Hometown’s Foreign National Loan Program makes buying a U.S. home easier for non-U.S. citizens.
Our proprietary program offers flexibility and fewer restrictions. The key advantages of the Hometown Foreign National Loan Program include:
- Borrow up to $650,000 per property
- Fixed rate terms (10, 15, 20, 25 & 30)
- Adjustable rates (5/1, 7/1, 10/1)
- New home loans and refinance
- Debt-to-income ratios are 35%/45%
- No pre-payment penalties
- Up to 65% loan-to-value financing
- Eligible properties include single-family homes, condos and townhouses
- Second homes okay
- Loans are manually underwritten
- Self-employed okay
- Competitive interest rates
- Available in select markets of Florida
More About Foreign National Loans
The American Dream has long been defined as the concept of owning a home. That's true not only for American citizens, but also for residents who live in the country and have not acquired official citizenship. For these residents, the hurdles of buying a home can be even greater, on top of the ongoing challenges inherent to the process, such as saving for a down payment and finding favorable interest rates.
However, there are programs and products that can help. The Foreign National Program at Hometown Financial offers those residents the opportunity to buy a home in the United States at terms that are not restrictive or unattractive. With some of the industry's most flexible conditions, the foreign national loans at Hometown Financial are the key to helping non-citizen residents put down roots in the United States.
The U.S. market is increasingly attractive to non-citizen buyers
Throughout history, America's shores have welcomed individuals from around the world, many of whom were looking to start anew in an unfamiliar land. That continues right up until present day, as people continue to strive for the opportunity America promises.
In a 2011 study, the National Association of Realtors showed the increasing popularity of American real estate. According to the report, $1.07 trillion in existing home sales were recorded between the months of March 2010 and March 2011. Of that total, $82 billion in sales were generated by buyers born outside of the United States, an increase from $66 billion the previous year.
A significant portion of those buyers were foreign nationals - non-citizens who resided in the United States and were looking to purchase a permanent home. Experts note American real estate was attractive to these buyers for many of the same reasons it is to citizens - affordable prices and attractive mortgage terms. However, in many ways, foreign nationals' demand for American homes helped propel domestic real estate markets during difficult times.
Terms compare favorably to those available to domestic buyers
Due to that significant demand, it should stand to reason that non-citizens require affordable and accessible foreign national loans. Yet, for many years, mortgage terms remained unattainable for many of these residents. Obtrusive down payment requirements and high interest rates made the cost of affording such a loan difficult for many buyers.
That was especially true in the wake of the financial difficulties that began in 2008, when many lenders tightened their standards to mitigate loss. As a result, many foreign nationals felt their ability to buy a home in America was significantly hindered.
However, with the market opening up opportunities for all buyers and trusted lenders providing attractive foreign national loans for non-citizens in particular, the time may be ripe for these consumers to enter the American real estate market. The top foreign national loans in the industry can offer financing for a wider price range of homes and for a greater selection of buyers.
The advantage of working with a trusted lender
While there are options for consumers looking for foreign national loans, Hometown Financial's programs remain among the industry's most flexible and attractive. Borrowers can finance up to $650,000 per property or obtain financing for up to 65 percent of a home's value. Additionally, they can select from 10-, 15-, 20-, 25- and 30-year fixed-rate loans, and a bevy of hybrid adjustable-rate options.
With financing available in some of the nation's top markets at competitive interest rates and with freedom from pre-payment penalties, Hometown Financial's foreign national loans can help these residents realize their own American Dream.