria • Ukraine • Venezuela