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:
| • |
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. |
| • | 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. | | • | 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.
| •
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.
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): NO LOAN PROGRAMS
CURRENTLY AVAILABLE.
| •
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 Maximum 60 % ($200,000 Minimum) subject to the Loan Size, geographic
location (see areas and maximums at top of page) and property type:
| • | Available
products: | | | Fully
Amortized and Interest Only | | | Documentation
Types: | | |
!! FULL DOCUMENTATION ONLY !! | | | |
| • | Occupancy: |
| | Primary
(only when residency is established permanent in the US) |
| | Second
Home or Investment Property | | • | Property
Types: | | | SFR |
| | PUD |
| | Low
& High Rise Condo | | | 2-4
Unit |
| •
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.
| • | 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 30 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 | | • | 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 which will include one
or more of the following:
| • | International
credit report | | • | Three
(3) original bank reference letters may be provided from financial institutions
located in the country of origin (translated to English) ..OR.., |
| • | 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 - The ONLY Acceptable Documentation Type for Foreign National Borrowers.
By nature, a Foreign National Borrower derives their income from another Country,
and their income must be verified via our U. S. Quality Control Procedures.
STATED
DOC - N/A
NO RATIO - N/A
NO INCOME / NO ASSET (NINA): N/A
NO DOC: N/A
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:
N/A
•No Doc documentation: N/A
•No Income/No Asset documentation:
N/A
•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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