/what are the documents and requirements for foreign national loan

Documents and Requirements for Foreign National Loans

Foreign national loans have specific documentation and eligibility requirements that vary by lender and program. Below is a summary of the general requirements across lenders:

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General Documentation Requirements

1. Identity Verification:

   • Valid passport.
   • Unexpired visa (e.g., B-1, B-2, H-1B, L-1, etc.) or proof of participation in the Visa Waiver Program (VWP).
   • I-94 form or I-797 form with valid extension dates (if applicable).

2. Credit Requirements:

   • U.S. credit report (if available) or alternative credit references (e.g., bank reference letters).
   • Minimum tradelines: 2-3 open accounts with 12-24 months of activity.
   • No late payments on credit accounts.

3. Asset Documentation:

   • Funds for down payment, closing costs, and reserves must be seasoned:
     • 30-60 days for foreign accounts.
     • 30 days in a U.S. account before closing.
   • Evidence of transfer for foreign assets deposited into U.S. accounts.
   • Reserves: Typically 6-12 months of PITIA (varies by program).

4. Income Documentation:

   • Salaried Borrowers: Employer letter with current salary and YTD earnings, or 2 months' pay stubs.
   • Self-Employed Borrowers: CPA letter confirming income for the past 2 years and YTD earnings.
   • Translation of documents by a certified translator (if applicable).

5. Compliance and Screening:

   • Borrowers must pass OFAC screening and cannot be from sanctioned countries.
   • Borrowers must not appear on exclusionary lists (e.g., HUD's LDP or GSA Excluded Party lists).

6. Closing Documents:

   • Must be signed and notarized at a U.S. embassy, consulate, or military base. Apostille may be used under specific conditions.

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Program-Specific Notes by Lender

Lender	Key Requirements	Eligible Programs
FundLoans	Requires passport, visa, and reserves. Some programs like Montage Prime allow foreign nationals.	Montage Prime, Spectrum No Ratio, Apex Prime
AmWest	Requires passport, visa, I-94, and escrow account for taxes/insurance.	Advantage Investor Plus, Investor Advantage
A&D Mortgage	Requires 12 months of reserves, CPA letter for self-employed, and seasoned funds.	Foreign National DSCR, Foreign National Full Doc
Angel Oak	Requires 12 months of reserves, no gift funds, and notarized documents.	Investor Cash Flow, Portfolio Select
Arc Home	Requires ACH payment authorization, OFAC screening, and notarized documents.	Foreign National
Champions Funding	Requires valid passport, visa, and credit reference letter.	Ambassador DSCR 1-4 Unit, Ambassador Second Home
Change Wholesale	Requires visa, passport, and seasoned funds.	Investor, Alt Doc Prime
Deephaven	Requires international credit report or alternative references.	DSCR, Expanded Prime
NQM Funding	Requires 12 months of reserves, 700+ credit score, and notarized documents.	Foreign National Program, Investor DSCR Program
Loan Stream	Requires visa, passport, and compliance with U.S. credit standards.	Jumbo One Advantage, Core NonQM

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If you have a specific lender or program in mind, let me know, and I can provide more detailed information!