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:
- 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.
- 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
- 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
- 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.
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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