Foreign Nationals Buying Real Estate in Colorado or the US

The Boulder Mortgage Center is one of the few Colorado Mortgage Brokers specializing in Foreign Nationals. This unique situation requires a mortgage broker with experience with the ins and out of foreign national loan requirements. Buying real estate in the US does not have to be any more difficult for a foreign national. Give me a call today and I will be glad to walk you through the process.

Here is some preliminary information about the requirements for lending to foreign nationals:

• Down payment must be at least 25%. Additional down payment up to 35% will expand the loan options and will often reduce the rate.
• No US visa or US (FICO) credit is required. And international credit report will be used instead
• Full Documentation, Stated Income Stated Asset, and Stated Income Verified Asset loans are all possible.
• Typical loans include 30 Year Fixed rate, 3/1 ARM, and Hybrid Option ARMS for investors / 2nd homes.
• Rates in the US for foreign nationals are typically 1% higher than for US citizens or foreign nationals with a Green Card, Resident Alien, or Non Resident Alien visa.
• Closing costs are similar with the following exceptions:
• International credit report typically costs $250 (as compared to $50 for a FICO credit report)
• Typically there is a 1% loan origination fee (smaller for Jumbo loans)
• Closing costs typically total about $3000 plus loan origination
• Most foreign nationals are not familiar with the escrow requirements and the associated prepays required at closing. These prepaids typically consist of 6 months of property taxes and 1 year of home owners insurance due at closing.

Eddie Hunnell at the Boulder Mortgage Center provides free consultation to all foreign nationals. He will be glad to walk you through the process and provide a free quote for various types of loans. Give him a call or email today at the numbers provided to the left.