Residency and Immigration Status: The Borrower may be a
U.S. Citizen (ie: a U.S. Citizen working in a foreign country
with little or no US credit), or a Foreign National who meets
eligibility requirements as specified in this section. Foreign
National Borrowers with diplomatic immunity are not eligible.
A
Foreign National is any person who is not a U.S. Citizen.
This includes the following:
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Permanent
Resident Alien:
A Foreign National who has lawful residency status in the
U.S. on a permanent basis. A permanent resident alien holds
a "green card" or temporary evidence of lawful
permanent residency. |
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Non-permanent
Resident Alien:
A non-permanent resident alien is a Foreign National
who is permitted to reside in the U.S. on a temporary basis
and may have been granted authorization to work in the U.S. |
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Nonresident
Alien:
A Foreign National who is not authorized to live or
work in the U.S. for any extended period of time. Nonresident
aliens periodically visit the U.S. and purchase property
for use during those visits. |
Borrowers
with a work Visa (minimum 12 months issued) will qualify
for U.S. Citizen Guidelines, Brentwood Mortgage Services
will require Social Security Number and employment.
Borrowers with no work Visa will qualify for Foreign
National Guidelines.
Work VISA: All of A, All of E, F 1, All of G, All H (except
H4), All of I, All of J, K1, K3, All of L, M1, NATO, All of 0,
All of P, All of Q, R1, S5, S6, All of T, All of U, V1.
No Work VISA: All of B, All of C, All of D, F2, H4, K2,
K4, M2, 03, P4, Q3, R2, TO, V2
Undocumented Alien: A Foreign National without valid evidence
of entry in the U.S. The Borrower and Co-Borrowers may not be
undocumented aliens.
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Non-permanent Resident Alien Highlights and Guidelines: |
Non-permanent resident aliens must hold acceptable evidence of
the right to reside in the U.S.
Issued by the U.S. Citizenship and Immigration Services (formerly
INS).
Non-permanent Resident Aliens may obtain a loan under the same
terms and conditions as U.S.
citizens/Permanent Resident Aliens if non-permanent resident alien
meets the following requirements and exceptions:
Borrower
must be employed in the U.S. and must hold an INS document that
permits an original term of residency of at least 1 year. Nonpermanent
resident aliens who do not meet this requirement may be eligible
under the requirements for nonresident aliens. Eligibility applies
if at least 1 of the Borrowers is a permanent resident alien meeting
the requirements above; CoBorrowers may be nonresident aliens.
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Nontraditional
sources of credit are permitted for the following programs:
Alt - A (using a 620 decision credit score, to determine
doc type and LTV) |
Please
Note: Borrowers who do not meet the above non-permanent Resident
Alien requirements to qualify under the same guidelines as a U.S.
Citizen / Permanent Resident Alien may be eligible for Nonresident
Alien financing.
Social Security Numbers. Individual Tax Identification Numbers
and Certificate of Foreign Status (otherwise knows as a "TIN"
number):
Permanent and non-permanent resident aliens must have either a
Social Security number (SSN) or Individual Tax Identification
Number (ITIN). However, a Borrower employed or self-employed in
the U.S., whether or not a U.S. citizen, is required to have a
SSN. An ITIN is not an acceptable substitute for a SSN in such
a case.
An ITIN is a tax processing number issued by the IRS for certain
resident and nonresident aliens, their spouses, and their dependents.
The ITIN is only available to individuals who are required to
have a taxpayer identification number for tax purposes but 1M10
do not have, and are not eligible to obtain, a SSN from the Social
Security Administration. Examples of individuals who need an ITIN
may be obtained from the IRS website: http://www.irs.gov/pub/irs-pdf/p1915.pdf
An ITIN:
| • |
Does
not authorize work in the U.S. or provide eligibility for
Social Security benefits or the Earned Income Tax Credit. |
| • |
Is
not valid for identification outside the tax system. |
| • |
Does
not establish immigration status. |
By law, an alien individual cannot have both an ITIN and a SSN.
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Nonresident Alien Highlights and Guidelines: |
Nonresident aliens must hold acceptable evidence issued by the
INS of the right to enter the US. A nonresident alien is eligible
under the same terms and conditions as a U.S. Citizen with the
following requirements and exceptions:
LTV's
are limited to 80% subiect to the Loan Amount Size and Doc Type
selected:
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Available
products: |
| |
Alt-A,
Fully Amortized and Interest Only |
| |
Documentation
Types: |
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No
Ratio |
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NINA |
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No
Doc |
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Occupancy: |
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Primary
(only when residency is established permanent in the US) |
| |
Second
Home o Investment Property |
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Property
Types: |
| |
SFR |
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PUD |
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Low
& High Rise Condo |
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2-4
Unit |
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Assets
Held in Foreign Accounts: |
If
assets are held in a Foreign Account, at the time of asset verification,
the US Dollar equivalency must be calculated using the most current
exchange rate. www.xe.com
or a copy of the Wall Street Journal's most recent conversion
table must be included for converting the Borrower's foreign currency
to US dollars.
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Sufficient
funds to close must be on deposit in a US bank account prior
to closing and must be verified with a VOD or bank statement.
If funds have been on deposit for less than 15 days,
documentation must be provided indicating that the funds
were on deposit with a foreign institution prior to deposit
in the US. |
| • |
Written
Verification of Deposit for each account with current and
average balance for the last 2 months; or |
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Copies
of statements for each account for the 2 most recent months. |
For non-permanent resident alien and nonresident alien Borrowers,
a credit report is required if available. If a U.S. credit report
and/or a credit score cannot be produced due to insufficient reported
trade lines, the Borrower should provide alternative sources as
described above. For those Borrowers who have no alternative sources
of credit in the U.S., the following must be provided:
If
a U.S. Credit Report and/or a credit score cannot be produced
due to insufficient reported trade lines, the Borrower should
provide alternative sources of credit:
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Three
(3) original bank reference letters may be provided from
financial institutions located in the country of origin
(translated to English) ..OR.., |
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One
(1) original credit reference letter from a large, internationally
known financial institution may be provided. |
When foreign source(s) of credit have been provided, the minimum
number of trade lines specified for all documentation types will
be deemed to have been met.
FULL
DOC - Not an Acceptable Documentation Type for Foreign National
Borrowers.
By nature, a Foreign National Borrower derives their income from
another Country, and their income can not be verified via our
U. S. Quality Control Procedures.
STATED
DOC - This is the same explanation as the "No Ratio"
with the exception being that income is included on the application.
NO RATIO - Provide a letter from a CPA / Third Party Representation
of the country of origin, stating that the borrower or
borrower's business has been established and active for a minimum
of 2 years. NO REFERENCE TO INCOME. Letter must
be translated to English. Assets are to be Verified, Do not include
income on the 1003. Only place of Employment.
NO INCOME / NO ASSET (NINA): Do not include either on your
1003. That means, the Schedule of Real Estate (page 3 of the 1003)
too. You will place their place of employment, and complete a
verbal/CPA verification, but no reference to income. This Doc
Type is limited to only 2 properties total in borrower's Schedule
of Real Estate. One property must be the subject property and
this is THE most popular documentation method.
NO DOC: Nothing, no employment, no mention of banks, schedule
of real estate...NOTHING!
Generally,
another individual may act on behalf of the Borrower at closing,
provided such person has been authorized to do so under a Power
of Attorney. However, use of a Power of Attorney for the execution
of either origination or closing documents is prohibited for the
following transaction types:
•No
Ratio documentation
•No
Doc documentation
•No
Income/No Asset documentation
•Texas
Section SO(a)(6) refinance
The
Power of Attorney must meet the following requirements.
•Brentwood
requires a Limited (Specific) Power of Attorney.
•The Specific Power of Attorney must give detailed instructions
related to the Subject Property.
•It must be clear that the Borrower is appointing a Power
of Attorney.
•It
must be clear who is being appointed with Power of Attorney.
•The
Power of Attorney must be signed and dated by the Borrower.
•The Power of Attorney must be notarized.
•The
title company must approve the Power of Attorney.
•The Power of Attorney must be recorded prior to or with
the Security Instrument.
•The person being appointed with Power of Attorney is "Attorney
in Fact" and must sign the closing instruments as follows
(or in such format as is legally acceptable in the state of the
Loan closing):
| Jane
Doe by John Smith, Her Attorney-in-Fact |
Documents
signed by Borrowers outside of the United States must meet the
following requirements:
•The documents may be notarized by a U.S. embassy or consular
official. The certificate of acknowledgment must meet the requirements
specified above and must include the embassy or consular seal;
or
•For documents signed in a country that is party to a treaty
called "The Hague Convention Abolishing the Requirement of
Legalization for Foreign Public Documents" the following
is required:
http://hcch.e-vision.nl/index_en.php?act=authorities.listing
•A certificate of acknowledgment completed and signed by
a notary public that is authorized / commissioned to perform the
duties of a notary public in the jurisdiction / member country
in which the documents are signed by the borrowers. The certificate
of acknowledgment must meet the requirements specified above and
must bear the stamp or seal of the certifying authority.
•The certificate of acknowledgment must be authenticated
by apostille. The apostille is a preprinted document prescribed
by the Hague Convention, and it authenticates the notary public's
signature, capacity to act as a notary public and stamp or seal.
The apostille is issued by a "competent authority" who
is specifically authorized to issue an apostille in the member-country
in which the document is executed. The apostille must be written
in English and attached to the executed documents and certificate
of acknowledgment.
The U. S. Department of State website contains information
concerning current member countries to the treaty and the "competent
authority" in each country.
•The notary acknowledgment and authentication must be acceptable
to the recorder/registrar and title insurer in the jurisdiction
in which the documents will be recorded. We recommend that the
Seller contact the applicable title insurer to confirm acceptability
prior to closing.
•An interested party to the transaction may not serve as
a notary for any documents executed in connection with the Loan.
Interested parties are those individuals who may have a direct
financial interest in the closing of the Loan.
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