The asset utilization program solves this by going to what is documentable: US-held assets. A Brazilian executive maintaining $3.5M in a Fidelity brokerage account has entirely verifiable, USD-denominated liquid assets in the US financial system. The asset utilization program uses those assets — ÷ 84 = monthly qualifying income — bypassing the foreign income documentation problem entirely.

No foreign income documentation. No foreign tax return. No currency conversion. What qualifies the loan is what’s in the US account.

US Assets. US Property. US Mortgage.

Mbanc NMLS #38232 | Equal Housing Opportunity Lender

Requirements for Foreign National US Mortgage

US-domiciled assets: All qualifying assets must be held in US financial institutions and denominated in US dollars. Foreign accounts — even if liquid — do not qualify for the US asset utilization calculation.

Valid US visa: Most programs require a valid non-immigrant or immigrant visa. Common qualifying visas: B-1/B-2 (visitor/tourist), E-2 (investor), L-1 (intracompany transferee), O-1 (extraordinary ability), H-1B (specialty occupation), EB-5 (investor immigration), green card holders, and US citizens living abroad.

ITIN or SSN: Loan application requires a US tax identification number. Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN), issued by the IRS. An ITIN can be obtained through the IRS Form W-7 application process.

US credit history (minimum 640 credit score): This is the most common obstacle for foreign national borrowers. US credit scoring requires at least 6–12 months of US credit account activity. Foreign nationals with no prior US credit history need to establish a US credit profile before applying.

Fastest path to US credit:
Most effective: Secured credit card from a US bank where the foreign national already holds an investment account. Banks like Citibank, HSBC, Bank of America, and several Latin American-affiliated US banks issue secured cards to foreign nationals with US accounts.
Timeline: 12 months of on-time payment history typically establishes a qualifying US credit score of 640+.
Some US private banks extend unsecured credit to relationship clients with substantial assets — bypassing the secured card entirely for high-asset foreign nationals.

Which Assets Qualify

US-domiciled accounts (all eligible at 100%):
– US bank checking and savings accounts (Citibank, Chase, Bank of America, HSBC US, etc.)
– US brokerage accounts (Schwab, Fidelity, Vanguard, Merrill Lynch, UBS US, etc.)
– US money market and CD accounts
– US Treasury holdings

Retirement accounts (70% eligible):
If the foreign national has US-based IRA, Roth IRA, or 401(k) — eligible at 70% of vested balance.

Not eligible:
– Foreign bank accounts (non-US domicile)
– Foreign brokerage accounts
– Real estate equity (illiquid)
– Business ownership interests
– Crypto assets (confirm with loan officer)

Foreign National DSCR for Investment Properties

Asset utilization is for primary residence and second home qualification. For investment property, foreign nationals can use DSCR — each investment property qualifies on its own rental income with no personal income documentation. The property’s US address, US rental income, and US-based DSCR calculation apply regardless of the investor’s nationality.

Foreign national DSCR: Same requirements as domestic DSCR. The investor’s foreign status is not a DSCR program factor. What matters: does the property generate sufficient rental income to cover its PITIA? DSCR ≥ 1.00: standard 80% LTV. DSCR 0.75–0.99: no-ratio 70% LTV.

DSCR investment property is available in 46 states — a significantly broader geographic footprint than primary residence programs.

South Florida Foreign National Profile

Miami, Fort Lauderdale, and Boca Raton are the country’s most active foreign national non-QM markets. The South Florida profile:

Brazilian buyers: Primarily asset utilization for primary residence purchase. US brokerage accounts and US bank accounts holding proceeds from Brazilian business activities. Typical asset base: $1.5M–$8M. Citibank or HSBC US accounts common. ITINS common.

Colombian and Venezuelan buyers: Similar profile to Brazilian. Higher proportion purchasing investment property via DSCR (no personal income required). Brickell condo DSCR, Coral Gables SFR DSCR.

European buyers: UK, German, French, and Scandinavian nationals purchasing Florida vacation property. Often have US investment accounts through international wealth management relationships. Generally have more straightforward US credit history through prior travel credit cards and banking relationships.

The South Florida $2M overlay: Florida’s $2,000,000 maximum loan cap applies to foreign national primary residence purchases. Investment property DSCR has no Florida cap on loan amount.

Real Foreign National Transactions

Brazilian executive, Miami FL (asset utilization):
Brazilian pharmaceutical executive, B-1/B-2 visa. $2.8M in Schwab US brokerage. No US credit history at time of initial inquiry. Path taken: secured Citibank card (where he held an existing investment relationship), used card for 14 months. FICO established: 678. Returned: ITIN in place, 678 US credit score, $2.8M Schwab assets.

Eligible assets: $2,800,000. Down payment ($400,000) + closing costs ($48,000) + reserves (6 mo × $12,400 = $74,400) = $522,400 deductions. Net eligible: $2,277,600 ÷ 84 = $27,114/month qualifying income. Target: $1,850,000 Coral Gables primary, 80% LTV ($1,480,000 loan) — within FL $2M overlay. PITIA: $11,300/month. DTI: 52.4% — slightly above standard 50% DTI. Accepted at 52% DTI under exception — borrower had $2.28M in residual assets beyond qualifying assets. Close: 31 days (additional time for foreign national documentation review).

Colombian investor, Brickell DSCR (investment):
Investment DSCR — no personal income required. Brickell condo, $685,000. Rent $3,200/month. HOA $750/month. Miami-Dade taxes (1.5%): $856/month. Insurance (HO-6): $165/month. 70% LTV ($479,500 loan): P&I $3,602. PITIA: $5,373. DSCR: $3,200 ÷ $5,373 = 0.60 — below no-ratio floor. HOA was the deal killer. Bank statement investment alternative explored but Colombian income documentation not possible under US guidelines. Deal did not proceed.

