Mbanc Client Success Story — Foreign National Mortgage

Mbanc Client Success Story — Foreign National Mortgage

Mbanc Client Success Story — Foreign National Mortgage

In our recent blog about foreign national mortgages, Guide to Investing in U.S. Real Estate for Foreign Nationals, we mentioned that by working with a lender who specializes in foreign national real estate transactions, like MBANC, a non-U.S. citizen can get access to the expert network of real estate professionals.

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Professional network is how we met Ismael, an MBANC client based in Africa—he was introduced to us by a realtor who we worked with before. Ismael wanted to invest into a condo in the U.S. that had strong cash flow and was in an area where the home values were going up.

Ismael had initially contacted a large U.S. bank, which he worked with for 90 days. Just a week before closing, they told him they could not qualify him, leaving him in a position where he would lose his down payment, but even more importantly, a great investment opportunity.

When Ismael was referred to MBANC, we explained to him the challenges that he faced as a foreign national and why most of the U.S. banks or mortgage companies would not be able to provide him financing.

Foreign national buyers do not fit the traditional mold of a U.S. mortgage client—they do not have U.S. credit history, a social security number and necessary documentation such as income proof, tax returns, etc. To further complicate matters, Ismael’s investment opportunity was a non-warrantable condominium. This meant that the government agencies like Fannie Mae and Freddie Mac could not lend on this property.

Having explained the situation to the client, we got on the case immediately. Our team of expert loan officers worked with the listing agent to negotiate a three-week extension. We gathered the required paperwork, sent our loan disclosures, arranged for the appraisal and got the file into underwriting—all within the first week of Ismael contacting us.

Foreign National Mortgage Options

Within the agreed extension, we cleared the loan and arranged for the signing at the U.S. embassy in the client’s country. This was all done remotely—via phone, email, etc. Our client did not have to travel internationally or incur significant courier expenses.

We asked our expert loans officers to share advice for foreign nationals looking to purchase or refinance a home in the United States:

  1. Make sure a lender that you are looking to work with provides the foreign national loans and understands their nuances. Research and understand their time to close and process end-to-end. Ensure that they understand your unique needs, goals and challenges.
  2. Research whether your lender of choice is a mortgage bank or a broker. Brokers are intermediates and not direct lenders. Direct lenders, like MBANC, are banks. By choosing a direct lender, you control who you are working with and know what to expect.
  3. Do your homework and know what you are getting yourself into. Read lender blogs, like MBANC’s blog, talk to several lenders, read online reviews. Research and understand the loan process and what is required of you to secure financing. Understand product terms and financial commitments you will be making.

The Mbanc Agility Advantage

At MBANC, we understand the nuances that come with foreign national financing. Getting a mortgage with MBANC is different compared to other lenders. At the outset, you are working with knowledgeable, understanding, expert loan officers to find the best solutions for your mortgage needs.

We let you know upfront exactly what paperwork we need so you don’t waste your precious time. An average approval with us takes just 17 days. We are completely transparent regarding the terms of your loan. Excellent client reviews on Google are a testament to our customer service.

If you are a foreign national considering buying a vacation home or an investment property in the United States and are wondering whether you can qualify for a mortgage, get in touch with us today and our experienced mortgage officers will guide you through the options available to you.

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