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Foreign National Loans
Are you a Foreign National or Non-Resident Alien looking to purchase a home in the United States? Are you a foreign national looking for commercial loan?
Loans for foreign nationals who would like to invest in the USA. Traditional banks have made it difficult for a foreign national to obtain a loan due to the underwriting guidelines demanding high net worth and income and job documentation and verification.
30% down and the following apply for obtaining a home mortgage for foreign nationals.
* No Employment Verification
* No Income Verification
* No Asset Verification
* No Credit Report
OPTION PAYMENT PROGRAMS AVAILABLE (1.75 start rate)
1.75 START RATE *********************100% LTV WITH 30% CD Pledge (earn interest)
Summit Lending Can offer loans for foreign nationals on single family homes and condos
* Six-month and term adjustable rate mortgages with 3-5-7-year fixed terms and bi-yearly adjustments thereafter
* Loan amounts to $600,000
* Available to Foreign Nationals and Non-permanent resident aliens
* No MI
* owner occupied and 2nd homes OK
* 70% Loan to value
Foriegn National definition:
Live and work in country other than United States. Foreign nationals do not have a social security number or established US credit. The applicant may be purchasing property for a variety of reasons , including : desire for a 2nd home or to provide housing for a son or daughter attending school in the US. All applicants must provide a valid passport at time of application.
Our Foreign national Loans include a wide variety of programs to suit nearly every borrower and property type. With loan amounts ranging from $50,000 to $1 million. Our real estate mortgages can satisfy the needs of the home owner, as well as the seasoned entrepreneur and real estate investor. Our commercial rates are competitive and the quick decision time is impressive.
Our mission - providing creative financing for foreign nationals
No Doc loans and mortgages are a spcialty at Summit Lending. We can have innovative loan programs which do not fit the traditional underwriting standards large banks and conventional lenders are demanding. Our lenders understand that as self employed investors in may face unexpected challenges and situations which may have had an adverse impact on credit scores. Many of our programs cater to borrowers who have had their small commercial loan turned down. Whether looking for cashout, purchase or commercial refinance, many borrowers will find now find a source for financing.
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One Time Close Construction Loans
Construction loans can be used to finance the construction or the construction and the lot.
The key is using the equity in land to treat the project as a refinance. We can go to 95% of the value of the completed home, thus giving the customer a 0 down construction loan.
One Time Close Loans offer new home construction financing for construction of a primary home or a second home providing both the construction/interim financing and permanent loan all in one closing. The buyer would sign only one set of loan documents saving the hassle of requalifying and extra costs after the costruction of the new home.
You can lock in the permanent rate at closing, and have up to 12 months to complete your new home construction. Interest is charged only on the funds that have been issued in draws. When the construction is completed, the permanent loan period begins.
New Home Construction loans require determining the value of the home before completion.
The One time close construction loan will require an appraisal. The following will be required for the appraisal.
Full set of plans from architect
Approved Builder
The appraiser will then use the plans to figure value based on cost approach and market value.
From the general contractor, we will need a resume and a builder's application. We will provide documents.
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Small Commercial Real Estate Loans
COMMERCIAL PROPERTIES (150,000 to 3 million)
Business investment and owner occupied
PROGRAMS FOR THE SELF EMPLOYED INVESTOR, TRUSTS, LLC'S, CORPORATE ENTITIES
Multi Family (2 units +)
Apartment Buildings TO 25 MILLION
Warehouses / Office Retail
Mixed Use / Special Purpose
Small Strip Center
Restaurant /Bar
Mobile Home Parks
Light Industrial
Stated Income / Stated Asset (FICO scores to 550)
Bank Statement Only Programs
Seller 2nds allowed to 90% CLTV
No Seasoning (funds, employment, existing liens)
Cashout refinance (include inherited properties)
15 - 30 Fixed and Adjustable Rates
Construction
Apartment Building loans: We have many programs available. We have terms to 30 years fixed for apartment building and multifamily real estate loans. W e work with banks nationwide to find the best deal for each investors needs.
Some Highlights from our apartment loans
30 Year Fixed Term
Available with no prepayment penalty
No recourse to borrower
Loans as small as 150,000
90% CLTV Financing available
Mortgage is assumable
Credit as low as 550
CLICK FOR REQUIRED DOCUMENTATION
We help expedite the closing of small commercial loans such as those listed above by leveraging our lenders relationships with commercial appraisers, title agents, closing agents, and other third parties to complete all aspects of the small non-conventional commercial loan / mortgage package.
Summit Lending Commercial Real Estate Loans offers a wide variety of commercial loan programs to suit nearly every borrower and property type. With loan amounts ranging from $150,000 to $3 million. Our real estate mortgages can satisfy the needs of the first-time investor, as well as the seasoned entrepreneur and professional. Our commercial rates are competitive and the quick decision time is impressive.
Our mission - providing creative solutions for the entrepreneur
Small Commercial mortgage lending is a specialty at Summit Lending. We can have innovative loan programs which do not fit the traditional underwriting standards large banks and conventional lenders are demanding. Our lenders understand that as self employed investors in commercial real estate may face unexpected challenges and situations which may have had an adverse impact on credit scores. Many of our programs cater to borrowers who have had their small commercial loan turned down. Whether looking for cashout, purchase or commercial refinance, many borrowers will find now find a source for financing.
These programs are designed to work with lenders who use a more common sense approach to funding. Factors like operating income of the property, LTV, and Our commercial loan efforts are focused helping entrepreneurs and business owners that are unable to provide banks with full documentation. If a customer has been turned down by a local bank and needs a mortgage on your apartment building or any type of commercial real estate
Funding Small Commercial Loans Fast with little documentation.
Quick and Easy 3 Steps.
1. Loan request
2. Application
3. Credit Report
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Texas Home Equity Loans
Home equity loans are the difference between what your house is worth (market value) and how much principal is left of your current mortgage. Home equity loans are great ways for homeowners who wish to take only a portion of equity and do not need a compete new mortgage or use all of thier money in a lump sum.
For example, if your house is appraised at $100,000 and your outstanding mortgage balance is $50,000, you have 50,000 of in equity.
Texas limits the homeowners to 80% LTV(loan to value) to borrow money on the equity they have built in their home. This means you would be able to borrow 80% of the 100,000 or $80,000. You could take as much as 30,000( less closing costs) equity out of your house. The difference between amount borrowed and the amount of current mortgage balance is the maximum amount of allowed on a home equity loan.
Knowing the Texas market, Summit Lending has maintained outstanding relationships with many Texas Lenders and banks. Our specialty is serving customers in Texas. Let Summit Lending be you Texas Mortgage Broker.
Apply online for quick preapproval. It only takes only a few minutes. A loan consultant will get back with you shortly with answers regarding your Texas home equity loan.
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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Flex 97%
Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
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Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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80/15/5
This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
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103% Purchase
0% down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits.
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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No Down Payment
0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
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No Income Verification
Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that does not calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
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