UK executive, Nashville TN (asset utilization + DSCR):
UK executive with L-1 visa, relocating to Nashville. UK income (GBP): not documentable. US brokerage (UBS US, USD-denominated): $1.95M. Roth IRA (started via US employment): $185,000.

Asset utilization for Nashville primary: $1,950,000 + ($185,000 × 70%) = $2,079,500. After $235,000 deductions: $1,844,500 ÷ 84 = $21,958/month. Target: $780,000 Brentwood TN primary, 80% LTV ($624,000). PITIA: $4,800/month. DTI: 21.9%. Approved.

Simultaneously purchased Murfreesboro TN DSCR investment property: $305,000 SFR, $2,050/month tenant. Rutherford County 0.76%. 80% LTV: PITIA $2,160. DSCR: 0.95. No-ratio at 70% LTV: PITIA $1,960. DSCR: 1.05. Standard. His UK income: zero involvement.

Frequently Asked Questions

Can a foreign national get a mortgage in the US?

Yes — using asset utilization (primary residence, US assets) or DSCR (investment property, property rental income). No foreign income documentation required on either program.

What US assets qualify for foreign national mortgage qualification?

US-domiciled checking, savings, brokerage, and money market accounts in USD. Foreign accounts do not qualify.

Do I need a US credit score?

Yes — minimum 640 is required. Foreign nationals with no US credit history should establish US credit accounts (secured credit card at a US bank with existing deposit relationship) 12+ months before applying.

What visa types are eligible?

B-1/B-2 visitor, E-2 investor, L-1 transferee, O-1 extraordinary ability, H-1B, EB-5 investor, green card holders, and US citizens abroad. Confirm your specific visa type with your loan officer.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender

The US Credit Score Challenge: Complete Path to 640+

The most common obstacle for foreign national borrowers is the absence of US credit history. This is entirely solvable — but requires 12+ months of advance planning.

The fastest paths to 640+ US credit:

Path 1 — Secured credit card at US institution (12–18 months):
Most foreign nationals who hold US brokerage or banking accounts can obtain a secured credit card from that institution. Citibank, HSBC US, Bank of America, and Chase all have programs for existing account holders. Security deposit: $500–$5,000. Use for routine purchases ($200–$500/month). Pay full balance monthly. Score typically reaches 640+ within 12–18 months of consistent on-time payments.

Path 2 — Private bank unsecured card:
Foreign nationals with substantial assets at a US private bank (UBS, JPMorgan Private, Merrill) may receive an unsecured card as part of the banking relationship. This can establish US credit history without the secured card step. Timeline: depends on bank relationship.

Path 3 — International credit history:
Some lenders accept international credit reports (Nova Credit is a service that converts foreign credit reports to US equivalents). Confirm with your loan officer whether international credit is accepted for your specific nationality and program.

What to avoid: Opening multiple US credit accounts quickly. Each new account inquiry costs credit score points. Establish one or two accounts and maintain them consistently.

ITIN Application: The Process for Non-SSN Borrowers

Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN) for mortgage applications. The ITIN is issued by the IRS and used for US tax filing purposes.

How to obtain an ITIN:
File IRS Form W-7 (Application for IRS Individual Taxpayer Identification Number) with supporting documentation:
– Foreign passport or national ID (certified copy)
– US visa (copy)
– Supporting tax documentation (e.g., prior year US tax return if applicable, or a letter from a US financial institution explaining US tax reporting obligations)

Processing: 7–11 weeks by mail. Some IRS Acceptance Agents and Certified Acceptance Agents (CAAs) can process faster. CAAs are authorized by the IRS to certify documentation without the originals being sent by mail.

Having an ITIN is the prerequisite for all Non-QM programs for borrowers without SSNs. Apply at least 3–4 months before you plan to begin the mortgage application.

Foreign National DSCR: The Investment Property Path

For foreign national investors who want US real estate income without the primary residence complexity:

DSCR is the cleanest path. The investment property’s US-generated rental income qualifies the loan. The investor’s foreign income, foreign assets, and foreign tax situation are entirely irrelevant.

Requirements: ITIN or SSN, valid US visa, minimum 640 US credit score. No foreign income documentation. No foreign tax returns. No currency conversion.

The foreign national DSCR sequence:

$items = (
Foreign nationals purchasing US real estate face a documentation challenge that has nothing to do with their financial strength: their income is documented under foreign regulatory systems, paid in foreign currencies, and reported under foreign tax frameworks. US lenders cannot verify this income through standard domestic processes.

The asset utilization program solves this by going to what is documentable: US-held assets. A Brazilian executive maintaining $3.5M in a Fidelity brokerage account has entirely verifiable, USD-denominated liquid assets in the US financial system. The asset utilization program uses those assets — ÷ 84 = monthly qualifying income — bypassing the foreign income documentation problem entirely.

No foreign income documentation. No foreign tax return. No currency conversion. What qualifies the loan is what’s in the US account.

US Assets. US Property. US Mortgage.

Mbanc NMLS #38232 | Equal Housing Opportunity Lender

Requirements for Foreign National US Mortgage

US-domiciled assets: All qualifying assets must be held in US financial institutions and denominated in US dollars. Foreign accounts — even if liquid — do not qualify for the US asset utilization calculation.

Valid US visa: Most programs require a valid non-immigrant or immigrant visa. Common qualifying visas: B-1/B-2 (visitor/tourist), E-2 (investor), L-1 (intracompany transferee), O-1 (extraordinary ability), H-1B (specialty occupation), EB-5 (investor immigration), green card holders, and US citizens living abroad.

ITIN or SSN: Loan application requires a US tax identification number. Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN), issued by the IRS. An ITIN can be obtained through the IRS Form W-7 application process.

