Residential Finance Corp. released a mortgage program catering to foreign-born homebuyer's special needs.
This correlates to the Mortgage Bankers Association new report, suggesting rental and homeownership demand from new U.S. immigrants is expected to grow as more foreign-born citizens settle into the U.S.
"The U.S. market is being increasingly viewed as attractive to non-citizen homebuyers," said Mark Fowler, chief revenue officer at Residential Finance. "We're seeing growing interest from foreigners in securing home loans, particularly in coastal areas."
The Residential Finance program features both fixed-rate and adjustable-rate mortgages for foreign borrowers who qualify, according to a press statement. It also provides a loan-to-value ratio of up to 65%, places a maximum cap on borrowing at $600,000 per property for both home purchase loans and refinances.
Single-family homes, condominiums, townhouses and second homes are all eligible.
"Due to the unique qualifying features of these loans, each is manually underwritten by Residential Finance," Fowler said. "There are no pre-payment penalties and the program permits borrowers to be self-employed."