Foreign National Loans
If you are not a resident of the United States but are hoping to purchase a vacation home in the beautiful state of Colorado, we have you covered. With the proper documentation, we can help you reach your real estate goals through the use of a Foreign National Loan Program.
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The Foreign National Loan Program is for borrowers who are either permanent or non-permanent resident aliens and own a permanent residence outside of the United States. These are some of the requirements for this type of financing:
- Minimum LTV of 70%
- 12 months of reserves in a U.S. bank are required
- No gift funds are allowed
- The maximum loan amount is $1.5 million
- The minimum loan amount is $75,000
- ACH from an FDIC bank is required for your monthly mortgage payment
- Seller concessions can be no more than 3%
If you’d like more information about obtaining a Foreign National Loan in Colorado, give Home Loans a call. We will go over the process in detail to help you decide if this is the right loan program for you to use to purchase a vacation home in Colorado.