Foreign national mortgages for Las Vegas investment properties are back!
Finally there is once again a company which can finance mortgage loans for foreign nationals that want to buy investment real estate in Las Vegas. The minimum down payment is 50% of the appraised value with a minimum loan amount of $100k, so properties purchased must be $200k or greater to meet program guidelines. The main program requirements are as follows:
LOAN APPLICATON
All foreign properties owned by the borrower must be listed on the Schedule of Real Estate Owned. Verification of mortgage payments, taxes and insurance is required
A three year history of residence and job history is required.
CREDIT REPORT
A US credit report is required if borrower already has a TIN or SS#
An international credit report is required if no US credit report is available
TIN or SS# is mandatory before funding, Visa or Passport allowing entry into the US is required for each borrower
ASSETS
Most recent 2 months personal asset statements, with all pages included must be supplied. No screen shots.
Foreign asset accounts must be approved by underwriting for down payment and reserves. It is preferred that funds be transferred to a US bank account. Any money transfer from a foreign account must be sourced.
All foreign assets must be converted to US dollars on the application.
Deposits must be sourced properly. If not able to source, then deposit(s) will not be counted.
Business assets and Gift Funds may be allowed on a case by case basis
If a borrower is married, and if full value of joint asset accounts is needed to qualify, then the spouse must be added to the application. Otherwise only 50% of the asset balances can be used for joint accounts.
Foreign REO: 12 months PITI in reserves is required for each property
INCOME
Wage Earner: Most recent pay stub showing YTD income is required and most recent year’s W2 equivalent
Self Employed: Prior 2 years personal and business tax returns plus a current Year to Date Profit and Loss Statement. CPA summary translation to English and US Dollar equivalents are required.
Written Verification of Employment must be translated to English
Foreign REO rental income may be considered, at 75% of gross rental, with 6 months canceled checks and a current lease agreement.
If you are a foreign national investor wanting to buy property in Las Vegas that would like to obtain financing, please contact us at sold@greatlasvegashomes.com or call 702-985-7654. We also have sources for private hard money mortgage loans in Las Vegas.
Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
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