Choosing the Right U.S. Mortgage as a Foreign National

Navigating the U.S. real estate market as a foreign national investor comes with its own set of challenges. However, at Milo, we specialize in investment residential properties to ensure that our foreign national customers have mortgage options that suit their unique circumstances. Why? Because foreign nationals without permanent U.S. status cannot acquire a primary residence in the US. Hence, we design our offerings to align perfectly with your investment needs.

What type of loans can non US citizens get to invest in real estate?

Whether you're aiming to acquire a new investment property, refinance an existing one, or cash out some of your home's equity, Milo has got you covered:

• Purchase a Property: Take the first step towards a rewarding investment.
• Refinance an Existing Property: If you already own, find out how to make your asset work even harder for you.
• Cash-Out Refinance: Unlock additional funds with our cash-out refinance program.

Milo’s Loan Programs Explained:

1. Income-Based/ Full Doc Program The Income-Based Program (Full doc) is structured around a comprehensive review of your financial standing. At its core, this mortgage type looks at:

• Income Verification: We assess all income sources, from salaries to investments and even rental incomes. Reliable income streams are crucial to gauge your repayment capability.
• Debt-to-Income Ratio (DTI): Your DTI is a key determinant. It's the percentage of your monthly income that goes towards paying debts. A lower DTI often signifies a healthier financial status, making you a more favorable candidate for this mortgage type.
• Assets and Collateral: While your income plays a pivotal role, we also evaluate other assets you possess. This could be other properties, investments, or significant savings. These assets serve as a security net, ensuring you have means beyond your regular income to manage the mortgage.

Opting for the Income-Based Program avails you of our most competitive rates, all under the canopy of a 30-year mortgage, making it an attractive choice for those with a strong financial standing.

2. Rental-Income Based / DSCR Loan This mortgage program is tailor-made for those eyeing properties with significant income-generating potential:

Property Cash Flow: The primary focus is the property's ability to generate revenue. Monthly rental income, after deducting all property-related expenses, gives a clear picture of how the property will aid in servicing the mortgage.

Debt Service Coverage Ratio (DSCR): DSCR is a measure of the cash flow available to pay current debt obligations. A DSCR of more than 1 indicates that there's ample income to cover loan payments. This ratio plays a significant role in assessing eligibility.

Asset Evaluation: As with the income-based program, we also consider other assets to provide a holistic view of your financial standing.

Enjoy the benefits of property income with the added assurance of a 30-year mortgage term.

3. Bridge Financing Crafted for investors with time-sensitive needs, bridge loans offer short-term financing to bridge the gap to more permanent financing or the sale of a property:

• Property as Collateral: One of the main attributes of bridge loans is that they utilize the property as collateral. This places emphasis on the property's value, ensuring that it can support the amount being borrowed.
• Exit Strategy: Central to bridge loans is the borrower's exit strategy. This outlines how you plan to repay the loan, be it through the sale of the property, securing long-term financing, or other means. A well-thought-out exit strategy assures lenders of your commitment and ability to handle the loan's repayment.

Due to their short duration and specialized nature, bridge loans may have higher interest rates than long-term mortgage options, and they typically have a term ranging between 1-2 years.

Why Choose Milo

Milo takes into account your credit history from your home country, removing the requirement for a U.S. credit history. This approach aims to help you preserve liquidity while achieving your investment objectives. Our procedures tend to be expedited compared to traditional banks, and in many instances, transactions can be closed remotely. Learn more about our foreign national mortgage and refinancing options.

Milo makes real estate investment for foreign nationals not just possible, but easy and efficient. With a range of tailored programs, we ensure you have all the tools you need to make a smart investment. Don't hold back; your path to a rewarding property investment is a click away. Apply Now.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.