Residency & Immigration Status Requirements

The Borrower may be a U.S. Citizen (U.S. Citizen residing and working in a foreign country with little or no US credit), or a Foreign National who meets US financing eligibility requirements. Foreign National Borrowers with diplomatic immunity status are not eligible.
A Foreign National is any person who is not a U.S. Citizen:

Permanent Resident Alien:

A Foreign National who has lawful residency status in the U.S. on a permanent basis. A permanent resident alien holds a "green card" or temporary evidence of lawful permanent residency.
Non-permanent Resident Alien:
A non-permanent resident alien is a Foreign National who is permitted to reside in the U.S. on a temporary basis and may have been granted authorization to work in the U.S.
Non-resident Alien:
A Foreign National who is not authorized to live or work in the U.S. for any extended period of time. Nonresident aliens periodically visit the U.S. and purchase property for use during those visits.
Borrowers with a work Visa (minimum 12 months issued) will qualify for U.S. Citizen Guidelines.
Borrowers with no work Visa will qualify for Foreign National Guidelines.

The Borrower and Co-Borrowers may not be undocumented aliens, i.e without valid evidence of entry in the U.S.

NON-PERMANENT RESIDENT ALIEN REQUIREMENTS & GUIDELINES

Non-permanent resident aliens must present acceptable evidence of the right to reside in the U.S, issued by the U.S. Citizenship and Immigration Services (CIS).
Non-permanent Resident Aliens may apply for a loan under the same terms and conditions as U.S. citizens/Permanent Resident Aliens if non-permanent resident alien meets the following requirements and exceptions:

Non-permanent Resident Alien must be employed in the U.S. and must hold an INS document that permits an original term of residency of at least 1 year. Nonpermanent resident aliens who do not meet this requirement may be eligible under the requirements for nonresident aliens. Eligibility applies if at least 1 of the Borrowers is a permanent resident alien meeting the requirements above; CoBorrowers may be nonresident aliens.

Nontraditional sources of credit are permitted for the following programs:
Alt - A (using a 620 decision credit score, to determine doc type and LTV)

Borrowers who do not meet the above non-permanent Resident Alien requirements to qualify under the same guidelines as a U.S. Citizen / Permanent Resident Alien may be eligible for Nonresident Alien financing.

Social Security Numbers. Individual Tax Identification Numbers and Certificate of Foreign Status ("TIN" number):

Permanent and non-permanent resident aliens must have either a Social Security number (SSN) or Individual Tax Identification Number (ITIN). However, a Borrower employed or self-employed in the U.S., whether or not a U.S. citizen, is required to have a SSN. An ITIN is not an acceptable substitute for a SSN in such a case.

An ITIN is a tax processing number issued by the IRS for certain resident and nonresident aliens, their spouses, and their dependents. The ITIN is only available to individuals who are required to have a taxpayer identification number for tax purposes but 1M10 do not have, and are not eligible to obtain, a SSN from the Social Security Administration. Info on individuals who need an ITIN may be obtained from the IRS website: http://www.irs.gov/pub/irs-pdf/p1915.pdf

An ITIN number:

Does not authorize work in the U.S.

Does not establish immigration status.

Does not provide eligibility for Social Security benefits or the Earned Income Tax Credit.

Is not valid for identification outside the tax system.

An alien individual cannot have both an ITIN and a SSN.

NON-RESIDENT ALIEN REQUIREMENTS & GUIDELINES

Non-resident aliens must have acceptable US entryevidence issued by the CIS. A non-resident alien is eligible under the same terms and conditions as a U.S. Citizen with the following requirements and exceptions:

LTV's are limited to a maximum of 80% subiect to the Loan Amount Size and Doc Type selected:

Available products: Alt-A, Fully Amortized & Interest Only

Documentation types: No Ratio, SISA, SIVA, NINA, No Doc

Occupancy: Primary if US residency is established, Second Home, Investment Property

Property type: SFR (Single Family Residence), Low/High Rise Condo, 2-4 Units, PUD.

CREDIT REPORTS, SCORES & REFERENCES

A credit report is required for non-permanent resident alien and non-resident alien Borrowers if available. If the Borrower does not have a U.S. credit report and/or a credit score, the Borrower should provide alternative sources.

Three (3) original bank reference letters from financial institutions located in the country of origin translated to English. 
Original credit reference letter from a large, internationally known financial institution.

