Miami-Home-Loan Presents A New Foreign-National Program


Miami-Home-Loan National Flags Against-Sky

Miami-Home-Loan National Flags

Miami-Home-loan, and Element Funding, direct lending mortgage bank, added another unique Foreign-National program to their offering.  This Foreign-National program gives a foreign buyer a good alternative for financing with excellent rates  Jim Carter, loan officer, reports on the new Foreign-National Program.


Loan Size : Min = $100,000 up to $3,000,000

All collateral types allowed:   SFR, 1-4 Family, High-rise Condo, Condo, Non-warrantable Condos, Condotels,  Co-op, Acreage, Hobby Farms, Second Homes, NOO,  Jumbo Super Jumbo

LTV Loan Amount =  Max 50% ; some exceptions for citizens of the UK, Canada and Australia with a foreign credit report  60%.  Call me for other details.

DTI = Max =43%

  • Pay stubs or Income Letter must be in English[i]
  • CPA summary letter may be accepted
  • Foreign Assets are accepted on a case-by-case-basis

SSN/ITIN Requirement

  • Required by closing for 1098 Mortgage Interest Reporting purposes
  • Passport or Visa allowing entry into the U.S. is required

Cash Out

  • Loan amounts up to $3MM with $1MM Cash in hand
  • No seasoning requirements on all collateral types including NOO


  • All loans pre-approved before appraisal order
  • “TBD Address” pre-approvals accepted

PITI reserves of 12 months required for all properties owned in all countries for loan amounts up to $1 million.

Foreign assets for down payment AND reserves including foreign retirement funds considered.

  • Funds for closing must be moved to U.S. prior to the funding date
  • Foreign assets used for reserves do not need to be moved to the U.S.
  • Funds for down payment and closing costs must be moved to U.S. account prior to closing
  • All funds are sourced and seasoned 60 days

2nd Homes must be in a resort area

  • Homes in metropolitan areas usually considered investment properties
  • General Rule: 2nd home = no other properties owned in the U.S.

• All foreign debts including any PITI info need to be added to the 1003 shown in USD equivalent

• All income, assets and PITI info must be translated by a U.S. based certified translation company

• Below are some contacts for translation**




• Any U.S. citizen or U.S. Permanent Resident (Greed Card holder) living abroad must have filed the

Previous years U.S. tax returns while living outside the U.S. ***

ARM Product Features

• Max DTI 43%

• 50% LTV up to $3 million loan amount

• 30 year amortization

• No prepayment penalty

• 2/2/6 caps, 1-year CMT Index, 3.0% Margin, Floor = Note Rate

• Qualify at the start rate on 7/1, 2% over on the 5/1 and 6% over on the 3/1

• Escrows required

• Rates currently are from 5.0% to 5.5% for a SFR.  Other adjustments could apply.

Important Foreign National Guidelines:

• This is a full documentation loan in terms of income, assets, deposits, etc.

• Income needs to be documented on foreign tax returns, W-2 equivalents, paystubs, etc.   CPA letters are not allowed.

• All foreign debts including any PITI info need to be added to the 1003 shown in USD equivalent

Max DTI is 40%

 • Borrower must have at least 12 months reserves PITI for subject property loan amounts up to $1mm, 18 months PITI up to $1.5mm, and 24 months PITI on loans over $1.5mm

• Borrower must have at least 12 months reserves for any additional properties or primary residence rent (can come 50% retirement and 100% of liquid account values)

• Max LTV for Foreign National purchases is 50% but we will make exceptions to go up to 60% for strong borrowers with English language documents (a borrower provided foreign credit report can help getting an 60% LTV approval)

Required documentation:


• If applicable, we will need the last 2 years foreign tax returns (translated as needed)

• 2 recent paystubs if possible

• Employment letter confirming title, employment dates, current/ previous year’s salary (for wage earners) (We can sometimes use this instead of tax returns)

• Previous 2 year’s year-end income statement if applicable (equivalent of W2 or UK P60)

• Lease agreements and 3-6 months bank deposit history for foreign rental income

• Rents approved on a case by case basis (assuming we can properly document)


 Previous 2 months bank statements (I know this can be a struggle in some countries but we just have to see what we can get)

  Previous 2 months or quarterly statements for retirement accounts

  Must source large deposits and earnest money deposit

  Will only use 50% value of any joint account if the other account holder is not on the loan


  A borrower provided foreign credit report is not required but can help with approval. (We don’t pull international credit)

Other Documentation:

  Mortgage statements, tax info, and insurance policies for all properties owned

  2 forms of identification

 Must have an ITIN or social prior to close (I can sometimes get an exception to close without the ITIN with proof that they submitted their application through a IRS acceptance certified tax preparer or accounting firm)

So, if you need a Miami-Home-Loan, for a Foreign-National, or just want to discuss financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Mortgage.






[i] The translation must be done by Certified US Based Translation Company









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