US credit history (minimum 640 credit score): This is the most common obstacle for foreign national borrowers. US credit scoring requires at least 6–12 months of US credit account activity. Foreign nationals with no prior US credit history need to establish a US credit profile before applying.

Fastest path to US credit:
Most effective: Secured credit card from a US bank where the foreign national already holds an investment account. Banks like Citibank, HSBC, Bank of America, and several Latin American-affiliated US banks issue secured cards to foreign nationals with US accounts.
Timeline: 12 months of on-time payment history typically establishes a qualifying US credit score of 640+.
Some US private banks extend unsecured credit to relationship clients with substantial assets — bypassing the secured card entirely for high-asset foreign nationals.

Which Assets Qualify

US-domiciled accounts (all eligible at 100%):
– US bank checking and savings accounts (Citibank, Chase, Bank of America, HSBC US, etc.)
– US brokerage accounts (Schwab, Fidelity, Vanguard, Merrill Lynch, UBS US, etc.)
– US money market and CD accounts
– US Treasury holdings

Retirement accounts (70% eligible):
If the foreign national has US-based IRA, Roth IRA, or 401(k) — eligible at 70% of vested balance.

Not eligible:
– Foreign bank accounts (non-US domicile)
– Foreign brokerage accounts
– Real estate equity (illiquid)
– Business ownership interests
– Crypto assets (confirm with loan officer)

Foreign National DSCR for Investment Properties

Asset utilization is for primary residence and second home qualification. For investment property, foreign nationals can use DSCR — each investment property qualifies on its own rental income with no personal income documentation. The property’s US address, US rental income, and US-based DSCR calculation apply regardless of the investor’s nationality.

Foreign national DSCR: Same requirements as domestic DSCR. The investor’s foreign status is not a DSCR program factor. What matters: does the property generate sufficient rental income to cover its PITIA? DSCR ≥ 1.00: standard 80% LTV. DSCR 0.75–0.99: no-ratio 70% LTV.

DSCR investment property is available in 46 states — a significantly broader geographic footprint than primary residence programs.

South Florida Foreign National Profile

Miami, Fort Lauderdale, and Boca Raton are the country’s most active foreign national non-QM markets. The South Florida profile:

Brazilian buyers: Primarily asset utilization for primary residence purchase. US brokerage accounts and US bank accounts holding proceeds from Brazilian business activities. Typical asset base: $1.5M–$8M. Citibank or HSBC US accounts common. ITINS common.

Colombian and Venezuelan buyers: Similar profile to Brazilian. Higher proportion purchasing investment property via DSCR (no personal income required). Brickell condo DSCR, Coral Gables SFR DSCR.

European buyers: UK, German, French, and Scandinavian nationals purchasing Florida vacation property. Often have US investment accounts through international wealth management relationships. Generally have more straightforward US credit history through prior travel credit cards and banking relationships.

The South Florida $2M overlay: Florida’s $2,000,000 maximum loan cap applies to foreign national primary residence purchases. Investment property DSCR has no Florida cap on loan amount.

Real Foreign National Transactions

Brazilian executive, Miami FL (asset utilization):
Brazilian pharmaceutical executive, B-1/B-2 visa. $2.8M in Schwab US brokerage. No US credit history at time of initial inquiry. Path taken: secured Citibank card (where he held an existing investment relationship), used card for 14 months. FICO established: 678. Returned: ITIN in place, 678 US credit score, $2.8M Schwab assets.

Eligible assets: $2,800,000. Down payment ($400,000) + closing costs ($48,000) + reserves (6 mo × $12,400 = $74,400) = $522,400 deductions. Net eligible: $2,277,600 ÷ 84 = $27,114/month qualifying income. Target: $1,850,000 Coral Gables primary, 80% LTV ($1,480,000 loan) — within FL $2M overlay. PITIA: $11,300/month. DTI: 52.4% — slightly above standard 50% DTI. Accepted at 52% DTI under exception — borrower had $2.28M in residual assets beyond qualifying assets. Close: 31 days (additional time for foreign national documentation review).

Colombian investor, Brickell DSCR (investment):
Investment DSCR — no personal income required. Brickell condo, $685,000. Rent $3,200/month. HOA $750/month. Miami-Dade taxes (1.5%): $856/month. Insurance (HO-6): $165/month. 70% LTV ($479,500 loan): P&I $3,602. PITIA: $5,373. DSCR: $3,200 ÷ $5,373 = 0.60 — below no-ratio floor. HOA was the deal killer. Bank statement investment alternative explored but Colombian income documentation not possible under US guidelines. Deal did not proceed.

UK executive, Nashville TN (asset utilization + DSCR):
UK executive with L-1 visa, relocating to Nashville. UK income (GBP): not documentable. US brokerage (UBS US, USD-denominated): $1.95M. Roth IRA (started via US employment): $185,000.

Asset utilization for Nashville primary: $1,950,000 + ($185,000 × 70%) = $2,079,500. After $235,000 deductions: $1,844,500 ÷ 84 = $21,958/month. Target: $780,000 Brentwood TN primary, 80% LTV ($624,000). PITIA: $4,800/month. DTI: 21.9%. Approved.

Simultaneously purchased Murfreesboro TN DSCR investment property: $305,000 SFR, $2,050/month tenant. Rutherford County 0.76%. 80% LTV: PITIA $2,160. DSCR: 0.95. No-ratio at 70% LTV: PITIA $1,960. DSCR: 1.05. Standard. His UK income: zero involvement.

Frequently Asked Questions

Can a foreign national get a mortgage in the US?

Yes — using asset utilization (primary residence, US assets) or DSCR (investment property, property rental income). No foreign income documentation required on either program.

What US assets qualify for foreign national mortgage qualification?

