Simplified Mortgage Solutions for Foreign Nationals
Maine Mortgage Solutions offers a specialized Foreign National Mortgage Program designed for non-U.S. residents who wish to purchase or refinance a home in the United States. This Debt Service Coverage Ratio (DSCR) program features a 1:1 ratio on cash flow, making it an incredibly straightforward option for qualifying without the need for income verification or a U.S. credit score.
Key Features of the Foreign National Mortgage Program
- Maximum Loan-to-Value (LTV) Ratios:
- Up to 70% LTV for purchases.
- Up to 65% LTV for cash-out refinances.
- No Credit Score Requirements:
- No need for foreign or U.S. credit scores to qualify.
- DSCR Program:
- A 1:1 ratio on cash flow ensures a simple and efficient qualification process.
- Asset Requirements:
- Assets must be sourced and seasoned for 60 days.
- Funds must be held in a U.S. FDIC-insured bank for a minimum of 30 days.
- Loan Amounts:
- Loan amounts range from $75,000 to $1.5 million.
- Reserve Requirements:
- 12 months of reserves required, held in a U.S. bank.
- Payment Requirements:
- ACH auto-payment is mandatory.
- Residency Requirement:
- Borrowers cannot reside in the United States.
Benefits for Foreign Nationals
The Foreign National Mortgage Program offers a straightforward solution for non-U.S. residents looking to invest in U.S. real estate. With no income or credit score requirements, this program simplifies the path to homeownership or refinancing, making it accessible and efficient.
Why Choose Maine Mortgage Solutions?
At Maine Mortgage Solutions, we are dedicated to offering mortgage products that cater to the unique needs of our clients. The Foreign National Mortgage Program is designed to provide foreign nationals with an accessible and efficient way to purchase or refinance property in the United States. Trust us to guide you through the mortgage process with ease and expertise.
For more details or to begin your application process, contact Mark Violette today!
