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.
"At Residential Finance, we believe the American dream should be made available to all qualified borrowers interested in purchasing a home," Fowler said. "Our Foreign National Mortgage program balances our desire to help potential homeowners with a careful and well-thought out approach to underwriting."
About Residential Finance Corp.
Founded in 1997, Residential Finance Corporation (www.ResidentialFinance.com) offers homeowners and homebuyers nationwide a wide range of home mortgage loan options, including special lower-rate government-insured FHA and VA loans, jumbo mortgage loans, and reverse mortgages. The highly-trained staff at Residential Finance delivers mortgage expertise and customer service excellence, winning the company many awards, including Columbus Business First Corporate Caring Award, Columbus Business Journal Best Place to Work, Florida Trends Best Company in Florida, American Business Award Sales Department of the Year, Inc Magazine INC5000 Fastest Growing Company, and American Society of Training and Development Excellence in Practice. Headquartered in Columbus, Ohio, Residential Finance has branches throughout the country, and is seeking loan officers and branch managers to join their network of branches. For more information about these positions, please visit MyRFCCareers.com or email Jobs@MyRFC.com. NMLS#1652. Equal Housing Lender. Equal Opportunity Employer.
SOURCE Residential Finance Corporation