A foreign national mortgage loan is specifically designed for foreign nationals who are looking to purchase property in the United States.
While foreign nationals are eligible for traditional mortgage loans, they often struggle to qualify due to their lack of a U.S. credit history and income.
As a result, foreign national mortgage loans typically require a larger down payment and come with higher interest rates. However, they can still be an excellent option for foreign nationals who are looking to purchase property in the United States.
Non-resident foreigners can obtain a mortgage through foreign national lending programs without a Social Security number, green card, or visa. Furthermore, in order to show proof of credit, borrowers are not required to have a FICO score.
Instead, borrowers can prove their creditworthiness through several methods or by submitting a credit report from their home country.
Loans for non-resident foreigners are frequently referred to as ITIN loans or loans to non-permanent resident aliens. These programs enable non-citizens to buy real estate in the United States even if they lack the paperwork typically needed to obtain a mortgage.