Requirements, and tips for doing business in the United States

Original Banking Reference Letters: One original personal banking reference letter (US or foreign bank). Letter of reference must be on company letterhead with address and phone number, dated and executed by the appropriate parties. Letter must include how the account is titled, type of account, account number, when it was established (must have been open for a minimum of 2 years.
English translations are to be placed in front of the reference letters and signed, dated and certified by a translator.

Asset Verification: Verification of Initial Down payment, cash to close, and reserves equivalent to no less than 24months of PITI and HOA when applicable (Venezuelans require 36 months reserves). All cash to close including required reserves must be on deposit in a US Banking Institution. The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level. GIFT FUNDS ARE NOT ACCEPTABLE.


INCOME VERIFICATION FOR FOREIGN NATIONAL BORROWERS:
 IF SELF-EMPLOYED: ORIGINAL ACCOUNTANT LETTER- Letter must explain borrower’s source of income and must include previous two years of income and current YTD income. All letters of reference are to be on company letterhead, dated & executed by the appropriate parties. English translations are to be placed in front of the reference letters and signed, dated and certified by a translator.
 SALARIED EMPLOYEE: Letter from Employer stating current monthly salary and a valid pay stub if applicable.
 RENTAL INCOME CAN NOT BE USED FOR QUALIFYING FOR THE LOAN

Automatic Payment Authorization: Borrower to provide automatic payment authorization for mortgage payments from a U.S. bank account. Signed ACH form and voided check required to scheduling closing.

COPY OF BORROWER’S ID:
-Foreign National: Valid Visa and Passport

FOREIGN NATIONALS: Documentation confirming home address: Such as Utility Bill, Credit Card Statement or Bank statement

SATISFACTORY US FACTUAL CREDIT REPORT: (If NRA’s from the U.K, Ireland & Canada include Factual Intl Credit Report).

* Some lenders differ on documentation.