We all know DSCR, which is a very simple program and just need to put the occupancy into consideration. DSCR is preferred by a lot of agents, so let’s talk about DSCR for foreigners.
Here are requirements for DSCR foreigners.
Ø ID:
1) Unexpired passport,
2) unexpired visa or an I-797 form with valid extension dates
3) Visa waiver
Ø Credit:
1) At least one credit or banking reference letter from verified financial institutions in the borrower’s country of origin;
2) All documents must be translated into English by a certified translator.
Ø Housing history:
1) Evidence of a 2-year housing history with 0*30*12
2) or documentation of free-and-clear property ownership
Ø Asset:
1) 2-month bank statements (LTV is over 65%, state assets)
2) Closing funds must be transferred to a U.S. domiciled account in the borrower’s name at least ten days prior to closing.
3) Min 12M reserve(PITIA) no need to transfer into US account
AAA Lendings is a direct mortgage lender with over 20 years of lending experience. We have a group of experienced professionals providing services for home buyers and people with mortgage needs. We offer 100+ customized loan programs in conventional, FHA, VA, EZ qualified and foreigner national loans. We always put customer's needs first and provide the best customized solution for each customer.
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