Loading
Foreign National Loans in Long Beach
Long Beach attracts significant international investment due to port access and proximity to Los Angeles. Foreign buyers target beachfront condos, downtown high-rises, and rental properties near the harbor.
Most foreign national buyers here want either vacation homes near the coast or rental income from Long Beach State student housing. Portfolio lenders dominate this space since Fannie and Freddie don't touch these loans.
You'll face higher rates and larger down payments than US citizens. Expect 30-40% down and rates 1-2% above conventional programs, but approval doesn't require US credit history or Social Security numbers.
You need a valid passport and proof of income from your home country. Most lenders accept foreign tax returns, bank statements, or employment letters translated to English.
Credit requirements vary since US credit scores don't apply. Lenders review your international credit report or bank statements showing 12-24 months of reserves.
Down payment starts at 30% for primary residences and 35-40% for investment properties. Some lenders cap loan amounts at $2-3 million for Long Beach properties.
About 15-20 portfolio lenders write foreign national loans in California. Each has different country restrictions—some avoid certain regions due to fraud concerns or compliance issues.
Underwriting takes 45-60 days versus 30 for conventional loans. You'll need certified translations of documents and potentially a US-based attorney to handle closing.
Rate shopping matters here since spread between lenders runs 0.5-1%. One lender might quote 7.5% while another offers 6.75% for identical borrower profiles.
Chinese and Canadian buyers make up 60% of foreign national deals I see in Long Beach. Mexican nationals come third, often buying near the port for business access.
Don't wait until you're in escrow to explore financing. Foreign national loans need 2-3 weeks just to gather and translate documents before underwriting starts.
Some buyers form US LLCs thinking it helps. It doesn't—lenders still treat these as foreign national loans if ownership traces back to non-US citizens.
If you have an ITIN and US tax returns, ITIN loans offer better rates and lower down payments than foreign national programs. You'll save 0.5-1% on rate and reduce down payment to 20-25%.
Some foreign nationals qualify for asset depletion loans if they move significant liquid assets to US banks. This works when foreign income documentation proves difficult to translate or verify.
Investment property buyers should check DSCR loans if the Long Beach rental generates strong income. These ignore personal income entirely and focus on property cash flow instead.
Long Beach condo HOAs sometimes restrict foreign ownership or require board approval. Verify HOA rules before making offers—I've seen deals collapse at day 20 over this.
Properties near the port or in downtown high-rises attract foreign buyers willing to pay premium prices. Expect competition from other international investors in these pockets.
California requires additional disclosures for foreign buyers under FIRPTA tax withholding rules. Budget for a CPA familiar with foreign real estate transactions—this isn't DIY territory.
Yes, but you'll need a US-based attorney with power of attorney to handle closing. Some lenders require in-person signing, which limits your options.
Foreign national rates currently run 7-9% depending on down payment and property type. Rates vary by borrower profile and market conditions.
Most lenders require you to open a US bank account for down payment and reserves verification. This usually happens during the application process, not before.
Yes, but expect 40-45% down for 2-4 unit buildings. Single-family homes and condos typically require less down payment than multi-family properties.
Plan for 45-60 days from application to closing. Document translation and foreign income verification add 2-3 weeks versus domestic loans.
Not directly—US lenders can't access most foreign credit bureaus. They'll review bank statements and reserves instead of traditional credit scoring.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.