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What is a foreign national mortgage borrower?
A foreign national, in U.S. mortgage lending, is a borrower who is not a U.S. citizen or permanent resident and who lives primarily outside the United States, seeking financing for U.S. real estate. Foreign national loans use documentation, credit and eligibility standards that differ from those for domestic borrowers, and requirements vary by program.
These borrowers often have no U.S. credit history and earn their income abroad, so programs may rely on international credit references, foreign bank statements or the property's rental income instead. Many foreign national loans are for second homes or investment properties.
The term isn't interchangeable with ITIN borrower or nonpermanent resident. A nonpermanent resident lives in the U.S. under a temporary lawful status; an ITIN describes a tax ID, not where someone lives.
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