What is the minimum FICO credit score required?
Most foreign national mortgage programs look for a FICO score of 700 or higher. There are a few programs for applicants with a 660 or higher score, although the reserve requirements may be higher. 9. What are reserve requirements? Answer: Reserve requirements refer to the amount a foreign national must have in a US bank in order to qualify for a mortgage. The amount of reserves required varies on a case-by-case basis. A good rule of thumb is six months of mortgage payments plus your down payment and closing costs. It may be in your best interests to work with a multi-national bank that has a presence in the United States and your home country in order to facilitate the transfer of funds. 10. How much will I have to pay as a down payment? Answer: Foreign national mortgage loans require a down payment between 20% and 40%. 11. Do I have to be in California to sign the closing documents? Answer: Not necessarily. There are provisions and procedures which allow foreign nationals to sign the
