This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Residential Finance Corp. Offers Mortgages To Foreign Homebuyers

COLUMBUS, Ohio, March 6, 2013 /PRNewswire/ --  Residential Finance Corporation has rolled out a new mortgage program specifically designed for foreign-born homebuyers, a demographic group that has been steadily increasing in the United States. The award-winning national lender's new "Foreign National Loan Program" was created to meet the special needs of foreign-national buyers.

"The U.S. market is being increasingly viewed as attractive to non-citizen homebuyers," said Mark Fowler, chief revenue officer at Residential Finance. "We're seeing growing interest from foreigners in securing home loans, particularly in coastal areas."

A report released today by the Mortgage Bankers Association (MBA) shows a steady upswing in the number of foreign-born homeowners in the United States over the past three decades.   Immigrant Contributions to Housing Demand in the United States reports that the number of foreign-born homeowners has increased each decade, rising from 0.8 million new immigrant homeowners in the United States during 1980­-1990, to 2.1 million new immigrant homeowners in 1990–2000, to 2.4 million in 2000–2010. That number is projected to rise further to 2.8 million in the current decade (2010–2020), according to the MBA report. 

Foreign-national borrowers who qualify for Residential Finance's new mortgage program can choose from both fixed-rate and adjustable rate mortgages with terms that compare favorably to those available to domestic borrowers, according to Fowler. The program allows a loan-to-value ratio (LTV) of up to 65 percent, and places a maximum cap on borrowing of $600,000 per property for both home purchase loans and refinances. Single-family homes, condominiums, townhouses and second homes are all eligible.

"Due to the unique qualifying features of these loans, each is manually underwritten by Residential Finance," Fowler said.  "There are no pre-payment penalties and the program permits borrowers to be self-employed," he added.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs