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Foreign National Loan Program

The foreign national loans help non-US citizens buy their own property in the country. Unlike other loans, it has a bigger down payment.

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Foreign National Loans: How to Own Real Estate Despite Being a Non-Resident

 Loans are beneficial both to the lender and the receiver. 

When the receiver badly needs money, the lender will provide him/her some in exchange for repaying it in the future along with the interest rate or finance charges. 

However, there is another type of mortgage loan called foreign loans.

What Are Foreign Loans?

For various reasons, if you are a foreign national or even a temporary resident of the United States, you may want to own real estate property. 

But being a non-resident can lead to complications. That is particularly why foreign loans emerged, to provide assistance to foreign nationals who want to own a property.

Can Foreign Nationals Get a Mortgage in the United States?

Fortunately, many creditors expand their limits just to help foreign nationals acquire their desired properties, even if they do not have other credit transactions or credit history in the United States.

In line with that, Sprint Funding is one of the lenders who are willing to offer mortgage loans to foreign nationals.

Who is Sprint Funding?

Sprint Funding Corporation was first known as Pythius Home Loans Corporation back in 2006. 

Mortgage LoanWe changed our name in 2015 since the term ‘Sprint Funding’ suits well with our goal. 

We aim to provide a non-complicated service to the people by offering mortgage loans. 

In that way, we believe that we can be a blessing to their clients, and in return, our clients will be a blessing to others, too. 

Moreover, we underwent various challenges but that only made us stronger and more consistent with our offers and goals. 

We trust the principle of servant leadership and believe that everything starts with a servant’s heart.

What Are the Different Loans Offered by Sprint Funding?

If you are one of those foreign nationals who want to acquire real estate but are not sure if you are qualified or not, choosing Sprint Funding is probably the best for you. 

Sprint Funding offers a wide variety of mortgage loans, allowing you to pick the one which is most convenient for you. 

Here are the foreign national mortgage loans we offer:

1. Conventional Loans

The government does not ensure or guarantee conventional loans since it is supported by the lender, although the borrower usually pays for the insurance. 

This type of mortgage loan became the most popular home financing option in 2018, preferred by many over government-backed loans.

Conventional Loans - Sprint FundingIn this loan, you have more flexibility, but the lender is at a disadvantage, especially if you can no longer pay the loan. 

Because of that, the lender will try to recover your remaining balance by selling your home in a short sale process or even through foreclosure.

It has two different types: Conforming and Non-Conforming.

In order to apply for a Conforming Conventional Loan, you must first meet the requirements set by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). 

One of their most important guidelines is the loan limit, where the baseline loan limit for one-unit properties is $453,100. 

The limit of how much you can borrow can be adjusted each year just to correspond with the changes in your house price.

On the other hand, a Non-Conforming Conventional Loan is the type of loan that can exceed the limit set by Fannie Mae and Freddie Mac. 

It usually does not meet certain loan requirements and is financed by private organizations or lenders.

To qualify for a conventional loan, we will ask for your financial information, tax returns, bank statements, recent pay stubs, and other essentials as an assurance that you have a stable income and can pay your monthly mortgages on time.

The reason why most people go with this plan is that it offers the following benefits:

  • Reduced private mortgage insurance (PMI)
  • Various down payment options for as low as 3% of the home’s sale price
  • Low-interest rates
  • Various terms on fixed-rate mortgages, ranging between 10 and 30 years
  • Fast loan processing

2. VA (Veterans Affairs) Loans

If you are a veteran, this is the loan for you. It is financed by banks and is backed by the US Department of Veterans Affairs for veterans, survivors, and other qualified service members. 

Its basic intention is to offer no mortgage insurance every month with no down payment requirement, while providing up to 100% financing.

In VA loans, you can apply for much higher loans than conventional conforming types. 

There are also some factors that can strengthen a veteran’s application such as sufficient residual income, a low Loan-To-Value (LTV), and additional income received but not used to qualify for good credit, or the loan itself.

3. Federal Housing Administration (FHA) Loans

It is a mortgage issued by an FHA-approved member and is funded by the FHA itself. 

If you have a low to moderate-income and cannot afford expensive loans, this is probably the best for you since it requires lower down payments and credit scores than other mortgages.

In this type of loan, you can make a down payment of only 3.5% if you have at least a 580 credit score. 

If you do not, you can still avail of this loan but you need to pay at least 10% for the down payment for your desired home. 

Furthermore, the down payment may come from financial gifts to you, savings, or down-payment assistance granted to you. 

That is why FHA loans are among the most popular loans to foreign nationals who are first-time home buyers.

4. Jumbo Loans

Jumbo Loans are Non-Conforming Conventional Loans that surpass the limits set by Fannie Mae and Freddie Mac. 

In order to qualify for this loan, you must first meet the following criteria:

  • Debt to income ratio below 38%
  • 20% minimum down payment requirement
  • At least 720 or higher credit score
  • Documented proof of income

Seeking for a jumbo loan is not easy since it means that even if there will come a time when you won’t have any access to sufficient money, you can still provide enough cash for a large down payment intended to reduce your financing need and meet the maximum limit or amount allowed for a conforming loan.

If you are interested in this mortgage, you should be willing and ready to undergo screening and extensive application processes. 

A little tip for you: working with a mortgage broker is an effective and proven way to find or the best jumbo mortgage program for you.

5. Renovation Loans

This mortgage loan is best for you if you bought a real estate property that needs work. For instance, you bought a home and you want to customize it into your desired one.

Here are some of the best renovation mortgage programs for you.

  • FHA 203k Full – it authorizes the restoration or renovation of your house even if it needs major structural repairs. However, the home that will be renovated must be your primary residence. This type requires a down payment and offers a fixed rate.
  • FHA 203k Limited (203k(S) ) – it is similar to the above-mentioned program but the repairs have a limit of $35,000.
  • Homestyle® – it is a registered trademark of Fannie Mae that allows repairs required by the appraiser or desired by the borrower. In this type of loan program, the repairs will be attached to the property, further increasing the value of the home.
  • Construction to Permanent Financing – it is applicable for you if you have already bought land and you want to build a home there. This type of mortgage loan allows you to pursue financing options and comply with loan limits.

6. Reverse Loans

A reverse mortgage is only applicable to you if you are 62 years or older. 

It converts the value you built in your home or residence into cash. In this type of loan, you can get a large sum all at once or be paid in monthly installments. 

Reverse Loans - Sprint FundingIf you chose the latter, you can receive payments for the rest of your life, until you die, sell, or move out of your home.

This mortgage does not require monthly payments although the borrower is still responsible for paying the homeowner’s insurance and property taxes. 

Since you do not have monthly payments, your loan balance will continue to increase because the interest is added to it.

Being a foreign national or a temporary resident is not a deterrent to obtaining a loan since there are various lenders who are willing to help you. 

Achieving your dream to own real estate is possible with their help. But of course, getting loans comes with responsibilities. 

You, yourself, must be aware that you should pay them back in time.

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