Foreign National Loans — U.S. Mortgages for Non-Residents

What a foreign national loan is

A foreign national loan is a Non-QM mortgage for someone who is not a U.S. citizen or resident and lives in another country, buying or refinancing U.S. property as a second home or an investment. It is not a path to a primary residence. Because most applicants have no U.S. credit file, the program is built to underwrite without a score, using foreign income records, verified assets and the property itself.

Two very different loans sit under this name. A second home loan is a consumer mortgage — Simply Approved Mortgages arranges those only for Florida and Colorado properties. An investment loan is business-purpose financing and may be arranged in additional states only where permitted by law.

How much you can borrow: loan-to-value by score and loan size

Leverage depends on four things: occupancy, whether you are taking cash out, your U.S. credit score if you have one, and the loan amount. Borrowers with no U.S. score are treated close to the top tier, not the bottom.

A second-home cash-out refinance runs about five points lower: 70% up to $1.5M for a 680+ score or no score, 65% at $2M, and 50–60% at $2.5M–$3M. A score below 680 is not eligible for cash-out.

When the LTV is above 70%, cash you take out at closing is limited to $500,000. Investment loans top out at $2,000,000; second homes at $3,000,000.

Two ways to qualify

Full documentation (second home or investment)

Your income is verified from your home country and measured against a maximum 50% debt-to-income ratio. The qualifying payment uses the higher of the note rate or the fully indexed rate, amortized over the loan term, plus taxes, insurance and association dues.

• Salaried: foreign pay stubs, your country's equivalent of a W-2 and tax returns — or a written verification from your employer — all translated into English. A verbal employment check is completed within 10 days of closing.
• Self-employed: your most recent tax return with a profit and loss statement, or a letter from your accountant stating last year's and year-to-date income and how long you have been self-employed, with a copy of the accountant's license.
• Rental income: your latest tax return, or the lease plus mortgage, tax and insurance statements — 75% of the lease rent, less the property's payment, counts as income.

DSCR (investment only)

Your personal income is not used. The property's rent must cover its full payment — principal and interest (interest only on interest-only loans), taxes, insurance, flood insurance and HOA dues — at a ratio of at least 1.00. The appraiser's long-term (12-month) market rent is used; on a purchase it is the lower of the in-place lease or market rent, and proposed leases do not count. On a refinance the in-place lease is used when two months of rent receipts are documented. Short-term rental income and refinances of vacant properties are not eligible on this program, and no prior landlord experience is required.

Credit without a U.S. score

A U.S. score is not required; the file only needs proof that credit was attempted. If you do use a U.S. score, you need at least two scores and three tradelines reporting for 12 months, two of them active in the last year.

• Housing history: only U.S. properties are checked — no more than one 30-day late in the last 12 months and none in the last 6. You can be a first-time buyer, and a missing U.S. housing history is acceptable.
• Past credit events: bankruptcy, foreclosure, short sale or deed-in-lieu must be at least four years old at closing. Loan modifications, forbearance and deferrals are treated like a short sale, with a limited exception for pandemic-era forbearance that has been fully reinstated or followed by six on-time payments.

Down payment, reserves and gifts

Funds must be sourced and seasoned for 60 days. Money held abroad works if the account is at an institution with a U.S. presence, balances are converted to U.S. dollars, and statements (at least two months) are translated into English. Foreign stocks, bonds, mutual funds, retirement accounts, life insurance and annuities cannot be used; U.S. stock accounts count at 70% for closing and 100% for reserves, and vested U.S. retirement funds work the same way.

• Reserves: 12 months of payments, plus 6 more if a major credit event is within four years. Cash-out proceeds can count.
• Gifts: allowed for down payment and closing costs from a relative, fiancé(e) or domestic partner, with no minimum contribution of your own. Gifts of equity are not allowed.
• Not usable: cash on hand, cryptocurrency, grants, down payment assistance, sweat equity, unsecured loans or cash advances.

Property, terms and vesting

• Property types: single-family detached or attached, PUDs, 2–4 units (investment), and condos — warrantable and eligible non-warrantable.
• Terms: 30-year fixed, 30-year fixed with 10 years interest-only, a 40-year fixed that includes 10 years interest-only, and 5/6 ARMs with or without a 10-year interest-only period. Minimum loan $125,000.
• Vesting: individuals, tenants in common, joint tenants or a revocable living trust. Investment properties may close in a U.S.-formed LLC or corporation owned by individuals, with every owner guaranteeing the loan.
• Prepayment: second homes carry no prepayment penalty. Investment loans require one (1, 2, 3 or 5 years; up to 3 on full-doc business-purpose loans), typically six months' interest on prepayments above 20% of the original balance, unless state law restricts it.
• Appraisal: loans above $2,000,000 need a second appraisal, and the lower value is used; otherwise an enhanced desk review is ordered.
• Exposure cap: the lender limits one borrower to six loans or $5,000,000, whichever comes first.

Who is eligible

Applicants must be foreign nationals legally permitted to buy or refinance property under the law of the state where it sits. Citizens of countries under comprehensive U.S. Treasury OFAC sanctions (currently Cuba, Iran, North Korea and Syria) are not eligible, and citizens of a number of other countries require additional compliance review before a file can move forward. Business-purpose loans include a background check and fraud report. Canadian buyers — the largest group we see for Florida — have their own guide: Canadian snowbird mortgages in Florida.

