Nadlan Capital Group – Financing For Foreign Investors in the US Market
What are the Requirements for Citizens?
Proof of Identity and Citizenship
◘ Government-issued photo ID, such as a driver’s license or passport, to establish identity.
◘ Social Security Number (SSN) verification for credit reporting purposes.
Proof of Income
◘ Recent pay stubs covering a specified period (usually the past 30 days).
◘ W-2 forms for the past two years
◘ If self-employed, tax returns (both personal and business) for the past two years and profit-and-loss statements.
Employment Verification
◘ Contact information for current and previous employers to verify employment history.
Credit History
◘ Credit report and credit score assessment.
◘ Details on any outstanding debts, including credit cards, loans, and other obligations.
Proof of Assets
◘ Bank statements for the past two to three months.
◘ Investment account statements.
◘ Documentation of other assets, such as real estate or vehicles.
Debt-to-Income Ratio
◘ Lenders typically assess the borrower’s debt-to-income ratio to ensure the borrower can comfortably afford the mortgage payments. This includes the ratio of monthly debt payments to gross monthly income.
Property Information
◘ Details about the property being purchased, including its address, purchase price, and a copy of the purchase agreement.
Home Inspection and Appraisal
◘ While not directly related to the borrower’s documentation, lenders may require a home inspection and appraisal to assess the property’s condition and value.
Homeowners Insurance
◘ Proof of homeowners insurance, including coverage details and payment information.
Title Insurance and Escrow
◘ Documentation related to title insurance and escrow arrangements for the property.