Clearwater Mortgage offers foreign national loans to help noncitizens purchase properties in the U.S. For example if you love the Tampa Bay area; but, live in the U.K. and would like to buy a second home or investment property-this would be the type of loan you'd need. Read on to find out about this unique type of loan. 

No doubt about it, Florida is a desirable place to live and a beautiful vacation destination. It's a great place to buy real estate. Every year millions of people from all over the globe visit: 

  • Clearwater
  • St. Pete
  • Treasure Island
  • Tampa
  • Orlando

Because of that, here at Clearwater Mortgage, we get quite a few calls asking how a citizen from another country can get a mortgage.

Sometimes the borrower calls us directly. Other times we get a call from our past customers wanting to help a friend or family member get a loan.

We're happy to help and explain the program and requirements. 

Although all mortgages require common things, and the mortgage process is similar, this type of loan is a little different. 

Foreign National Loan Requirements

Down Payment: You'll need to have at least 25% to put down plus closing costs.

Interest: The rate will be higher than standard conventional investment loans.

Reserves: You'll need 12-months reserves.

Loan Size:  The amount of the loan can be up to $750,000 and in some cases, higher.

Occupancy: There are foreign national loans for owner-occupied and investment properties. Each program has different requirements. 

Income: Just like other mortgage types, you'll need to prove you have income and assets. 

Documentation: You'll need bank statements proving assets, and your documents will need to be translated into English.

Self Employed: If you're self-employed, you'll probably be asked for some type of documentation from your accountant. Depending on which lender we use, we'll let you know what documents you'll need to supply.

Credit: If you haven't established credit in the U.S., there are options to show your creditworthiness. For example, letters from your creditors where you live. 

Experts in Foreign National Loans Florida

Not every mortgage broker offers foreign national loans, but we do! Give us a call today at 727-259-2900, and we'll help you get financing for an investment property.