Start Gathering Documents — Same-Day Pre-Qualification.
Mbanc NMLS #38232 | Equal Housing Opportunity Lender
Category 1: Identity Documentation
Valid foreign passport: Primary identification. Must be current — not expired. All pages with biographical data and photo.
Valid US visa or immigration document: Most recent valid visa (B-1/B-2, H-1B, L-1, O-1, E-2, EB-5) or green card. If visa has expired: documentation of renewal application or status change.
ITIN confirmation: If using ITIN (not SSN): a copy of the ITIN assignment letter from the IRS confirming the number. The ITIN itself is sufficient for application — you don’t need to provide the original Form W-7.
What these confirm: Legal presence in the US and US tax identification. Both are required for any US financial transaction, including mortgages.
Category 2: US Credit Documentation
Most recent credit report pull: Your loan officer will pull the US tri-merge credit report (Experian, Equifax, TransUnion) as part of the application. You don’t submit this — the loan officer obtains it.
Minimum 640 US credit score: From the tri-merge pull. If your score is below 640, the application cannot proceed. See the credit establishment guide.
Clean payment history: No 30-day late payments in the last 12 months. Foreign national applications receive heightened scrutiny — any derogatory credit event must be explained.
What if you have thin US credit? 2-3 US accounts with 12+ months of history (secured card + possibly a car loan or small personal loan) is sufficient. The file doesn’t need extensive US credit history — it needs clean, consistent US credit history.
Category 3: US Asset Documentation (Asset Utilization)
2–3 months of complete statements for every qualifying US account:
Required for: US brokerage accounts, US checking/savings, US money market, US CDs.
Not required for: Foreign accounts (they don’t qualify anyway).
Statement requirements:
All pages of each statement (not just the summary page).
Account holder name and account number visible.
Current balance visible.
Source documentation for recent large deposits:
If assets were recently transferred from a foreign account (within 60 days): provide the sending bank’s statement showing the debit and a brief letter explaining the source.
If assets came from a business sale: purchase agreement or closing statement.
If assets are inheritance proceeds: estate documentation.
Why 60-day seasoning matters: The loan officer needs to confirm the assets are stable and available, not borrowed or temporary. Two months of consistent balances demonstrates stability.
Category 4: Property Documentation
For purchase:
Executed purchase agreement once under contract.
Property address, purchase price, and legal description.
HOA documentation if applicable (fee amount, budget, litigation history).
For investment property (DSCR):
Same as above plus: rental market data (appraiser will provide qualifying rent analysis).
Property insurance:
Insurance quote from a US insurer covering the subject property. For Florida coastal properties: get the actual quote early — insurance availability and pricing significantly affects PITIA and DTI calculations.
Category 5: Down Payment and Reserves
Minimum down payment:
Primary residence: 15% (85% LTV at 660+ credit). 20% (80% LTV at 660+ credit).
Investment property DSCR: 20–25% (80–75% LTV at standard DSCR ≥ 1.00). 25–30% (no-ratio DSCR).
Post-close reserves:
Primary residence ≤80% LTV: 3 months PITIA.
Primary residence 80.01–85% LTV: 6 months PITIA.
Investment DSCR: 3–6 months depending on LTV and DSCR ratio.
Source of funds:
US-held accounts only. Foreign accounts cannot fund down payments or reserves directly — they must be transferred to US accounts and seasoned for 60 days before application.
Gift funds: Generally not accepted for foreign national programs. Down payment and reserves must be borrower’s own verified funds.
Category 6: Program-Specific Documentation
For asset utilization (primary residence/second home):
All items above. No income documentation. No foreign tax return. No US tax return.
For DSCR (investment property):
All items above. No personal income documentation (US or foreign). Property appraisal with rent schedule (ordered by the lender). Property management agreement if applicable.
The Pre-Application Preparation Timeline
12–18 months before application: Open US secured credit card. Begin monthly usage and payment.
6 months before: Apply for ITIN if you don’t have one. Allow processing time.
3–4 months before: Confirm ITIN is received. Begin transferring assets to US accounts if needed.
60 days before: Assets should be settled in US accounts. Two months of statements will be available at application.
Application date: 640+ US credit score confirmed. ITIN in hand. US accounts documented. Property identified. Proceed.
What Is NOT Required
This list is as important as the requirement list:
NOT required:
Foreign income documentation of any kind.
Foreign tax returns (Brazilian IR, UK HMRC, Colombian DIAN, UAE — none).
Foreign bank account statements (unless explaining the source of US transfers).
Currency conversion documentation for assets already in USD.
Employer verification (US or foreign).
US tax returns.
W-2 or pay stubs (unless using US W-2 income as a supplement to asset utilization).
Foreign credit reports (unless using Nova Credit for international credit in lieu of US FICO).
The documentation requirements are genuinely simple: who you are (passport + visa), what US credit you have, and what US assets you hold. Everything else is secondary.
Common Pre-Application Mistakes
Mistake 1 — Applying before 640 FICO is established:
The most costly timing error. Applying at 620 FICO produces a decline. Waiting 3 more months to reach 640 produces an approval. Check your score before applying.
Mistake 2 — Using foreign assets directly:
Foreign account funds cannot fund the down payment without seasoning. Wire to US accounts 60+ days before application.
Mistake 3 — Applying without ITIN:
Applications cannot proceed without ITIN or SSN. Apply 4 months before your target application date.
Mistake 4 — Forgetting reserves:
Down payment is separate from reserves. A $1.5M purchase requiring 20% down ($300K) and 6 months PITIA reserves ($45,000) requires $345,000 in US accounts, not $300,000.
Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender
Foreign National Documentation Checklist Summary
Identity: Current foreign passport + valid US visa + ITIN confirmation letter.
Credit: 640+ US FICO from tri-merge pull (loan officer obtains).
Assets: 2-3 months of complete statements for every US-held qualifying account.
Down payment source: US accounts (seasoned 60+ days). Wire source documentation if recently transferred.
Property: Executed purchase agreement + insurance quote.
Supplemental income (if applicable): SS Award Letter or pension statement (for foreign nationals with US SS or pension).
NOT required: Foreign income documentation, foreign tax returns, foreign bank statements (unless explaining wire source), currency conversion, employer verification, US tax returns.
The foreign national mortgage documentation is genuinely simple. The complexity is in the pre-application preparation (credit establishment, ITIN, asset transfers). The application itself is straightforward.
Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender
Mbanc NMLS #38232 | Equal Housing Opportunity Lender | Not a commitment to lend | Asset utilization: eligible US-held liquid assets ÷ 84 = monthly qualifying income | Minimum 640 US credit score | Valid US visa required | ITIN accepted | Programs and rates subject to change
Common Foreign National Documentation Errors and How to Avoid Them
Error 1 — Submitting foreign bank statements for income qualification:
Foreign bank statements cannot be used for income documentation in any Mbanc program. If submitted, they create confusion — the loan officer must explain to the underwriter why foreign statements appear in the file. Don’t submit them unless explaining a wire transfer source.
Error 2 — Insufficient US asset seasoning:
Assets transferred from foreign accounts 30 days before application may not have two consecutive monthly statements. Transfer assets 75+ days before your planned application date to ensure 2 full monthly statements are available.
Error 3 — Multiple US credit inquiries during credit building:
Every credit application creates a hard inquiry. During the 12–18 month credit building period: one secured card only. No auto loan applications, no other credit card applications, no mortgage pre-qualifications (soft pull is fine; hard pull is not). Protect the developing score.
Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender