What Is a Foreign National Mortgage?

A foreign national mortgage is a type of loan that is designed to help individuals from other countries purchase property in the United States. Here are the basics of the foreign national mortgage and what it is used for.

Foreign Nationals

A foreign national is a citizen of another country who is living for the short term in the United States. This could also be an individual that is a United States citizen but who is living in another country and earning income there.

Foreign National Mortgage

When these individuals want to purchase property, they cannot use a traditional mortgage. This is where the foreign national mortgage comes into play. With this type of loan, they can purchase a second house for a vacation property or to create rental income. Most of the time, they are not going to be staying in the United States for very long. However, this loan allows them to purchase a property to stay in while they are in the United States.

Most foreign national mortgage lenders are located in highly populated cities. Therefore, these lenders are not as common as some of the other types of mortgage lenders that are available.