Important Documents Offshore Clients Need for A U.S. Mortgage
By Milo • 5/6/2021
If you’re an international client that is looking to purchase an investment property in the United States, it’s a good idea to finance your transaction with a mortgage loan.
An International Client’s Mortgage Dilemma
In the past, international clients were forced to jump through hoops when trying to obtain financing on their real estate purchases in the U.S. For the most part, the mortgage industry has been known to exclude international buyers from financing support. Instead of dealing with impossible demands, long wait times, and the travel burdens associated with getting a mortgage in the United States, many international buyers opted to forego financing options. Choosing instead, the less favorable option of purchasing the property in cash.
Milo is Reimagining Mortgage Loans for International Clients
Getting a mortgage used to be a challenge for international clients— until Milo reimagined the industry.
We’re on a mission to make financing more accessible for global consumers. If you are seeking a U.S. home loan, turn to Milo as your trusted mortgage lender. Our business is specifically modeled to meet your needs as an international buyer, ultimately making it easier and more profitable for you to invest in U.S. real estate.
5 Simple Documents You’ll Need to Apply for a Mortgage Loan
With Milo, obtaining funding for your U.S. investment properties is not complicated or ever-lasting. We’re dedicated to providing a simple, easy, and even fun process empowered by industry-leading technology. All you’ll need are some basic documents to get started.
When you’re preparing to apply for a mortgage loan with Milo, here is the complete list of all the documents that you will need:
#1. Valid Passport and U.S. Visa
Non-U.S. borrowers will need a valid passport and U.S. Visa.
#2. Payment for Property Appraisal
When you apply for a mortgage, you’ll need to have the money set aside for the property appraisal. The appraisal will be one of the first processes to take place as it verifies the fair market value of your home.
#3. 2 Months Bank and/or Brokerage Statements
Two months of bank and brokerage statements will be required to verify and assess your monthly income.
#4. 2 Credit or Bank Reference Letters
Two separate reference letters from either a bank or a credit institution.
#5. Valid U.S. Bank Account
International buyers will need to open a U.S. bank account for mortgage purposes. The loan’s reserve funds need to be stored in a U.S. bank account.
Income Qualification Options: Personal or Property
When applying for your mortgage, international buyers have two income qualification options: either personal income or property income. Milo will advise you on which option best meets your needs.
To qualify for your mortgage, you’ll need to provide appropriate proof of income whether you are employed or self-employed.
If using another property’s income to qualify for your mortgage, you’ll need to prepare the rental agreement statement on your investment properties. This only applies to investors who already own income properties other than the one currently being purchased.
Additional Documents You will Provide During the Process, If Applicable
Milo clients are diverse and our lending process was created especially to meet unique circumstances. Depending on your personal situation as an international buyer, you may need to prepare additional documentation when applying for your U.S. home loan.
Here’s a brief outlook on the different circumstances that require additional documents, and what you’ll need to prepare if they apply to you:
If Making a New Purchase
For new purchase mortgages, international buyers will need to have these two items on hand:
#1. Purchase Agreement
#2. Escrow Deposit
Have your payment confirmation from your escrow deposit prepared.
If Refinancing with Rate & Term or Cash-Out
Refinance loans for Rate & Term or Cash-Out packages need to meet these additional requirements when applying for a mortgage:
#1. Verification of Mortgage
Be prepared with records of 12 months of payment history on your current mortgage.
#2. Cash-Out Letter
If applying for a Cash-Out Refinancing mortgage, have a letter explaining the reasons for pursuing a cash-out loan.
Use this as a complete guide for applying for your U.S. mortgage with Milo. If this seems like a lot, don’t worry. Milo’s loan consultants specialize in making the process simple and clear. We’ll walk you through everything one step at a time.