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Rg,
I just checked Novastars Foreign National policy and this is copied from their text. Good Luck
6.6 - Non-Resident Alien (Foreign National) Program TOP
A non-resident alien is defined as a citizen of another country who periodically visits the United States and is buying a home in which to reside during these visits. If a Borrower already owns a home in the United States, whether financed with NovaStar or not, the Borrower is ineligible for this program.
Citizenship: The program is designed for Borrowers who are not U.S. citizens, permanent resident aliens or non-permanent resident aliens. Not available to citizens of Afghanistan, Burma, Columbia, Cuba, Iran, Iraq, Libya, North Korea, Pakistan, Syria, The Sudan, Unita (Angola), and successor countires to Yugoslavia. Individuals having diplomatic immunity are ineligible. The Borrower’s visa status must be documented.
Eligible Programs: M1 or M2 programs only.
Ineligible Programs: Score-Driven programs, including PiggyBacks
Documentation Levels: Full Documentation or Stated Income only.
Occupancy Status: Owner occupied and second homes only.
Property Types: SFR, Condominiums and PUDs only. Minimum property value is $75,000. Property may not be income producing and must be available for Borrower’s use year around.
Maximum Loan Eligibility: $350,000
Maximum Loan-to-Value: 80% LTV
CLTV: Not allowed.
Cash Out Limits: No cash out. Purchases and rate/term refinances only.
Credit Documentation: Credit reports are required, if available. If no credit report exists, at least three original credit letters must be obtained from lending institutions located in the country of origin. If no credit report exists, a 520 score will be used to qualify the borrower.
Verification of Assets: Down payment, closing costs and six months PITI reserves must be verified with a VOD or computer-generated bank statements as deposited in the U.S. prior to closing. Gifts are only allowed from immediate family members.
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