Brentwood Mortgage Services
A Naples Florida Mortgage Company
Stable • Reliable • Reputable • Dependable
PHONE: (239) 659-1660 or
(800) 330-0093
to speak with a mortgage specialist
LOANS FOR
FOREIGN NATIONALS
Eligible Borrowers:


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.

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.

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:

Available products:
  Alt-A, Fully Amortized and Interest Only
  Documentation Types:
  No Ratio
  NINA
  No Doc
Occupancy:
  Primary (only when residency is established permanent in the US)
  Second Home o 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 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
Copies of statements for each account for the 2 most recent months.

Credit References:

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:

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.


Income Documentation:

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!


Power of Attorney:

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

NOTARY REQUIREMENTS:

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.


PHONE: (239) 659-1660 or (800) 330-0093
to speak with a mortgage specialist
1019 Crosspointe Drive #1 Naples, Florida 34110


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