Foreign National Asset Utilization
No score or FICO 660
Up to 75% CLTV
Our Foreign National Asset Utilization mortgage program is created for individuals whose assets held in U.S. or Canadian financial institutions. Self-employed, entrepreneurs, retirees, and those supported by investments will find it perfect for purchasing or refinancing a second home or investment property in the U.S. The program enables homebuyers to leverage their assets to qualify for a home loan, offering greater flexibility in securing financing.
Program features- Loan amounts up to $3 million
- Overseas assets allowed as reserves
- Cash-out allowed
- Qualifying assets / 60 months
- 100% of checking, savings, stocks, bonds, and 70% of retirement assets
- Homeownership outside the US is allowed
- Gift funds allowed
- RON closing
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Program details
Loan amounts up to $3 million
Overseas assets allowed
Qualifying assets / 60 months
Second home
Investment properties
RON allowed
For I/O, Min. FICO 680 or no FICO
24 months out of credit event
100% of checking, savings, stocks, bonds, and 70% of retirement assets
Up to 43% DTI
Up to 75% СLTV purchase / Up to 65% СLTV cash-out
Cash-in-hand: No limitation for CLTV <55% & min FICO 680; $1,000,000 for CLTV from 55% to 65% or CLTV>65 & min FICO 700 or CLTV <=55 & FICO <680; $500,000 for CLTV >65% & FICO <700
Letter from a foreign CPA providing income for the last 2 years and YTD earnings required
12 months of reserves required
Gift funds allowed (borrower contribution required — 20%) for down payment, closing cost, and reserves
Mortgage history: 0x30x12 and 0x90x24
Eligible assets are required to be held in U.S. or Canadian financial institutions
Eligible property types: SFR, townhomes, condo warrantable/non-warrantable (limited review), condotel, 2-4 units, PUD, SFR rural, manufactured housing, short-term rentals, leasehold
Various fixed terms, 5/6 & 7/6 ARM terms
5/6 ARM, 30-year fixed, 40-year fixed. 120 months of I/O period, 240/360 months of amortization, qualified at amortized PITIA payment after I/O period
Eligible citizenship: Foreign National
Eligible borrowers: Individuals, LLCs/Corp without a hit
Fast turnaround times
As fast as
24 hr
Disclosure
As fast as
24 hr
Underwriting
As fast as
48 hr