Getting A Mortgage For Non U.S. Citizens

Many banks and mortgage companies offer conventional and FHA home loans to non-U.S. citizens, if they can verify their work history and financial status.

Source: Getting A Mortgage For Non U.S. Citizens | Investopedia

 Target this important segment: Foreign Nationals & Non US Citizens

Mike Nelson -AFN
AMI – Spectacular white sands

I am licensed in California, Colorado, and Florida.  I chose these three states for a really simple reason.  My wife and I love to spend time in these beautiful states.  It is convenient because I work while we visit our favorite spots.  Truth be told, my wife doesn’t love the Rocky Mountains as much as I do and she really hates the cold.   The beaches around Tampa and Sarasota and Bradenton are spectacular.  We have a lot of family in Southern California, so it all works out well.

These three markets are also doing very well in the economic recovery.  Each market has its own unique characteristics and similarities.

For example, all three markets have a strong foreign national niche.  While cash deals are common with foreign nationals, there is a growing market for financed purchases as well.  The article linked above is a wonderful overview of the lending market for non-U.S. citizens.  

Non-QM Mortgages: Regulated under the Ability To Repay Laws

Lending to foreign nationals and non-US citizens is regulated under the Ability to Repay or QM laws – depending on the buyer and property type.  I have posted  about The Ability to Repay laws and the associated products elsewhere in my blog.  Just because the buyer does not fulfill the conventional and FHA guidelines does not mean they can’t obtain approval for a mortgage.

Mike Nelson - AFN
Top of Mt Elbert – 14,433 feet above sea level

Non-QM products might be the solution. These products certainly have different guidelines and interest rates  compared to conforming loans.  But remember, you are dealing with a very different buyer as well.  These buyers understand and expect different guidelines.  The agents who are successful in this niche understand these mortgage products  and develop specific marketing goals to grow this lucrative segment.

The point is this – the current QM and Ability to Repay laws allow any reasonably qualified buyer access to capital for purchasing the home of their dreams.  Serious agents and lenders must have command of these mortgage products.

Having command of these products also includes marketing strategies focused on serving the needs of these important buyers.  I spend a lot of time working with real estate agents talking about various marketing tools, product education, and compliant co-branded marketing strategies designed to grow our business.  Please feel free to call, email, or text anytime if you would like to discuss some of these strategies as well.

As always Happy House Hunting.

720.213.6260 (voice & text)
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Michael Nelson - AFN




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