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Standard Foreign National Residential Loan Terms
The standard programs listed below will give you examples of our most popular loans. Each of these program types is not only available in standard fixed rate options, but also in our exciting Cash Flow Optimizer series. Please ask your loan advisor for more details.
(all loans are only approved on an individual basis, after reviewing the client’s information):
A. No Document Loan
We call this “no document” because it truly does require the least personal documentation from you of any loan we know of (basically just a copy of your passport). This is, by far, the easiest loan for your efforts.
Attributes:
· 30 Year Term (Options Available)
· Low Monthly Variable Rate (Fixed Options Available)
· Minimum 1.75% Cash Flow Payment Option For 10 years
· Completely Self Cert (Stated Income and Assets), hence “no documents” required on your part
· 3 Year Pre-Payment Penalty (Options for Waiving)
· 30% Down Payment Required
· Fixed Rate Conversion Option Available
· Also available with different rates and term lengths (See Website)
B. Low Documentation Loan
Just like the name implies, this loan requires only a little, or “low”, documentation from you. Basically, you will be asked to provide two more letters than the “no document” option, but you will also receive a correspondingly, even lower interest rate (expect from a .25% to .5% rate deduction). Still no tax returns or credit reports needed.
Attributes:
· 30 Year Term Standard (15 to 40 Year Terms Available)
· Lower Monthly Variable Rate (Fixed for Various Years Allowed)
· Lower 1.20% Cash Flow Minimum Payment Option (For 5 Years)
· Easy Documentation Requirements
· 3 Year Pre-Payment (Waiving and Modifications Available)
· Only 20% Down Payment Required
· Available with Different Rates and Term Lengths (See Website)
C. Premier Loan
Called “premier” because it offers you the absolute lowest rates we have available. For getting these rates please keep in mind you will need to provide the some documentation on your part to verify income, assets and credit (still not that bad, please see explanatory sheet), but this does result in a rate of usually a .5% to .75% lower than the no document programs.
Attributes:
· 30 Year Term Standard (From 15 to 40 Year Terms Available)
· Lowest Monthly Variable Rate (Fixed for Various Years Allowed)
· Lowest 1% Cash Flow Minimum Payment Option (For 5 Years)
· Several Documents Required
· 3 Year Pre-Payment (Waiving and Modifications Available)
· Only 20% Down Payment Required
· Available with different Rates and Term Lengths (See Website)
Notes For All Loans:
Please see rate sheet page for current estimates of program rates
· Some of our lenders will allow you to carry a second mortgage of an additional 10% from a private source (reducing your down payment requirements). Please ask loan advisor for more details.
· Loans cited above are for foreign citizens with no U.S. immigration or credit status. Please speak with your loan advisor to discuss options if you have any VISA status, U.S. credit, or social security number (this could mean up to a 100% loan option).
· All loans cited above are for single, 2nd Home, property purchases, please speak with your loan advisor about cash out remortgages/refinances and investment property purchases.
· No loan approval will be granted until appropriate review of individuals situation
Down Payment Options:
There is one key to understanding down payments; the more you put down, the easier it is for the underwriter to approve it. 20% is the minimum down payment allowed for true foreign nationals (you have no US social security number or US credit history). If you do have a social security number, extended stay work VISA, Green Card or US credit, you may qualify for a lower down payment. Please let your mortgage consultant know, and they will determine if a lower down payment is possible.
Increasing your down payment size will make the underwriter see you loan as "less risky", meaning you will most likely not be required to provide as much personal financial data, and may get more favorable rate and structure terms for your loan. Every little bit helps, but a good rule of thumb is to aim for a 30% down payment if you wish to make your loan as self-cert (low documentation) as possible. We offer some loan programs which at 30% literally only require proof of your valid passport for personal documentation from your end.
Regarding Pre-Payment (Redemption) Penalties:
Our standard foreign national pre-payment penalities are for three years. During each and any of the first three years you are allowed to pay up to 20% of the loan balance (or $5000 a month depending on program) off with no penalty. If you pay more than this in the first 36 months your penalty is as follows:
1st Year Penalty = 3% of loan balance
2nd Year Penalty = 2% of the loan balance
3rd Year Penalty = 1% of the loan balance
After the first 36 months you may pay off the balance in full with no penalty.
If you would like to waive or alter the pre-payment penalty structure, the basic trade off is an additional upfront .5% closing cost fee to allow you to sell the home with no penalty after the first twelve months (you still pay the above penalty if you remortgage), or an additional 1.5% upfront closing fee to waive the penalty altogether (although there are still restrictions on your selling the home within the first four months of ownership).
If you would prefer a loan which allows you to sell the property in under four months (flip), please notify your mortgage consultant of this and they will instruct you on options available.
Multiple Program Choices Await You
JRD Global can offer almost any type of loan you can think. We encourage you to check out the daily rate sheet to get more specifics of the possibilities (although every loan is subject to individual review), and look at the below list for an idea of some of the possibilities. Please speak with a mortgage consultant about your particular situation.
Cash Flow Optimizer Program (our most popular loan plans for those renting out their 2nd Home)
Interest Only Programs
Monthy Variable Rates
Three Month Variable Rates
1, 3, 5, and 7 Year Fixed Rates
15 and 30 Year Fixed
40 Year Terms on many rate programs
No Documentation Programs
Equity Accessing Remortgages/Refinances
Construction Loans
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