What is a Foreign Nationals Loan?
The mortgage industry’s definition of foreign national is much more narrow than the legal definition used for immigration purposes. It’s an important distinction to understand.
The legal definition of a foreign national is “a person who is not a citizen of the United States and who is a citizen of a foreign country.” That can include green card-holding immigrants, more commonly known as permanent resident aliens. These immigrants are eligible for regular mortgage financing and don’t require specialized mortgage programs to buy residential real estate in the United States.
For the purposes of mortgage lending, a foreign national is defined as someone who lives in another country and visits the U.S. for brief periods to conduct business or for vacation. To be eligible for a foreign national loan, the borrower must be a legal resident of another country and live and work there.
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