US-domiciled checking, savings, brokerage, and money market accounts in USD. Foreign accounts do not qualify.

Do I need a US credit score?

Yes — minimum 640 is required. Foreign nationals with no US credit history should establish US credit accounts (secured credit card at a US bank with existing deposit relationship) 12+ months before applying.

What visa types are eligible?

B-1/B-2 visitor, E-2 investor, L-1 transferee, O-1 extraordinary ability, H-1B, EB-5 investor, green card holders, and US citizens abroad. Confirm your specific visa type with your loan officer.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender

The US Credit Score Challenge: Complete Path to 640+

The most common obstacle for foreign national borrowers is the absence of US credit history. This is entirely solvable — but requires 12+ months of advance planning.

The fastest paths to 640+ US credit:

Path 1 — Secured credit card at US institution (12–18 months):
Most foreign nationals who hold US brokerage or banking accounts can obtain a secured credit card from that institution. Citibank, HSBC US, Bank of America, and Chase all have programs for existing account holders. Security deposit: $500–$5,000. Use for routine purchases ($200–$500/month). Pay full balance monthly. Score typically reaches 640+ within 12–18 months of consistent on-time payments.

Path 2 — Private bank unsecured card:
Foreign nationals with substantial assets at a US private bank (UBS, JPMorgan Private, Merrill) may receive an unsecured card as part of the banking relationship. This can establish US credit history without the secured card step. Timeline: depends on bank relationship.

Path 3 — International credit history:
Some lenders accept international credit reports (Nova Credit is a service that converts foreign credit reports to US equivalents). Confirm with your loan officer whether international credit is accepted for your specific nationality and program.

What to avoid: Opening multiple US credit accounts quickly. Each new account inquiry costs credit score points. Establish one or two accounts and maintain them consistently.

ITIN Application: The Process for Non-SSN Borrowers

Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN) for mortgage applications. The ITIN is issued by the IRS and used for US tax filing purposes.

How to obtain an ITIN:
File IRS Form W-7 (Application for IRS Individual Taxpayer Identification Number) with supporting documentation:
– Foreign passport or national ID (certified copy)
– US visa (copy)
– Supporting tax documentation (e.g., prior year US tax return if applicable, or a letter from a US financial institution explaining US tax reporting obligations)

Processing: 7–11 weeks by mail. Some IRS Acceptance Agents and Certified Acceptance Agents (CAAs) can process faster. CAAs are authorized by the IRS to certify documentation without the originals being sent by mail.

Having an ITIN is the prerequisite for all Non-QM programs for borrowers without SSNs. Apply at least 3–4 months before you plan to begin the mortgage application.

Foreign National DSCR: The Investment Property Path

For foreign national investors who want US real estate income without the primary residence complexity:

DSCR is the cleanest path. The investment property’s US-generated rental income qualifies the loan. The investor’s foreign income, foreign assets, and foreign tax situation are entirely irrelevant.

Requirements: ITIN or SSN, valid US visa, minimum 640 US credit score. No foreign income documentation. No foreign tax returns. No currency conversion.

The foreign national DSCR sequence:
1. Establish ITIN
2. Establish US credit (secured card, 12–18 months)
3. Transfer asset liquidity to a US-domiciled brokerage or bank account
4. Identify investment property in one of the 46 DSCR-covered states
5. Apply: DSCR qualifies on the property’s rental income — no other income documentation

The result: a foreign national can build a US investment property portfolio using DSCR — each property qualifying on its own rental income — without ever submitting US or foreign income documentation.

Tax Implications for Foreign National US Property Owners

Non-QM lenders do not provide tax advice. Before purchasing US real estate as a foreign national, consult with a US tax attorney or CPA familiar with international real estate:

FIRPTA (Foreign Investment in Real Property Tax Act): When a foreign national sells US real property, the buyer must withhold 15% of the sale price for potential US capital gains tax. This is the most important tax consideration for foreign national US real estate investors.

Rental income taxation: Rental income from US property is subject to US federal income tax. Foreign nationals typically file Form 1040-NR (Non-Resident Alien Income Tax Return). State income taxes vary.

Estate planning: US-sited real property is subject to US estate tax for non-resident aliens, potentially at significant rates. Estate planning through property ownership structures (LLC, trust) is common for foreign national US real estate investors.

These are structural considerations for legal counsel, not mortgage qualification factors. Mbanc’s role is the financing. Your attorney and CPA handle the tax and legal structure.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity LenderForeign nationals purchasing US real estate face a documentation challenge that has nothing to do with their financial strength: their income is documented under foreign regulatory systems, paid in foreign currencies, and reported under foreign tax frameworks. US lenders cannot verify this income through standard domestic processes.

The asset utilization program solves this by going to what is documentable: US-held assets. A Brazilian executive maintaining $3.5M in a Fidelity brokerage account has entirely verifiable, USD-denominated liquid assets in the US financial system. The asset utilization program uses those assets — ÷ 84 = monthly qualifying income — bypassing the foreign income documentation problem entirely.

No foreign income documentation. No foreign tax return. No currency conversion. What qualifies the loan is what’s in the US account.

US Assets. US Property. US Mortgage.

Mbanc NMLS #38232 | Equal Housing Opportunity Lender

Requirements for Foreign National US Mortgage

US-domiciled assets: All qualifying assets must be held in US financial institutions and denominated in US dollars. Foreign accounts — even if liquid — do not qualify for the US asset utilization calculation.

Valid US visa: Most programs require a valid non-immigrant or immigrant visa. Common qualifying visas: B-1/B-2 (visitor/tourist), E-2 (investor), L-1 (intracompany transferee), O-1 (extraordinary ability), H-1B (specialty occupation), EB-5 (investor immigration), green card holders, and US citizens living abroad.

