Mixed Use Mortgage for Foreign Nationals
Mixed Use Loans for Foreign Nationals – Now a Possibility
Each us has a different definition of the word “foreign national”. However, according to mixed use loan providers, a foreign national is any of the following:
- A foreign buyer acquiring a mixed use property in the country.
- A borrower holding an Independent Taxpayer Identification Number (ITIN).
- An international borrower.
- An American citizen working and getting income abroad.
If you fall in any of the categories listed above, then we have good news for you: there are lenders willing to give you loans to finance the acquisition, or refinance of a mixed use property.
What Should you Submit to Qualify?
When applying for a loan as a foreign national, you have to provide a number of items. These include foreign credit reports, a valid passport and a second form of identification. Once you submit these, you need to meet some lender-specific requirements.
Loan-to-Value (LTV) ratio
This is a comparison of the mortgage loan amount against the purchase price of the property in question. The maximum LTV stands at 50 percent, which shows just how risky the lender regards your application.
Fixed vs. Adjustable-Rate Mortgages
Even as a foreigner, you have choice. You get to decide whether you need a fixed-rate mortgage or an adjustable-rate mortgage. Your decision depends on the benefits each loan type offers in line with your financing goals.
Why Should you Call Us Today?
As a foreign national, you expect two results when you apply for a mixed-use property loan: rejection, or get a loan but with unfavorable terms. However, at Mixed Use Mortgage, we add a third option: approval of your loan. We have assisted hundreds of foreigners get loans, both big and small. We can transfer this experience and knowledge to your case to make you get the loan you need as quickly as possible.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.