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Foreign National Loans in Millbrae
Millbrae's proximity to San Francisco International Airport makes it a strategic choice for international investors and foreign nationals seeking California real estate. The city's excellent transportation access and established international community create natural appeal for overseas buyers.
Foreign national loan programs allow non-US citizens without permanent residency to purchase property in Millbrae. These specialized mortgage products accommodate international income documentation and credit histories that differ from traditional US lending standards.
San Mateo County's strong property values and rental demand make it particularly attractive to foreign investors. Millbrae specifically offers both investment opportunities and potential future residence options for international buyers.
Foreign national loans typically require larger down payments than conventional mortgages, commonly 30-40% of the purchase price. Lenders assess income through international documentation such as foreign tax returns, employment letters, or bank statements from your home country.
You do not need a Social Security number, US credit history, or permanent residency status. Valid passport and proof of foreign income typically satisfy documentation requirements. Some programs accept asset-based qualification methods.
Property types accepted include single-family homes, condominiums, and multi-unit investment properties. Rates vary by borrower profile and market conditions, with pricing influenced by down payment amount, property type, and documentation strength.
Foreign national loans come from specialized non-QM lenders rather than traditional banks. These lenders understand international documentation and cross-border transactions that conventional mortgage companies typically avoid.
Working with a broker experienced in foreign national lending proves essential. The right intermediary knows which lenders accept documentation from specific countries and can navigate currency exchange considerations in income verification.
Expect longer processing timelines than traditional mortgages. International document verification, translation requirements, and additional due diligence extend typical closing periods by 15-30 days compared to conventional loans.
Establishing US bank accounts before application strengthens your borrowing profile. Having funds seasoned in domestic accounts for 60-90 days demonstrates financial stability and simplifies down payment verification.
Consider property location carefully for foreign national loans. Lenders often prefer properties in established neighborhoods with strong rental markets. Millbrae's consistent demand from professionals and SFO employees creates favorable lending conditions.
Many foreign buyers initially pursue investment properties, then later convert them to personal residences. This strategy builds US financial history while the property generates income. San Mateo County's robust rental market supports this approach effectively.
ITIN loans offer an alternative for foreign nationals who have obtained Individual Taxpayer Identification Numbers and US-based income. These programs typically require smaller down payments but necessitate domestic employment or business income.
DSCR loans evaluate investment properties purely on rental income, regardless of borrower nationality. For foreign nationals buying rental properties, DSCR programs may provide better terms if the property cash flow meets minimum coverage ratios.
Asset depletion loans qualify borrowers based on liquid assets rather than income. Foreign nationals with substantial savings but limited verifiable income often find these programs more accessible than traditional foreign national products.
Millbrae's direct BART connection to San Francisco and proximity to major employment centers creates consistent rental demand. Foreign investors find this transit accessibility particularly valuable when evaluating long-term property performance.
San Mateo County property taxes and California regulations apply equally to foreign and domestic owners. Understanding ongoing costs including property tax, insurance, and HOA fees where applicable helps international buyers budget accurately.
The city's international character, with established Asian communities and multilingual services, eases the property ownership experience for foreign nationals. This cultural diversity creates both comfort for international buyers and strong tenant pools for investment properties.
Yes, many lenders complete the entire process remotely through digital document submission and electronic signing. Some require US-based representatives for closing, which title companies can often accommodate through power of attorney arrangements.
Yes, you must pay annual property taxes to San Mateo County regardless of citizenship. If you rent the property, rental income is subject to US tax reporting, though tax treaties may affect your obligations.
You can hire local property management companies to handle rentals and maintenance. Many Millbrae owners use professional managers to oversee their investments remotely, with full online reporting and payment systems.
Loan payments must be made in US dollars from a US bank account. Most foreign national borrowers set up automatic transfers from international accounts, though exchange rate fluctuations can affect the cost in your home currency.
Family members with US residency cannot co-borrow on foreign national loans, but they can assist with property management or hold power of attorney. Their involvement does not improve loan terms or qualification requirements.
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.