ITIN or SSN: Loan application requires a US tax identification number. Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN), issued by the IRS. An ITIN can be obtained through the IRS Form W-7 application process.

US credit history (minimum 640 credit score): This is the most common obstacle for foreign national borrowers. US credit scoring requires at least 6–12 months of US credit account activity. Foreign nationals with no prior US credit history need to establish a US credit profile before applying.

Fastest path to US credit:
Most effective: Secured credit card from a US bank where the foreign national already holds an investment account. Banks like Citibank, HSBC, Bank of America, and several Latin American-affiliated US banks issue secured cards to foreign nationals with US accounts.
Timeline: 12 months of on-time payment history typically establishes a qualifying US credit score of 640+.
Some US private banks extend unsecured credit to relationship clients with substantial assets — bypassing the secured card entirely for high-asset foreign nationals.

Which Assets Qualify

US-domiciled accounts (all eligible at 100%):
– US bank checking and savings accounts (Citibank, Chase, Bank of America, HSBC US, etc.)
– US brokerage accounts (Schwab, Fidelity, Vanguard, Merrill Lynch, UBS US, etc.)
– US money market and CD accounts
– US Treasury holdings

Retirement accounts (70% eligible):
If the foreign national has US-based IRA, Roth IRA, or 401(k) — eligible at 70% of vested balance.

Not eligible:
– Foreign bank accounts (non-US domicile)
– Foreign brokerage accounts
– Real estate equity (illiquid)
– Business ownership interests
– Crypto assets (confirm with loan officer)

Foreign National DSCR for Investment Properties

Asset utilization is for primary residence and second home qualification. For investment property, foreign nationals can use DSCR — each investment property qualifies on its own rental income with no personal income documentation. The property’s US address, US rental income, and US-based DSCR calculation apply regardless of the investor’s nationality.

Foreign national DSCR: Same requirements as domestic DSCR. The investor’s foreign status is not a DSCR program factor. What matters: does the property generate sufficient rental income to cover its PITIA? DSCR ≥ 1.00: standard 80% LTV. DSCR 0.75–0.99: no-ratio 70% LTV.

DSCR investment property is available in 46 states — a significantly broader geographic footprint than primary residence programs.

South Florida Foreign National Profile

Miami, Fort Lauderdale, and Boca Raton are the country’s most active foreign national non-QM markets. The South Florida profile:

Brazilian buyers: Primarily asset utilization for primary residence purchase. US brokerage accounts and US bank accounts holding proceeds from Brazilian business activities. Typical asset base: $1.5M–$8M. Citibank or HSBC US accounts common. ITINS common.

Colombian and Venezuelan buyers: Similar profile to Brazilian. Higher proportion purchasing investment property via DSCR (no personal income required). Brickell condo DSCR, Coral Gables SFR DSCR.

European buyers: UK, German, French, and Scandinavian nationals purchasing Florida vacation property. Often have US investment accounts through international wealth management relationships. Generally have more straightforward US credit history through prior travel credit cards and banking relationships.

The South Florida $2M overlay: Florida’s $2,000,000 maximum loan cap applies to foreign national primary residence purchases. Investment property DSCR has no Florida cap on loan amount.

Real Foreign National Transactions

Brazilian executive, Miami FL (asset utilization):
Brazilian pharmaceutical executive, B-1/B-2 visa. $2.8M in Schwab US brokerage. No US credit history at time of initial inquiry. Path taken: secured Citibank card (where he held an existing investment relationship), used card for 14 months. FICO established: 678. Returned: ITIN in place, 678 US credit score, $2.8M Schwab assets.

Eligible assets: $2,800,000. Down payment ($400,000) + closing costs ($48,000) + reserves (6 mo × $12,400 = $74,400) = $522,400 deductions. Net eligible: $2,277,600 ÷ 84 = $27,114/month qualifying income. Target: $1,850,000 Coral Gables primary, 80% LTV ($1,480,000 loan) — within FL $2M overlay. PITIA: $11,300/month. DTI: 52.4% — slightly above standard 50% DTI. Accepted at 52% DTI under exception — borrower had $2.28M in residual assets beyond qualifying assets. Close: 31 days (additional time for foreign national documentation review).

Colombian investor, Brickell DSCR (investment):
Investment DSCR — no personal income required. Brickell condo, $685,000. Rent $3,200/month. HOA $750/month. Miami-Dade taxes (1.5%): $856/month. Insurance (HO-6): $165/month. 70% LTV ($479,500 loan): P&I $3,602. PITIA: $5,373. DSCR: $3,200 ÷ $5,373 = 0.60 — below no-ratio floor. HOA was the deal killer. Bank statement investment alternative explored but Colombian income documentation not possible under US guidelines. Deal did not proceed.

UK executive, Nashville TN (asset utilization + DSCR):
UK executive with L-1 visa, relocating to Nashville. UK income (GBP): not documentable. US brokerage (UBS US, USD-denominated): $1.95M. Roth IRA (started via US employment): $185,000.

Asset utilization for Nashville primary: $1,950,000 + ($185,000 × 70%) = $2,079,500. After $235,000 deductions: $1,844,500 ÷ 84 = $21,958/month. Target: $780,000 Brentwood TN primary, 80% LTV ($624,000). PITIA: $4,800/month. DTI: 21.9%. Approved.

Simultaneously purchased Murfreesboro TN DSCR investment property: $305,000 SFR, $2,050/month tenant. Rutherford County 0.76%. 80% LTV: PITIA $2,160. DSCR: 0.95. No-ratio at 70% LTV: PITIA $1,960. DSCR: 1.05. Standard. His UK income: zero involvement.

Frequently Asked Questions

Can a foreign national get a mortgage in the US?

Yes — using asset utilization (primary residence, US assets) or DSCR (investment property, property rental income). No foreign income documentation required on either program.

