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Our attorney recommended to call Igor Noble and to see if anything can be done to save our house and give us access to cash. Almost two years we tried to modify or refinance our mortgages directly with our banks but we couldn’t get anywhere. We tried to do a reverse mortgage but didn’t have enough equity. We didn’t believe in miracles but Mr. Noble was able to change our lives. Law Offices of Noble & Associates successfully negotiated a loan amount reduction by $80,000!, Great Northern Mortgage refinanced our loans with a reverse mortgage, and we even received over $47,000 cash at closing. We will recommend everybody to work with this team of professionals.

Dorothy Mitchell and Viola Langdon

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HOME / Residential Loans / Foreign National Loans

    FOREIGN NATIONAL RESIDENTIAL MORTGAGE LOANS


English | Spanish | Russian


Terms for Foreign National Mortgage Loans:

  1. The mortgage is for 15 or 30 years. The interest rate can be fixed for up to ten years and fluctuates thereafter according to one-year LIBOR or other index according to the bank’s guidelines;
  2. Maximum loan amount: $10,000,000 in New York, and $5,000,000 in Florida. Contact us if you need to buy a property in other states;
  3. Maximum loan to value ratio: 65% from the purchase price in New York; 70% in Florida if you plan to buy a house, and 65% if you plan to buy a condominium or a condo-hotel;
  4. Initial down payment on contract signing: usually 10% from the purchase price;
  5. Property can be purchased on a personal or a corporate/LLC name (corporation or LLC must be formed in U.S. only);
  6. Expected interest rate: starts from 3.75%, APR 3.82%
  7. Type of property: 1 to 4 family, condominium, cooperative (NY only);
  8. Prepayment penalties: some banks may impose prepayment penalties, like (3/2/1). 3% of the original loan amount during the first year if the principal balance of the loan is prepaid; 2% the second year and 1% the third year. A principal reduction of 20% per annum maybe allowable with no penalty;
  9. Borrower must have a bank account in U.S. with the following funds prior to closing:
    • Cash to close
    • Closing cost (4% to 6% of the purchase price)
    • Reserves from 12 to 24 monthly payments (monthly payment includes: mortgage payment to the bank, maintenance or insurance, property taxes). These funds may stay in your account and shall be available to use at your discretion after closing.

Required Documents to obtain a foreign national mortgage loan (must be in English):

  1. Self employed Foreign National borrowers require a letter from an Accountant/Auditing firm (not connected with borrower or borrower’s business), verifying income figures for the last two years and providing a year to date income figure (see sample Self Employed Income Letter). It helps if the business has a website. If not, please provide printed business materials or brochures. In some cases the bank may request additional reference letters from companies, which borrower have worked in the past with (see sample Reference Letter);
  2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub (see sample Income Letter for Employee);
  3. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status (see sample Asset Verification Letter); Borrower must have enough money to maintain payments in U.S. and lifestyle in the home country. The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level. Gift funds are not acceptable;
  4. Utility bill or any document from a home country, which contains borrower's name and address;
  5. Copy of borrower’s passport and visa (when applicable);
  6. Borrower must set up an Auto Payment Debit Account with a US banking institution, which will allow the bank to withdraw monthly mortgage payments automatically.

To start the process borrower must pay the following fees:
   1. Appraisal fee: from 450$ to 1500$ (depending on the purchase price)
   2. Condo Questionnaire fee: from 150$ to 250$
   3. Translation fee  

It usually takes from 30 to 60 days from the time we submit the file to the bank until the closing.






NMLS #108318 • REGISTERED MORTGAGE BROKER • NY, NJ, PA, and FL BANKING DEPARTMENTS 
ALL LOANS ARRANGED THROUGH 3RD PARTY LENDERS
1430 Broadway, Suite 1207, New York, NY 10018