Foreign nationals loans | Mutui per i non residenti

This is what you need | Ecco cosa bisogna fare

The purpose of this manual is to provide a list of approved countries, list upfront expectations, down payment requirements and step by step list of all items that are required to submit a quality application. 

Approved Countries under BBVA Compass Portfolio Foreign Nation

§  South America- Argentina, Bolivia, Brazil, Chile, Colombia, Paraguay, Peru, Uruguay, and Venezuela
§  Europe- Spain, Portugal, France, Germany, Italy, UK, Belgium, Russia, Switzerland, Ireland and Turkey
§  North America and Central America- Canada, Mexico and Panama
§  Asia- Japan, China, Singapore, South Korea, Taiwan, India, Australia, and United Arab Emirates

Down Payment per Loan Size

§  25% down, Up to $1,000,000
§  30% down, Up to $1,250,000
§  40% down, Up to $2,000,000
§  Minimum loan amount is $50,000

Upfront Expectations for all International Applicants

1.      Homes must be occupied as second home (investment prohibited)
2.     You must be present in the United States for your closing; if you are married, your non borrowing spouse must be present (Power of Attorney is prohibited)
3.      One BBVA Mortgage per client allowed, exceptions apply
4.      You must meet with the mortgage banker at least once during process
5.      You must open a BBVA Compass Checking account prior to closing, preferably at application to ensure compliance and approval
6.      Documentation that is in other languages other than English or Spanish must be translated
7.      Understand that Pre-Approvals does not constitute loan approval and underwriting will condition for items not listed on application checklist
8.      Currently cannot have more than 4 mortgages personally held worldwide
9.      It is strongly recommended to not purchase a return flight until approval and established closing date

Online Application

_Begin your application  
_Complete all personal sections with correct date of birth, address, work history
_Complete asset information with current bank balances and account numbers
_Complete liabilities section, must have all monthly payments correct for all trade lines
_Email address entered properly with all phone numbers including country codes
_Complete REO section with property values, rent if any and notate annual property tax with insurance Employment and Income Documentation (Non Self Employed Borrowers)
_Letter from current employer stating 2 years of income, income earned year to date
_Pay slips that cover 30 days of earnings or bank statements showing direct deposit of payroll
_Two years personal Tax Returns
_Provide contact for HR Representative to verify your employment 

Employment and Income Documentation (Self Employed or Business Owner)

_Most recent two year balance sheet for business (must be prepared and signed by account)
_Year to Date balance sheet for business (must be prepared and signed by accountant) _Most recent two years profit and loss statement for business (must be prepared and signed by accountant)
_Year to Date profit and loss for business (must be prepared and signed by accountant)
_Personal financial statement (must be prepared by accountant)
_Two years personal tax returns and two years corporate tax returns (sign the front page of all returns)
_Letter from accountant signed and stating last three years of gross personal income
_Letter from accountant signed and stating last three years of gross corporate/business income
_Letter from accountant signed and stating company formation and ownership percentage  _Copy of Accountant’s License or certificate along with picture ID

Credit Documentation 

_Two credit letters, these letters must come from a financial institution and reference a credit related account, such as: Credit Cards, Automobile Loans, Mortgage, Personal Loans, or Line of Credit.  The letter must state your name, account balance, monthly payment, if any.  Status of the account must be printed on the institution’s letterhead and signed by an Official
_Credit report from your country of origin, please reference Experian’s Website. 


_Provide two months most recent bank statements for all accounts you wish to use for qualifying
_The statements must be official, include all pages, account number, your name and 60 days of balances
_Copy of Earnest Money transaction, wire receipt, copy of bank statement showing the funds withdrawn
_Be prepared to source any large deposit (keep paper trail of money that has moved or deposited) Additional Information
_Fully executed purchase contract
_Name and phone number of realtor or builder 
_Title Company information
_VISA and Passport
_Annual Tax Bill and home insurance for all properties
_For properties that are rented, provide leases

Documentation Submission Process

_Please submit all required documentation upfront at one time
_If checklist is not complete, application will not be submitted
_All documents must be in PDF format and labeled appropriately 
_All documentation must be received by applicant, not third parties.  No third party documentation will be accepted or reviewed. 

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