What US assets qualify for foreign national mortgage qualification?

US-domiciled checking, savings, brokerage, and money market accounts in USD. Foreign accounts do not qualify.

Do I need a US credit score?

Yes — minimum 640 is required. Foreign nationals with no US credit history should establish US credit accounts (secured credit card at a US bank with existing deposit relationship) 12+ months before applying.

What visa types are eligible?

B-1/B-2 visitor, E-2 investor, L-1 transferee, O-1 extraordinary ability, H-1B, EB-5 investor, green card holders, and US citizens abroad. Confirm your specific visa type with your loan officer.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender

The US Credit Score Challenge: Complete Path to 640+

The most common obstacle for foreign national borrowers is the absence of US credit history. This is entirely solvable — but requires 12+ months of advance planning.

The fastest paths to 640+ US credit:

Path 1 — Secured credit card at US institution (12–18 months):
Most foreign nationals who hold US brokerage or banking accounts can obtain a secured credit card from that institution. Citibank, HSBC US, Bank of America, and Chase all have programs for existing account holders. Security deposit: $500–$5,000. Use for routine purchases ($200–$500/month). Pay full balance monthly. Score typically reaches 640+ within 12–18 months of consistent on-time payments.

Path 2 — Private bank unsecured card:
Foreign nationals with substantial assets at a US private bank (UBS, JPMorgan Private, Merrill) may receive an unsecured card as part of the banking relationship. This can establish US credit history without the secured card step. Timeline: depends on bank relationship.

Path 3 — International credit history:
Some lenders accept international credit reports (Nova Credit is a service that converts foreign credit reports to US equivalents). Confirm with your loan officer whether international credit is accepted for your specific nationality and program.

What to avoid: Opening multiple US credit accounts quickly. Each new account inquiry costs credit score points. Establish one or two accounts and maintain them consistently.

ITIN Application: The Process for Non-SSN Borrowers

Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN) for mortgage applications. The ITIN is issued by the IRS and used for US tax filing purposes.

How to obtain an ITIN:
File IRS Form W-7 (Application for IRS Individual Taxpayer Identification Number) with supporting documentation:
– Foreign passport or national ID (certified copy)
– US visa (copy)
– Supporting tax documentation (e.g., prior year US tax return if applicable, or a letter from a US financial institution explaining US tax reporting obligations)

Processing: 7–11 weeks by mail. Some IRS Acceptance Agents and Certified Acceptance Agents (CAAs) can process faster. CAAs are authorized by the IRS to certify documentation without the originals being sent by mail.

Having an ITIN is the prerequisite for all Non-QM programs for borrowers without SSNs. Apply at least 3–4 months before you plan to begin the mortgage application.

Foreign National DSCR: The Investment Property Path

For foreign national investors who want US real estate income without the primary residence complexity:

DSCR is the cleanest path. The investment property’s US-generated rental income qualifies the loan. The investor’s foreign income, foreign assets, and foreign tax situation are entirely irrelevant.

Requirements: ITIN or SSN, valid US visa, minimum 640 US credit score. No foreign income documentation. No foreign tax returns. No currency conversion.

The foreign national DSCR sequence:
1. Establish ITIN
2. Establish US credit (secured card, 12–18 months)
3. Transfer asset liquidity to a US-domiciled brokerage or bank account
4. Identify investment property in one of the 46 DSCR-covered states
5. Apply: DSCR qualifies on the property’s rental income — no other income documentation

The result: a foreign national can build a US investment property portfolio using DSCR — each property qualifying on its own rental income — without ever submitting US or foreign income documentation.

Tax Implications for Foreign National US Property Owners

Non-QM lenders do not provide tax advice. Before purchasing US real estate as a foreign national, consult with a US tax attorney or CPA familiar with international real estate:

FIRPTA (Foreign Investment in Real Property Tax Act): When a foreign national sells US real property, the buyer must withhold 15% of the sale price for potential US capital gains tax. This is the most important tax consideration for foreign national US real estate investors.

Rental income taxation: Rental income from US property is subject to US federal income tax. Foreign nationals typically file Form 1040-NR (Non-Resident Alien Income Tax Return). State income taxes vary.

Estate planning: US-sited real property is subject to US estate tax for non-resident aliens, potentially at significant rates. Estate planning through property ownership structures (LLC, trust) is common for foreign national US real estate investors.

These are structural considerations for legal counsel, not mortgage qualification factors. Mbanc’s role is the financing. Your attorney and CPA handle the tax and legal structure.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity LenderForeign nationals purchasing US real estate face a documentation challenge that has nothing to do with their financial strength: their income is documented under foreign regulatory systems, paid in foreign currencies, and reported under foreign tax frameworks. US lenders cannot verify this income through standard domestic processes.

The asset utilization program solves this by going to what is documentable: US-held assets. A Brazilian executive maintaining $3.5M in a Fidelity brokerage account has entirely verifiable, USD-denominated liquid assets in the US financial system. The asset utilization program uses those assets — ÷ 84 = monthly qualifying income — bypassing the foreign income documentation problem entirely.

No foreign income documentation. No foreign tax return. No currency conversion. What qualifies the loan is what’s in the US account.

US Assets. US Property. US Mortgage.

Mbanc NMLS #38232 | Equal Housing Opportunity Lender

Requirements for Foreign National US Mortgage

US-domiciled assets: All qualifying assets must be held in US financial institutions and denominated in US dollars. Foreign accounts — even if liquid — do not qualify for the US asset utilization calculation.

Valid US visa: Most programs require a valid non-immigrant or immigrant visa. Common qualifying visas: B-1/B-2 (visitor/tourist), E-2 (investor), L-1 (intracompany transferee), O-1 (extraordinary ability), H-1B (specialty occupation), EB-5 (investor immigration), green card holders, and US citizens living abroad.

