Home loans for Foreign National and Non-Permanent Resident Aliens fall into the category of a “Non-Qualified” mortgage. These mortgages are not insured by Fannie Mae or Freddie Mac, which prevents many mortgage banks from offering these programs.
A Foreign National is someone who is not a citizen of the United States and does not possess temporary citizenship status with a Visa (temporary citizenship status issued by the government). Typically a Foreign National is earning money and paying taxes outside of the United States.
A Foreign National is not eligible for a Conventional or FHA loan. There are loan programs however that will confirm a borrower’s international credit score, document foreign income, and assets, and can provide mortgage financing for the purchase, refinance or cash-out of a residential property.
A Non-Permanent Resident Alien is someone who is not a citizen of United States, but both lives and works within the country. A Non-Permanent Resident Alien does not possess a Green Card (identification card issued by the government and evidence of permanent residency) or a Visa. This individual is not eligible for conventional or FHA loan programs unless, he or she has a social security number that has been issued by the IRS however, this individual is eligible for many different purchase and refinance programs.