Non-QM Foreign National Loans: ITIN Borrowers, Visa Classifications, and LTV Caps in 2026

Foreign national financing is a legitimate non-QM product category serving a sizable market of non-citizen buyers, particularly in coastal and resort markets. The programs are non-agency by definition, but several institutional non-QM investors have established structured products with defined eligibility and pricing.

Eligible Borrower Classifications

• ✦Non-permanent resident aliens with valid visa: E-1, E-2, E-3, H-1B, H-2A, H-2B, H-3, L-1, O-1, G series visas are commonly accepted
• ✦ITIN (Individual Taxpayer Identification Number) borrowers without a Social Security Number qualify under dedicated ITIN programs
• ✦Foreign nationals residing outside the US purchasing investment or second-home properties qualify under foreign national programs
• ✦Undocumented borrowers are not eligible for any program; ITIN borrowers must have a valid ITIN issued by the IRS

LTV and FICO Requirements

Foreign national programs typically cap LTV at 70-75% for single-family investment properties and 65% for condos or 2-4 unit properties. Some lenders go to 80% for visa-holding borrowers with strong credit history. FICO requirements range from 680 to 720 depending on LTV and lender. For borrowers without a US credit score, lenders may accept foreign credit references or require a larger down payment (often 30-40%). DSCR-based qualification is the most common income approach for foreign national investors purchasing rental properties.

Documentation Requirements

Documentation requirements vary by lender but typically include: valid passport, visa or work authorization, evidence of foreign income or assets (2 years of foreign bank statements), letter of reference from a foreign bank, and a US bank account with sufficient seasoned funds for down payment and reserves. Some lenders require a US credit profile with at least one active trade line. Funds must be wired to a US account at least 60 days before closing to satisfy seasoning requirements.