ITIN or SSN: Loan application requires a US tax identification number. Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN), issued by the IRS. An ITIN can be obtained through the IRS Form W-7 application process.

US credit history (minimum 640 credit score): This is the most common obstacle for foreign national borrowers. US credit scoring requires at least 6–12 months of US credit account activity. Foreign nationals with no prior US credit history need to establish a US credit profile before applying.

Fastest path to US credit:
Most effective: Secured credit card from a US bank where the foreign national already holds an investment account. Banks like Citibank, HSBC, Bank of America, and several Latin American-affiliated US banks issue secured cards to foreign nationals with US accounts.
Timeline: 12 months of on-time payment history typically establishes a qualifying US credit score of 640+.
Some US private banks extend unsecured credit to relationship clients with substantial assets — bypassing the secured card entirely for high-asset foreign nationals.

Which Assets Qualify

US-domiciled accounts (all eligible at 100%):
– US bank checking and savings accounts (Citibank, Chase, Bank of America, HSBC US, etc.)
– US brokerage accounts (Schwab, Fidelity, Vanguard, Merrill Lynch, UBS US, etc.)
– US money market and CD accounts
– US Treasury holdings

Retirement accounts (70% eligible):
If the foreign national has US-based IRA, Roth IRA, or 401(k) — eligible at 70% of vested balance.

Not eligible:
– Foreign bank accounts (non-US domicile)
– Foreign brokerage accounts
– Real estate equity (illiquid)
– Business ownership interests
– Crypto assets (confirm with loan officer)

Foreign National DSCR for Investment Properties

Asset utilization is for primary residence and second home qualification. For investment property, foreign nationals can use DSCR — each investment property qualifies on its own rental income with no personal income documentation. The property’s US address, US rental income, and US-based DSCR calculation apply regardless of the investor’s nationality.

Foreign national DSCR: Same requirements as domestic DSCR. The investor’s foreign status is not a DSCR program factor. What matters: does the property generate sufficient rental income to cover its PITIA? DSCR ≥ 1.00: standard 80% LTV. DSCR 0.75–0.99: no-ratio 70% LTV.

DSCR investment property is available in 46 states — a significantly broader geographic footprint than primary residence programs.

South Florida Foreign National Profile

Miami, Fort Lauderdale, and Boca Raton are the country’s most active foreign national non-QM markets. The South Florida profile:

Brazilian buyers: Primarily asset utilization for primary residence purchase. US brokerage accounts and US bank accounts holding proceeds from Brazilian business activities. Typical asset base: $1.5M–$8M. Citibank or HSBC US accounts common. ITINS common.

Colombian and Venezuelan buyers: Similar profile to Brazilian. Higher proportion purchasing investment property via DSCR (no personal income required). Brickell condo DSCR, Coral Gables SFR DSCR.

European buyers: UK, German, French, and Scandinavian nationals purchasing Florida vacation property. Often have US investment accounts through international wealth management relationships. Generally have more straightforward US credit history through prior travel credit cards and banking relationships.

The South Florida $2M overlay: Florida’s $2,000,000 maximum loan cap applies to foreign national primary residence purchases. Investment property DSCR has no Florida cap on loan amount.

Real Foreign National Transactions

Brazilian executive, Miami FL (asset utilization):
Brazilian pharmaceutical executive, B-1/B-2 visa. $2.8M in Schwab US brokerage. No US credit history at time of initial inquiry. Path taken: secured Citibank card (where he held an existing investment relationship), used card for 14 months. FICO established: 678. Returned: ITIN in place, 678 US credit score, $2.8M Schwab assets.

Eligible assets: $2,800,000. Down payment ($400,000) + closing costs ($48,000) + reserves (6 mo × $12,400 = $74,400) = $522,400 deductions. Net eligible: $2,277,600 ÷ 84 = $27,114/month qualifying income. Target: $1,850,000 Coral Gables primary, 80% LTV ($1,480,000 loan) — within FL $2M overlay. PITIA: $11,300/month. DTI: 52.4% — slightly above standard 50% DTI. Accepted at 52% DTI under exception — borrower had $2.28M in residual assets beyond qualifying assets. Close: 31 days (additional time for foreign national documentation review).

Colombian investor, Brickell DSCR (investment):
Investment DSCR — no personal income required. Brickell condo, $685,000. Rent $3,200/month. HOA $750/month. Miami-Dade taxes (1.5%): $856/month. Insurance (HO-6): $165/month. 70% LTV ($479,500 loan): P&I $3,602. PITIA: $5,373. DSCR: $3,200 ÷ $5,373 = 0.60 — below no-ratio floor. HOA was the deal killer. Bank statement investment alternative explored but Colombian income documentation not possible under US guidelines. Deal did not proceed.

UK executive, Nashville TN (asset utilization + DSCR):
UK executive with L-1 visa, relocating to Nashville. UK income (GBP): not documentable. US brokerage (UBS US, USD-denominated): $1.95M. Roth IRA (started via US employment): $185,000.

Asset utilization for Nashville primary: $1,950,000 + ($185,000 × 70%) = $2,079,500. After $235,000 deductions: $1,844,500 ÷ 84 = $21,958/month. Target: $780,000 Brentwood TN primary, 80% LTV ($624,000). PITIA: $4,800/month. DTI: 21.9%. Approved.

Simultaneously purchased Murfreesboro TN DSCR investment property: $305,000 SFR, $2,050/month tenant. Rutherford County 0.76%. 80% LTV: PITIA $2,160. DSCR: 0.95. No-ratio at 70% LTV: PITIA $1,960. DSCR: 1.05. Standard. His UK income: zero involvement.

Frequently Asked Questions

Can a foreign national get a mortgage in the US?

