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Foreign National Loans in West Covina
West Covina attracts international buyers looking for stable investments in the San Gabriel Valley. Foreign national loans let non-US citizens buy property here without a green card or Social Security number.
The city's proximity to strong Asian business communities makes it popular with buyers from China, Taiwan, and South Korea. These loans work for investment properties and second homes, though most lenders restrict primary residence financing.
Expect to put down 30-40% as a foreign national. Lenders require a valid passport, proof of income from your home country, and substantial cash reserves.
Credit doesn't work the same way internationally. Most lenders accept foreign credit reports or bank statements showing consistent deposits. You'll need 6-12 months of reserves after closing.
Not all lenders touch foreign national loans. We work with specialized non-QM lenders who understand international documentation and cross-border income verification.
Rates typically run 1-2% higher than conventional loans due to perceived risk. The lenders who do these deals have experience with foreign tax returns, bank statements in other currencies, and property held through LLCs.
West Covina works well for foreign nationals targeting mid-priced California real estate. You avoid the premium pricing of coastal cities while staying in a stable market with established Asian communities.
Structure matters here. Some buyers use US-based LLCs for liability protection, which adds complexity but can help with future financing. Get tax advice from someone who understands both US and your home country's rules.
If you have an ITIN, those loans typically offer better rates and lower down payments than foreign national programs. But getting an ITIN requires US tax filing history most international buyers don't have.
DSCR loans work if you're buying rental property and can show strong rental income projections. They don't require personal income verification, which simplifies documentation for foreign buyers.
West Covina's rental market supports investment property strategies. The city sits between downtown LA job centers and Inland Empire logistics hubs, attracting steady tenant demand.
International wire transfers take 3-5 business days. Plan your closing timeline accordingly. California imposes property tax on foreign ownership, but West Covina's rates stay reasonable compared to coastal counties.
Yes, most lenders handle everything remotely with digital signatures and mobile notaries. Some require a US bank account for loan payments.
No. Lenders accept foreign credit reports or bank statements showing income and reserves. They focus on down payment size and asset strength.
Rates vary by borrower profile and market conditions. Foreign national rates typically run 1-2% higher than conventional loans due to documentation complexity.
Some lenders allow it, especially for investment properties. DSCR loans focus entirely on rental income without verifying personal income.
Expect 30-45 days. Foreign document translation and verification adds time compared to standard loans.
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.