Who Qualifies for this Loan Program?
- Foreign Nationals with current Work Visa or job offer letter that will provide a Work Visa
- Moving to U.S. for employment or living in U.S. as W2 wage earner
- No U.S. credit score or low score due to lack of history is acceptable
- Green Card Holders
- No U.S. credit score or low score due to lack of history
- U.S. Citizens & Green Card Holders
- Returning to U.S. after living abroad or currently on assignment abroad
- No recent or limited U.S. credit history or low score due to lack of credit
- U.S. Citizens
- Living in U.S.
- No recent or limited U.S. credit history or low score due to lack of credit
The Northstar Funding Advantage
- Northstar Funding doesn’t require: foreign credit, alternate trade lines, VOMs or VORs
- Foreign assets for down payment AND reserves including foreign retirement funds considered
- Funds for closing must be moved to U.S. prior to the funding date
- Foreign assets used for reserves do not need to be moved to the U.S.
- No lender requirement for pledged assets or payment from Northstar Funding account
- All collateral types allowed with no LTV restrictions:
- Non-warrantable condos
- Condotels
- Co-ops
- Jumbo
- Super Jumbo
The Advantage Difference
- Pre-qualification to borrower within 24
- 48 hours
- TBD address acceptable
- No Visa, SS# or pay-stub, required to pre-qualify or process file
- Visa, SS# and pay-stub required to fund
- Rush closing as fast as two weeks provided if saving a loan from falling out with a more conventional source
- Bonus and commission income is allowed if a previous history of this income can be documented and the borrower is transferring with current employer on case by case basis
- Stock awards and option awards can be used as income and assets (if vested) on a case by case basis
- Borrower may also apply for Northstar Funding auto loan and credit card
Pricing Example
Use the 740+ FICO tier for start rate and add .75% for the Expat program.
ARM Product Features
- Max DTI 43%
- 80% LTV up to $1.5 million loan amount with reduced LTVs up to $3 million
- 30 year amortization
- No prepayment penalty
- 2/2/6 caps, 1-year CMT Index, 3.0% Margin, Floor = Note Rate
- Qualify at the start rate on 7/1, 2% over on the 5/1 and 6% over on the 3/1
- Escrows required
Where Can You Find Referral Sources for these Borrowers?
- United States employers are relying more and more on foreign talent to fill their personnel needs, but unfortunately they generally do not offer assistance with the home buying process.
- This tends to cause the borrowers to get bad information, or worse yet, get turned down for a mortgage through a non-broker source which triggers them to sign leases and wait for
- 12-24 months before entering the applicant pool.
- Target lead sources such as:
- Relocation companies
- Immigration attorneys
- Executive recruiters
- Expat online communities such as Internations.com, Britishexpats.com and other Expat blogs
It’s imperative you become visible to these potential borrowers early in the immigration process!