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Foreign National Loans in King City
King City's agricultural economy attracts international investors and landowners without US residency. Foreign national loans let you buy property here without a social security number or US credit history.
These loans focus on your global assets and property value, not traditional US income verification. Most foreign buyers in Monterey County target farmland, investment properties, or second homes near the Central Coast.
You need a valid passport and 25-40% down payment. Lenders verify foreign income through tax returns from your home country or bank statements showing global assets.
Most programs require 620+ credit if you have any US credit, or alternative credit documentation. Borrowers must prove 6-12 months of reserves to cover mortgage payments.
Only specialty non-QM lenders offer foreign national programs. These lenders charge 1.5-3% higher rates than conventional loans because they can't sell to Fannie Mae or Freddie Mac.
King City's smaller market means fewer local lenders handle these deals. Working with a broker gets you access to portfolio lenders who hold loans in-house and can customize terms.
Clients from Mexico make up most foreign buyers I see in King City, followed by investors from Canada and Asia. Agricultural property purchases take longer to close because lenders need specialized appraisals.
Don't expect US-style 30-day closes. Foreign national loans need 45-60 days for documentation translation and international verification. Budget extra time if your income source is in a non-English speaking country.
ITIN loans work better if you have US tax filing history. Foreign national loans make sense when you haven't established any US financial footprint yet.
Asset depletion loans can supplement foreign national programs if you have significant liquid assets but irregular income. DSCR loans work for investment property when rental income covers the mortgage.
King City's agricultural zoning affects loan terms. Lenders treat working farmland differently than residential acreage, often requiring larger down payments on ag-zoned parcels.
Monterey County property taxes run about 1.1% annually. Foreign buyers should understand California Prop 13 tax protections and how property tax works without US residency.
Yes, remote closings work through power of attorney or mobile notary services. You'll need notarized documents from your home country and a US bank account.
Expect 25-40% down depending on property type and your country of origin. Agricultural property typically requires 30-40% down.
Many include 1-3 year prepayment penalties because lenders hold these loans in portfolio. Terms vary by lender and loan amount.
Yes, through DSCR loans that use property cash flow instead of personal income. You still need the foreign national structure for documentation.
Your USD loan amount stays fixed regardless of exchange rates. You bear currency risk when converting funds for payments.
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.