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The Largest Non-QM Mortgage Lender in South Carolina | Home Spring Mortgage
Home Spring Mortgage is the the largest non-qm (non-qualified) mortgage lender in South Carolina, providing diverse mortgage loan options for borrowers to achieve their dream of homeownership. Learn more.
Foreign National Loans
What Are Foreign National Loans?
American citizens looking to purchase a home in the United States can sometimes find it difficult to get approved for a traditional loan. Foreign National Mortgage Loan programs are available from some lenders, and they work like other loans. The biggest difference is that the down payment amounts are typically larger, about 30%.
wishing to avoid a higher down payment?
For those wishing to avoid a higher down payment, a niche lender might offer other solutions. When applying for a mortgage, if you hold something other than US citizenship, other documents might be required to determine what your residency status is.
Lack of Credit History is Typically a Roadblock With Traditional Lenders for Foreign Nationals
One of the hardest parts of obtaining a loan for foreign nationals is that they might not have a credit history in the US. Or if they do, it isn’t substantial enough to qualify for a traditional loan. A specified foreign national loan uses different types of credit and documentation to lend.
Advantages of Foreign National Loans
- Higher debt-to-income ratio than traditional loans
- No W2s, tax returns, or pay stubs necessary
- High loan amounts
- Can be used on primary residences, second residences, and investment property
Disadvantages of Foreign National Loans
- Increased interest rates
- Not offered by most traditional lenders
- Large down payments
Testimonials
Testimoial 1
Another couple weeks and we will have been in our new house 1 full year! What a journey – and thanks to you and HomeSpring it didn’t hurt too much, once I found you! Being Self-employed with some “past credit challenges” put me right into your preferred client range. Before you, we went through a multiple-months long, excruciating experience with another lender that didn’t work for us. Once we found you, the approval process was quick and painless! We had Schumacher Homes build our home and they told me your company was the quickest, easiest to work with and most enjoyable lender they have worked with… They’re nationwide and I believe they built about 200 homes in the Lowcountry last year. To underscore your ease of use… we refinanced the house after 6 months with a well-known national bank. What a pain in the butt! Took 3 months, we had to resubmit our financials every month and we had to work hard to get the refinance! Thank God that’s over!! Rest assured I’ll mention Chris Lathbury and HomeSpring Mortgage to anyone I meet who may need you! If you need a reference, feel free to pass on my name and I will sing your praises!! Thanks for all your work and help in making such a potentially stressful process go so well!
Testimonial 2
I want to say thank you to Chris Lathbury and the entire team at HomeSpring Mortgage for being so wonderful and gracious to me during the entire application, underwriting and funding process for the purchase of my home. It didn’t stop there Chris was very active in servicing the loan after funding. Whenever I would reach out with a question or had a concern Chris would always return my email or call within 24 hours max. Thank you from the bottom of my heart for all your help in accommodating the loan process to align with my relocation and new job appointment. It has been a pleasure to work with all of you! I highly recommend Home Spring Mortgage for all your real estate loan needs, you will not regret it.
Firstly, it is a major task to apply for and be approved for a mortgage and when going through that process you want a mortgage lender that understands your specific needs and how to make that a reality. HomeSpring Mortgage is that company. After dealing with several lenders and their numerous delays I found Chris and HomeSpring. They were professional, communicative, truthful and a company that gets the job done. HomeSpring is the way to go when looking to finance your home. Solutions is what they are about.
Testimonial 3
My clients and I found Chris after another lender let us down. He listened to us, looked over our contract, and even spoke with the seller of the home my client’s were purchasing to help salvage the deal. With an incredibly tight timeline, and tons of emotions, Chris was the true hero in this transaction and made it happen for us. Words truly do not express the level of gratitude I feel for how hard he worked for us. To say he went above and beyond is an understatement. This was my first time working with Chris, and the person who referred me to him told me he has a heart of gold, and he did an outstanding job living up to that reputation. He will be my go-to for these unique financing situations from now on!
DrewK
Hey Norb– We just closed and I just wanted to reach out and sincerely thank you, Chris, and HomeSpring Mortgage for working with us on this. As you can imagine, we’ve had a very difficult time getting back in the good graces of lenders, especially on this scale, and needed a chance, and ya’ll gave us that. We’re excited about being able to do our renovation project now, when only a month or two ago it was looking highly unlikely. Also, I appreciate the timeliness and level of communication that ya’ll showed throughout the whole process, which made everything run smoothly.
Our intentions are to not stick around at the higher rate for the long term, as I’m sure you can understand, when hopefully rates come down at some point and our credit profile should continue to improve. Whenever that time comes, we will most certainly work with y’all again to hopefully capture a lower rate.Thanks again!
Drew K
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