Yes — using asset utilization (primary residence, US assets) or DSCR (investment property, property rental income). No foreign income documentation required on either program.

What US assets qualify for foreign national mortgage qualification?

US-domiciled checking, savings, brokerage, and money market accounts in USD. Foreign accounts do not qualify.

Do I need a US credit score?

Yes — minimum 640 is required. Foreign nationals with no US credit history should establish US credit accounts (secured credit card at a US bank with existing deposit relationship) 12+ months before applying.

What visa types are eligible?

B-1/B-2 visitor, E-2 investor, L-1 transferee, O-1 extraordinary ability, H-1B, EB-5 investor, green card holders, and US citizens abroad. Confirm your specific visa type with your loan officer.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender

The US Credit Score Challenge: Complete Path to 640+

The most common obstacle for foreign national borrowers is the absence of US credit history. This is entirely solvable — but requires 12+ months of advance planning.

The fastest paths to 640+ US credit:

Path 1 — Secured credit card at US institution (12–18 months):
Most foreign nationals who hold US brokerage or banking accounts can obtain a secured credit card from that institution. Citibank, HSBC US, Bank of America, and Chase all have programs for existing account holders. Security deposit: $500–$5,000. Use for routine purchases ($200–$500/month). Pay full balance monthly. Score typically reaches 640+ within 12–18 months of consistent on-time payments.

Path 2 — Private bank unsecured card:
Foreign nationals with substantial assets at a US private bank (UBS, JPMorgan Private, Merrill) may receive an unsecured card as part of the banking relationship. This can establish US credit history without the secured card step. Timeline: depends on bank relationship.

Path 3 — International credit history:
Some lenders accept international credit reports (Nova Credit is a service that converts foreign credit reports to US equivalents). Confirm with your loan officer whether international credit is accepted for your specific nationality and program.

What to avoid: Opening multiple US credit accounts quickly. Each new account inquiry costs credit score points. Establish one or two accounts and maintain them consistently.

ITIN Application: The Process for Non-SSN Borrowers

Foreign nationals without a Social Security Number use an Individual Taxpayer Identification Number (ITIN) for mortgage applications. The ITIN is issued by the IRS and used for US tax filing purposes.

How to obtain an ITIN:
File IRS Form W-7 (Application for IRS Individual Taxpayer Identification Number) with supporting documentation:
– Foreign passport or national ID (certified copy)
– US visa (copy)
– Supporting tax documentation (e.g., prior year US tax return if applicable, or a letter from a US financial institution explaining US tax reporting obligations)

Processing: 7–11 weeks by mail. Some IRS Acceptance Agents and Certified Acceptance Agents (CAAs) can process faster. CAAs are authorized by the IRS to certify documentation without the originals being sent by mail.

Having an ITIN is the prerequisite for all Non-QM programs for borrowers without SSNs. Apply at least 3–4 months before you plan to begin the mortgage application.

Foreign National DSCR: The Investment Property Path

For foreign national investors who want US real estate income without the primary residence complexity:

DSCR is the cleanest path. The investment property’s US-generated rental income qualifies the loan. The investor’s foreign income, foreign assets, and foreign tax situation are entirely irrelevant.

Requirements: ITIN or SSN, valid US visa, minimum 640 US credit score. No foreign income documentation. No foreign tax returns. No currency conversion.

The foreign national DSCR sequence:
1. Establish ITIN
2. Establish US credit (secured card, 12–18 months)
3. Transfer asset liquidity to a US-domiciled brokerage or bank account
4. Identify investment property in one of the 46 DSCR-covered states
5. Apply: DSCR qualifies on the property’s rental income — no other income documentation

The result: a foreign national can build a US investment property portfolio using DSCR — each property qualifying on its own rental income — without ever submitting US or foreign income documentation.

Tax Implications for Foreign National US Property Owners

Non-QM lenders do not provide tax advice. Before purchasing US real estate as a foreign national, consult with a US tax attorney or CPA familiar with international real estate:

FIRPTA (Foreign Investment in Real Property Tax Act): When a foreign national sells US real property, the buyer must withhold 15% of the sale price for potential US capital gains tax. This is the most important tax consideration for foreign national US real estate investors.

Rental income taxation: Rental income from US property is subject to US federal income tax. Foreign nationals typically file Form 1040-NR (Non-Resident Alien Income Tax Return). State income taxes vary.

Estate planning: US-sited real property is subject to US estate tax for non-resident aliens, potentially at significant rates. Estate planning through property ownership structures (LLC, trust) is common for foreign national US real estate investors.

These are structural considerations for legal counsel, not mortgage qualification factors. Mbanc’s role is the financing. Your attorney and CPA handle the tax and legal structure.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender

The result: a foreign national can build a US investment property portfolio using DSCR — each property qualifying on its own rental income — without ever submitting US or foreign income documentation.

Tax Implications for Foreign National US Property Owners

Non-QM lenders do not provide tax advice. Before purchasing US real estate as a foreign national, consult with a US tax attorney or CPA familiar with international real estate:

FIRPTA (Foreign Investment in Real Property Tax Act): When a foreign national sells US real property, the buyer must withhold 15% of the sale price for potential US capital gains tax. This is the most important tax consideration for foreign national US real estate investors.

Rental income taxation: Rental income from US property is subject to US federal income tax. Foreign nationals typically file Form 1040-NR (Non-Resident Alien Income Tax Return). State income taxes vary.

Estate planning: US-sited real property is subject to US estate tax for non-resident aliens, potentially at significant rates. Estate planning through property ownership structures (LLC, trust) is common for foreign national US real estate investors.

These are structural considerations for legal counsel, not mortgage qualification factors. Mbanc’s role is the financing. Your attorney and CPA handle the tax and legal structure.

Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender