New Penn's Foreign National Loan Program makes buying a
U.S. home easier for non-U.S. citizens.
Our proprietary program offers flexibility and fewer
restrictions. The key advantages of the New Penn Foreign
National Loan Program include:
- Borrow up to $650,000 per property
- Fixed rate terms (10, 15, 20, 25 & 30)
- Adjustable rates (5/1, 7/1, 10/1)
- New home loans and refinance
- Debt-to-income ratios are 35%/45%
- No pre-payment penalties
- Up to 65% loan-to-value financing
- Eligible properties include single-family homes, condos
and townhouses
- Second homes okay
- Loans are manually underwritten
- Self-employed okay
- Competitive interest rates
- Available in select markets including Florida and New
York
More About Foreign National Loans
The American Dream has long been defined as the concept of
owning a home. That's true not only for American citizens, but also
for residents who live in the country and have not acquired
official citizenship. For these residents, the hurdles of buying a
home can be even greater, on top of the ongoing challenges inherent
to the process, such as saving for a down payment and finding
favorable interest rates.
However, there are programs and products that can help. The
Foreign National Program at New Penn Financial offers those
residents the opportunity to buy a home in the United States at
terms that are not restrictive or unattractive. With some of the
industry's most flexible conditions, the foreign national loans at
New Penn Financial are the key to helping non-citizen residents put
down roots in the United States.
The U.S. market is increasingly attractive to
non-citizen buyers
Throughout history, America's shores have welcomed individuals
from around the world, many of whom were looking to start anew in
an unfamiliar land. That continues right up until present day, as
people continue to strive for the opportunity America promises.
In a 2011 study, the National Association of Realtors showed the
increasing popularity of American real estate. According to the
report, $1.07 trillion in existing home sales were recorded between
the months of March 2010 and March 2011. Of that total, $82 billion
in sales were generated by buyers born outside of the United
States, an increase from $66 billion the previous year.
A significant portion of those buyers were foreign nationals -
non-citizens who resided in the United States and were looking to
purchase a permanent home. Experts note American real estate was
attractive to these buyers for many of the same reasons it is to
citizens - affordable prices and attractive mortgage terms.
However, in many ways, foreign nationals' demand for American homes
helped propel domestic real estate markets during difficult
times.
Terms compare favorably to those available to domestic
buyers
Due to that significant demand, it should stand to reason that
non-citizens require affordable and accessible foreign national
loans. Yet, for many years, mortgage terms remained unattainable
for many of these residents. Obtrusive down payment requirements
and high interest rates made the cost of affording such a loan
difficult for many buyers.
That was especially true in the wake of the financial
difficulties that began in 2008, when many lenders tightened their
standards to mitigate loss. As a result, many foreign nationals
felt their ability to buy a home in America was significantly
hindered.
However, with the market opening up opportunities for all buyers
and trusted lenders providing attractive foreign national loans for
non-citizens in particular, the time may be ripe for these
consumers to enter the American real estate market. The top foreign
national loans in the industry can offer financing for a wider
price range of homes and for a greater selection of buyers.
The advantage of working with a trusted
lender
While there are options for consumers looking for foreign
national loans, New Penn Financial's programs remain among the
industry's most flexible and attractive. Borrowers can finance up
to $650,000 per property or obtain financing for up to 65 percent
of a home's value. Additionally, they can select from 10-, 15-,
20-, 25- and 30-year fixed-rate loans, and a bevy of hybrid
adjustable-rate options.
With financing available in some of the nation's top markets at
competitive interest rates and with freedom from pre-payment
penalties, New Penn Financial's foreign national loans can help
these residents realize their own American
Dream.
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