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mrterry
21 Posts |
 Posted - 06/07/2007 : 07:16:54 AM
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Here's a rather unique scenario and thought I'd better ask the community.
I got a call from one of my Realtors who has a client who is a Foreign national Diplomat. He is looking to purchase a home and I believe I've read of issues with Diplomatic Immunity and lenders shying away from doing loans for these folks.
1. Can anyone recommend or point me in the right direction for a lender that would be willing to do this.
2. I'm told his wife is a US citizen, no employment. Score unknown.
Does the Diplomatic immunity also encompass her as his spouse?
Can I do the loan NO DOC with her only on the mortgage?
Would this fall into a Hard Money situation in everyone's opinion?
Thanks for your help all.
Michael
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LI Finance
3217 Posts |
Posted - 06/07/2007 : 07:23:01 AM
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Since there is no recourse with someone that has "Diplomatic Immunity", lenders will have no part of it.
If it takes the Supreme Court to get them to pay parking tickets and property taxes .. how can you make them pay a mortgage.
http://tinyurl.com/3ag5gx
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RDwyer
3308 Posts |
Posted - 06/07/2007 : 07:28:19 AM
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| Tell him to find a lender in his home country! |
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BIGGJESS2
124 Posts |
Posted - 06/07/2007 : 07:28:19 AM
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| How about a foreign national with an F1 Student visa they have a SS#, Bank account and a 795 middle score but they don't have citizenship. |
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RDwyer
3308 Posts |
Posted - 06/07/2007 : 07:31:06 AM
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quote:
Originally posted by BIGGJESS2
How about a foreign national with an F1 Student visa they have a SS#, Bank account and a 795 middle score but they don't have citizenship.
That's not a Foreign National - It's a non-permanent resident alien. |
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BIGGJESS2
124 Posts |
Posted - 06/07/2007 : 07:36:10 AM
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quote:
Originally posted by RDwyer
quote:
Originally posted by BIGGJESS2
How about a foreign national with an F1 Student visa they have a SS#, Bank account and a 795 middle score but they don't have citizenship.
That's not a Foreign National - It's a non-permanent resident alien.
thank you for the clarification.... I don't have any experience with these do you know where I can take it. Or is just ok because of the SS#. |
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BIGGJESS2
124 Posts |
Posted - 06/07/2007 : 07:37:08 AM
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quote:
Originally posted by RDwyer
Tell him to find a lender in his home country!
They are making here their home country. |
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LI Finance
3217 Posts |
Posted - 06/07/2007 : 07:40:03 AM
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Most lenders will fund non-perms.quote:
Originally posted by BIGGJESS2
quote:
Originally posted by RDwyer
quote:
Originally posted by BIGGJESS2
How about a foreign national with an F1 Student visa they have a SS#, Bank account and a 795 middle score but they don't have citizenship.
That's not a Foreign National - It's a non-permanent resident alien.
thank you for the clarification.... I don't have any experience with these do you know where I can take it. Or is just ok because of the SS#.
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BIGGJESS2
124 Posts |
Posted - 06/07/2007 : 07:42:12 AM
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quote:
Originally posted by LI Finance
Most lenders will fund non-perms.quote:
Originally posted by BIGGJESS2
quote:
Originally posted by RDwyer
quote:
Originally posted by BIGGJESS2
How about a foreign national with an F1 Student visa they have a SS#, Bank account and a 795 middle score but they don't have citizenship.
That's not a Foreign National - It's a non-permanent resident alien.
Thank you!
thank you for the clarification.... I don't have any experience with these do you know where I can take it. Or is just ok because of the SS#.
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mrterry
21 Posts |
Posted - 06/07/2007 : 07:43:34 AM
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That's kind of what I thought would be the answer on him. What about his wife though? Is she completely out of luck in this situation?
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RDwyer
3308 Posts |
Posted - 06/07/2007 : 07:44:09 AM
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quote:
Originally posted by BIGGJESS2
quote:
Originally posted by RDwyer
Tell him to find a lender in his home country!
They are making here their home country.
I was referring to the Diplomat, not your student. Most lender will lend to your borrower. |
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BIGGJESS2
124 Posts |
Posted - 06/07/2007 : 07:46:27 AM
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quote:
Originally posted by RDwyer
quote:
Originally posted by BIGGJESS2
quote:
Originally posted by RDwyer
Tell him to find a lender in his home country!
They are making here their home country.
I was referring to the Diplomat, not your student. Most lender will lend to your borrower.
Cool Thank you very much. |
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afcloans
979 Posts |
Posted - 06/07/2007 : 11:45:08 AM
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I might be able to assist the wife if she is not under the diplomatic immunity clause. Jamie Steinberg with Approved Financial Corporation at 954-349-7385. I can do a hard equity stated no doc loan up to 65% LTV with cash out. We don't look at credit, income or job status! Please contact me if I can be of assistance!
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Trav
8 Posts |
Posted - 06/07/2007 : 11:49:25 AM
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| Try First Magnus... they might. Otherwise you're looking at hard money |
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