Loading
Loading
San Rafael attracts foreign buyers seeking California lifestyle without coastal San Francisco prices. The city's schools, downtown walkability, and proximity to tech hubs make it popular with international investors and relocating families.
Foreign national financing works here because Marin properties hold value. Lenders see San Rafael as stable collateral, which matters when underwriting non-resident borrowers. Expect 30-40% down payments and rates 1-2% above conventional programs.
Most foreign buyers in Marin fall into two groups: tech professionals on visas buying primary residences, and offshore investors purchasing rental properties. The loan structure differs significantly between these scenarios.
Foreign National Loans in San Rafael
You need a valid passport and proof of income from your home country. Lenders verify employment through translated documents and international background checks. The process takes 45-60 days versus 30 for traditional loans.
Credit doesn't work like US mortgages. Most lenders skip credit scores entirely and focus on liquid assets, down payment size, and property cash flow. Showing $200K+ in reserves strengthens any foreign national application.
Purchase only—no rate-and-term refinances. You're buying a San Rafael property outright or staying in your current financing. Cash-out refinances sometimes work if the property already has significant equity.
Local decision guide
Use this guide to connect foreign national loans eligibility, lender expectations, and local market factors before comparing payment options in San Rafael.
San Rafael attracts foreign buyers seeking California lifestyle without coastal San Francisco prices. The city's schools, downtown walkability, and proximity to tech hubs make it popular with international investors and relocating families.
Foreign national financing works here because Marin properties hold value. Lenders see San Rafael as stable collateral, which matters when underwriting non-resident borrowers. Expect 30-40% down payments and rates 1-2% above conventional programs.
Most foreign buyers in Marin fall into two groups: tech professionals on visas buying primary residences, and offshore investors purchasing rental properties. The loan structure differs significantly between these scenarios.
About 15-20 lenders in our network handle foreign nationals, but only 5-6 are truly competitive. The rest price themselves out or add restrictions that kill deals. Rate differences between top and bottom lenders hit 1.5%.
Some lenders cap at $2M, others go to $5M+. San Rafael's higher-end properties need lenders comfortable with jumbo foreign national scenarios. If you're buying above $1.5M, your lender options shrink to maybe three shops.
Portfolio lenders beat conduit lenders on foreign national deals. They hold the loan instead of selling it, which gives them flexibility on documentation and property types. Expect better terms from regional banks than big national names.
Get your financial documents translated by certified translators before starting. Lenders reject bank statements and tax returns translated by your cousin. This step alone saves two weeks when done right upfront.
The property matters more than typical loans. Lenders want turnkey condition, strong rental comps if investment, and desirable locations within San Rafael. A fixer in the wrong neighborhood gets declined even with 50% down.
Foreign buyers often bring all-cash then refinance out 6-12 months later. This works when rates drop or you need liquidity back. But close the purchase first—trying to coordinate foreign national financing during escrow adds risk sellers hate.
ITIN loans work if you have US tax history but no Social Security number. Foreign national programs skip that requirement—you don't need any US documentation. ITIN typically offers better rates but requires two years of US tax returns.
DSCR loans sometimes overlap with foreign national scenarios on investment properties. If the San Rafael rental generates 1.25x the mortgage payment, DSCR might price better. But DSCR lenders often still want US credit, which foreign nationals lack.
Asset depletion converts your liquid assets into qualifying income. This helps foreign buyers with significant wealth but modest employment income. You might qualify for more house using assets than the foreign national income calculation.
Marin's foreign buyer activity concentrates in areas with top schools and low crime. West End neighborhoods and areas near Davidson Middle School see the most international interest. Lenders know these pockets and price them favorably.
San Rafael's condo market poses problems for foreign nationals. Many lenders restrict condos entirely or require 40-50% down. Single-family homes get better treatment. If you want a condo, shop lenders carefully before making offers.
Property taxes surprise foreign buyers. California's Prop 13 keeps increases low once you own, but initial assessments on Marin purchases run 1.2-1.3% of purchase price annually. Factor this into your hold costs alongside the mortgage payment.
A few lenders go to 25% down on strong profiles—high income, significant reserves, excellent home-country credit. Most require 30-35% minimum, with 40% common on investment properties or condos.
Not for approval, but you'll need one before closing. Opening a US account early helps establish banking relationships and simplifies wire transfers during escrow.
They require certified English translations of pay stubs, employment letters, and bank statements showing consistent deposits. Some lenders also call employers directly using international verification services.
Foreign national rates run 1-2% higher than conventional. If conventional sits at 7%, expect 8-9% on foreign national. Rates vary by borrower profile and market conditions.
Yes, though some lenders treat second homes like investment properties for pricing. Primary residence gets best rates, second home sits in the middle, investment property prices highest.
Some lenders restrict certain countries due to compliance rules. Canada, UK, Australia, and major European nations face no issues. Other countries require lender-by-lender checking.