INCOME STATEMENT REQUIREMENTS

FULL DOCUMENTATION is not an Acceptable Documentation Type for Foreign National Borrowers.
Since a Foreign National Borrower derives income from another Country his/her income can not be verified via U. S. Quality Control Procedures.

STATED (SISA,SIVA) - Stated Income Stated Assets, Stated Income Verified Assets are included on the application.

NO RATIO - Provide a letter from a CPA / Third Party Representation of the country of origin, stating that the borrower or borrower's business has been established and active for a minimum of 2 years. NO REFERENCE TO INCOME. Letter must be translated to English. Assets are to be Verified, Do not include income on the 1003. Only place of Employment.

NO INCOME / NO ASSET (NINA): Do not include either on your 1003. That means, the Schedule of Real Estate (page 3 of the 1003) too. You will place their place of employment, and complete a verbal/CPA verification, but no reference to income. This Doc Type is limited to only 2 properties total in borrower's Schedule of Real Estate. One property must be the subject property and this is THE most popular documentation method.

NO DOC: no employment, no mention of banks, schedule of real estate.

ASSETS ALLOCATED IN FOREIGN ACCOUNTS

If assets are held in a Foreign Account, at the time of asset verification, the US Dollar equivalency must be calculated using the most current exchange rate. www.xe.com or a copy of the Wall Street Journal's most recent conversion table must be included for converting the Borrower's foreign currency to US dollars.

Sufficient funds to close must be on deposit in a US bank account prior to closing and must be verified with a VOD or bank statement. If funds have been on deposit for less than 15 days, documentation must be provided indicating that the funds were on deposit with a foreign institution prior to deposit in the US.
Written Verification of Deposit for each account with current and average balance for the last 2 months; or
Copies of statements for each account for the 2 most recent months.
NOTARY REQUIREMENTS

Documents signed by Borrowers outside of the United States must meet the following requirements:

•The documents may be notarized by a U.S. embassy or consular official. The certificate of acknowledgment must meet the requirements specified above and must include the embassy or consular seal.

•For documents signed in a country that is party to a treaty "The Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents" the following is required:
http://hcch.e-vision.nl/index_en.php?act=authorities.listing

•A certificate of acknowledgment completed and signed by a notary public that is authorized / commissioned to perform the duties of a notary public in the jurisdiction / member country in which the documents are signed by the borrowers. The certificate of acknowledgment must meet the requirements specified above and must bear the stamp or seal of the certifying authority.

•The certificate of acknowledgment must be authenticated by apostille. The apostille is a preprinted document prescribed by the Hague Convention, and it authenticates the notary public's signature, capacity to act as a notary public and stamp or seal. The apostille is issued by a "competent authority" who is specifically authorized to issue an apostille in the member-country in which the document is executed. The apostille must be written in English and attached to the executed documents and certificate of acknowledgment.

The U. S. Department of State website contains information concerning current member countries to the treaty and the "competent authority" in each country.

•The notary acknowledgment and authentication must be acceptable to the recorder/registrar and title insurer in the jurisdiction in which the documents will be recorded. We recommend that the Seller contact the applicable title insurer to confirm acceptability prior to closing.

•An interested party to the transaction may not serve as a notary for any documents executed in connection with the Loan. Interested parties are those individuals who may have a direct financial interest in the closing of the Loan.

POWER OF ATTORNEY 

Another individual may act on behalf of the Borrower at closing, provided such person has been authorized by a Power of Attorney. Use of a Power of Attorney for the execution of either origination or closing documents is prohibited for the following transaction types:

•No Ratio documentation
•No Doc documentation
•No Income/No Asset documentation
•Texas Section SO(a)(6) refinance

The Power of Attorney must meet the following requirements.

• Limited (Specific) Power of Attorney is required.
•The Specific Power of Attorney must give detailed instructions related to the Subject Property.
•It must be clear that the Borrower is appointing a Power of Attorney.
•It must be clear who is being appointed with Power of Attorney.
•The Power of Attorney must be signed and dated by the Borrower.
•The Power of Attorney must be notarized.
•The title company must approve the Power of Attorney.
•The Power of Attorney must be recorded prior to or with the Security Instrument.
•The person being appointed with Power of Attorney is "Attorney in Fact" and must sign the closing instruments as follows (or in such format as is legally acceptable in the state of the Loan closing):