Documentation shelf life

Credit reports are good for 120 days before closing, income and asset documents for 60 days, title for 90 days, and the appraisal for 120 days (180 with a value recertification). Plan the timeline so you are not re-collecting foreign paperwork.

Guidelines summarized from a current foreign national program we can place, dated June 2026, and subject to change and lender approval. Rates and fees anywhere on this site are illustrative and not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate or term sheet.

How foreign national mortgage financing is underwritten

Foreign national loans exist because standard agency underwriting assumes a U.S. credit history and often a U.S. income and tax filing. These are the rules that govern the alternative.

Program parameters above are published by the agencies and enterprises named in the right-hand column and can change. They describe program rules, not an offer; eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval.

Why a strong income abroad does not automatically translate to U.S. approval

A borrower earning a substantial, stable income in another country often assumes that income should qualify them for U.S. financing without much friction. The obstacle is not the income itself; it is that U.S. underwriting infrastructure — credit bureaus, tax transcript verification, Social Security number-based identity checks — is built around domestic financial systems. A foreign national’s income and credit history exist entirely outside those systems, so a lender offering this financing has to build a parallel verification process: international credit reports or bank reference letters in place of a credit score, translated and converted foreign tax documents in place of a U.S. tax transcript, and passport-based identity verification in place of a Social Security number check.

That parallel process is more labor-intensive for the lender, which is part of why foreign national programs commonly carry larger down payment requirements and are offered by a narrower set of lenders than mainstream agency products.

What buyers should prepare well before making an offer

International buyers who wait until they are under contract to start gathering documentation often lose time they do not have under a typical purchase contract’s financing contingency period. Passport and visa documentation, bank reference letters, foreign tax filings translated into English, and evidence of the source of down payment funds should be assembled in advance. Wiring funds internationally for a U.S. real estate closing also triggers source-of-funds documentation requirements at the title company and lender level, consistent with federal anti-money-laundering expectations for real estate transactions, so buyers should plan for that review to take real time, not be a same-day formality.

What documentation replaces a U.S. credit and income file

Every piece of the standard U.S. file has a foreign-national equivalent that the lender has to independently verify.

Documentation requirements vary by lender, program, and file. The list above describes what underwriting commonly accepts, not a determination about your income or your approval.

Foreign national financing versus the alternatives

Where a buyer falls on the residency and documentation spectrum determines which path is realistic.

How this applies in Florida and Colorado

Florida. Florida is a leading destination for foreign national buyers, particularly in South Florida’s condo and second-home markets; buyers should budget for Florida documentary stamp tax and intangible tax at closing, confirm any condo project’s eligibility separately from their own foreign national qualification, and plan extra time for source-of-funds review on international wires common in these transactions.

Colorado. Colorado foreign national purchases cluster in mountain resort and Denver-metro markets; buyers should confirm whether a mountain-community property involves an HOA or metropolitan district with its own approval or disclosure requirements, and should plan the same source-of-funds documentation timeline for international wires as in any other state.

Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado, so the two applications above are the ones we can act on for a consumer file. Business-purpose loan products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.

How a foreign national purchase typically moves

Assembling documentation early is the single biggest determinant of a smooth closing timeline.

1. Identify a lender offering foreign national programs. Confirm the specific down payment, reserve, and documentation requirements before writing an offer.
2. Assemble identity and income documentation. Gather passport, visa if applicable, employer letters, foreign tax filings, and bank statements, translated where required.
3. Establish a U.S. bank account. Open an account for closing funds and, if applicable, ongoing mortgage payments.
4. Document the source of down payment and reserve funds. Prepare wire transfer documentation and a clear paper trail, since enhanced source-of-funds review applies.
5. Complete underwriting and the state-required closing process. The lender verifies foreign income and credit equivalents alongside standard property and title work.
6. Close with attention to international wire timing. Build in extra time for international wire transfers and any additional anti-money-laundering review at the title company.

Mistakes that cost people money on this

• Assuming foreign income and a passport alone will qualify without lender-specific program confirmation.
• Underestimating the down payment typically required on foreign national programs.
• Waiting until under contract to start gathering translated foreign tax and income documents.
• Not opening a U.S. bank account early enough to receive and document closing funds.
• Underestimating the time international wire transfers and source-of-funds review can add to closing.
• Assuming every lender offers a foreign national program; availability is limited to specific lenders.

Is this the right move for your situation?

The honest answer depends on the file. These are the patterns we see on both sides.

Usually a good fit when

• You have strong, documentable foreign income and assets but no U.S. Social Security number or credit history.
• You can meet the larger down payment expectations typical of foreign national programs.
• You are prepared to translate and provide certified documentation of foreign income and credit history.
• You can open a U.S. bank account and document the source of your down payment funds clearly.

Usually not the right move when

• You already have U.S. work authorization or residency status that qualifies you for standard agency financing.
• You are not prepared for the larger down payment or the additional documentation timeline.
• Your income or asset source cannot be clearly documented for anti-money-laundering review.
• You need to close faster than international wire and document verification timelines typically allow.

None of this is a determination about your file. A Simply Approved Mortgages Loan Officer can run your actual numbers and show you what your disclosures would say.