Unlike standard non-QM loans, the new product relies on the borrower's creditworthiness
America Mortgages, an international brokerage specializing in non-agency mortgages, has expanded its suite of loan programs for non-US resident investors.
The company has launched new fixed and adjustable-rate mortgage offerings for international investors. This new no-ratio loan program (with high LTV/LVR and loan amounts of up to $5 million) can be used for investment in all 50 states. US expats can also use a mortgage from their home country to qualify.
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“What is unique about this program is that the borrower does not need to provide documentation of personal or rental income,” said America Mortgages CEO Robert Chadwick. “Unlike the underwriting requirements for regular or standard non-QM mortgages, which are based on information found on tax returns, payrolls, rental income, or various other ways of documenting income, America Mortgages’ No Ratio mortgages rely on the creditworthiness of the borrower and the general financial situation profile.
“Self-employed borrowers find the low-documentation requirements of a zero-interest mortgage ideal, but it can also be convenient for a hired borrower with extra income that cannot be easily documented.”
Chadwick added that the new product is an ideal replacement when DSCR or other income-eligible loans are not suitable since there are no AUM requirements.
Other features of America Mortgages’ no-ratio mortgage loan include:
- Aggressive loan-to-value (LTV) ratios of up to 80% for both foreign nationals and US expats
- No tax returns or proof of income
- No US loan required
- Passports allowed
- Only investment property
- Loans up to $5,000,000 or more, in some cases
- Loans available in all 50 states
- No restrictions on cashing out funding
- Interest-only conditions available
- Approval within 72 hours
“We are constantly striving to select the best US mortgage options for our clients around the world,” said Nick Worthing, vice president of retail lending America Mortgages. “As the market changes, we need to be fast, nimble and resilient. This is what keeps our company as the leader in mortgage finance in the US for foreign citizens and US investors.”
Founded in 2019, Texas-headquartered America Mortgages has offices in 12 different countries, including the US, UK, Australia, Canada, Germany, France, Spain, Singapore, Hong Kong, Philippines, Thailand, and Japan.
