Work Visa. ExPat Program

expat-program

Who Qualifies for this Loan Program?

  • Foreign Nationals with current Work Visa or job offer letter that will provide a Work Visa
    • Moving to U.S. for employment or living in U.S. as W2 wage earner
    • No U.S. credit score or low score due to lack of history is acceptable
  • Green Card Holders
    • No U.S. credit score or low score due to lack of history
  • U.S. Citizens & Green Card Holders
    • Returning to U.S. after living abroad or currently on assignment abroad
    • No recent or limited U.S. credit history or low score due to lack of credit
  • U.S. Citizens
    • Living in U.S.
    • No recent or limited U.S. credit history or low score due to lack of credit

The Northstar Funding Advantage

  • Northstar Funding doesn’t require: foreign credit, alternate trade lines, VOMs or VORs
  • Foreign assets for down payment AND reserves including foreign retirement funds considered
    • Funds for closing must be moved to U.S. prior to the funding date
  • Foreign assets used for reserves do not need to be moved to the U.S.
  • No lender requirement for pledged assets or payment from Northstar Funding account
  • All collateral types allowed with no LTV restrictions:
    • Non-warrantable condos
    • Condotels
    • Co-ops
    • Jumbo
    • Super Jumbo

The Advantage Difference

  • Pre-qualification to borrower within 24
    • 48 hours
    • TBD address acceptable
    • No Visa, SS# or pay-stub, required to pre-qualify or process file
    • Visa, SS# and pay-stub required to fund
  • Rush closing as fast as two weeks provided if saving a loan from falling out with a more conventional source
  • Bonus and commission income is allowed if a previous history of this income can be documented and the borrower is transferring with current employer on case by case basis
  • Stock awards and option awards can be used as income and assets (if vested) on a case by case basis
  • Borrower may also apply for Northstar Funding auto loan and credit card

Pricing Example

Use the 740+ FICO tier for start rate and add .75% for the Expat program.

ARM Product Features

  • Max DTI 43%
  • 80% LTV up to $1.5 million loan amount with reduced LTVs up to $3 million
  • 30 year amortization
  • No prepayment penalty
  • 2/2/6 caps, 1-year CMT Index, 3.0% Margin, Floor = Note Rate
  • Qualify at the start rate on 7/1, 2% over on the 5/1 and 6% over on the 3/1
  • Escrows required

Where Can You Find Referral Sources for these Borrowers?

  • United States employers are relying more and more on foreign talent to fill their personnel needs, but unfortunately they generally do not offer assistance with the home buying process.
  • This tends to cause the borrowers to get bad information, or worse yet, get turned down for a mortgage through a non-broker source which triggers them to sign leases and wait for
    • 12-24 months before entering the applicant pool.
  • Target lead sources such as:
    • Relocation companies
    • Immigration attorneys
    • Executive recruiters
    • Expat online communities such as Internations.com, Britishexpats.com and other Expat blogs

It’s imperative you become visible to these potential borrowers early in the immigration process!