What lenders allow foreign nationals for DSCR loans on single family investment properties?
Four lenders maintain explicit Foreign National DSCR programs for single family (SFR) non-owner occupied investment properties: Greenbox, AD Mortgage, Forward Lending, and AmWest. Key differentiators are minimum DSCR floor, LTV ceiling, FICO requirement, and reserve depth.
Quick Reference Matrix
| Lender | Program Name | Min DSCR | Max LTV (SFR Purchase) | No FICO Allowed | Min Reserves |
|---|---|---|---|---|---|
| Greenbox | FN/ITIN DSCR | 0.75x | 75% | Yes | 6 months |
| AD Mortgage | Foreign National DSCR | No explicit floor (sub-1.0 allowed w/ 660+ or No FICO) | 75% | Yes | 12 months |
| Forward Lending | Foreign National DSCR | 1.00x | 75% | Yes (w/ intl. bank letter) | Per matrix |
| AmWest | Investor Advantage DSCR | 1.00x | Per FICO/matrix | No (min 620 FICO) | 60-day asset seasoning |
1. Greenbox — FN/ITIN DSCR Program
Eligible Borrowers: The guidelines explicitly state "Foreign National" and "ITIN" as eligible borrowers, while "US Citizen, Permanent Resident Alien, Non-Permanent Resident Alien" are listed as ineligible — this is a program designed exclusively for FN/ITIN borrowers.
- Occupancy: Investment ONLY
- Eligible Property Types: SFR, PUD, Townhomes, 2-4 Units, Warrantable Condo, Non-Warrantable Condo, Condotel
- Minimum DSCR: 0.75x
LTV Matrix (Foreign National only):
| Loan Amount | DSCR Tier | Purchase | R/T Refi | C/O Refi |
|---|---|---|---|---|
| $150K–$750K | DSCR ≥ 1.00x | 75% | 75% | 70% |
| $150K–$750K | DSCR 0.75x–0.99x | 70% | 70% | 65% |
| $750K–$1.5MM | DSCR ≥ 1.00x | 75% | 75% | 70% |
| $1M–$1.5MM | DSCR ≥ 1.00x | 75% | 75% | 65% |
| $1.5MM–$2MM | DSCR ≥ 1.00x | 70% | 70% | 60% |
| $2MM–$2.5MM | DSCR ≥ 1.00x | 65% | N/A | N/A |
Credit Requirements:
- "Foreign National: No score is required. If the borrower has FICO score(s), it must be 680 or greater. If no score, tradelines are waived."
- Housing history: Not required; borrower must
evidence primary residence via third-party document (e.g., lease agreement, utility bill, financial statement) matching the passport country.
Key Restrictions:
- Reserves: 6 months (PITIA or ITIA for IO)
- Housing event seasoning: 48 months
- State overlays (CT, FL, IL, NJ, NY): Max 70% LTV refinance, max loan amount $2MM; IL and NY: 2-4 units not eligible
- Interest Only: Max 70% LTV, min 1.00x DSCR (available to FN borrowers)
- First Time Investor: Permitted
- First Time Home Buyer: Not eligible
- Escrow/Impound Waiver: Not eligible
- Short Term Rental: Max 75% LTV Purchase / 70% LTV Refinance
- Min loan amount: $150,000
- Max cash in hand: $400,000 (applies to delayed financing)
2. AD Mortgage — Foreign National DSCR Program
AD Mortgage maintains a
Program Requirements:
- Citizenship: Foreign National
- Occupancy: Investment properties and Second Home
- Property Types: SFR, Townhomes, Warrantable/Non-Warrantable Condo, 2-4 Units, PUD, Short-Term Rentals, Leasehold, SFR Rural, Multifamily, Mixed Use
- Max CLTV: 75%
- Min FICO: No Score or FICO 660
- Income/qualification: "DSCR = Gross Income / Proposed PITIA. Borrower income is not required. DSCR < 1 requires min FICO 680 or No FICO"
- Max Loan Amount: $3,000,000
- Min Loan Amount: $100,000
- Mortgage History: 0x30x12 and 0x90x24
- Credit Event (BK/FC/SS/DI/Mod) Seasoning: 48 months
- Min Reserves: 12 months
- Max DTI: 43%
- Credit/Tradelines: 1 Bank Reference Letter; No Score allowed
- Products: 30 & 40 Year Fixed, 5/6 & 7/6 ARM; IO available (120-month IO period)
Country-Specific Notes:
- "Foreign Nationals from Russia or Ukraine, who are not on OFAC list, can qualify under FN DSCR or Foreign Income programs with assets held in the United States or other international bank account."
- No individuals from China, Russia, Iran, or North Korea can purchase real estate in Texas unless they are a US Citizen or lawful permanent resident.
Credit Documentation:
- US credit report not required if no SSN/ITIN
- Bank Reference Letter required for all borrowers providing income or assets
- VWP country borrowers eligible (no visa required); citizens of Canada and Bermuda exempt from ESTA requirement
3. Forward Lending — Foreign National DSCR Program
Forward Lending offers a distinct "Foreign National DSCR" tier within their DSCR matrix (labeled as "Foreign National DSCR - Ratio 1.0"), which runs alongside their Select DSCR, Core DSCR, Sub1, and No Ratio products.
Key Program Parameters:
- Minimum DSCR: 1.00x (fixed requirement for FN tier)
- Occupancy: NOO Investment Properties — 1-4 Units only
- Property Types: SFR, Condo (75% max LTV; FL Condo 70%); 2-4 Units: Not Available per the matrix on the FN DSCR column
Eligible Country List (explicitly stated in the guidelines):
"Borrowers who reside in and are citizens of the following countries/regions are eligible:
- Canada
- Caribbean (excluding Cuba)
- China (excluding Hong Kong) as permitted by applicable state law
- Europe (excluding Russia)
- Japan
- Latin America (excluding Nicaragua)
- South America (excluding Venezuela)"
- "Citizens or individuals from countries subject to OFAC sanctions are not eligible"
Credit/Tradeline Requirements (FN-specific):
- "Borrowers with FICO/credit history: Must meet minimum standard tradeline requirements"
- "Borrowers without FICO/credit history: 12-month credit rating from an internationally known financial institution in the borrower country of origin"
- "US tri-merge credit report required for each borrower to verify credit or confirm no credit history"
Ineligible on FN DSCR product: STR, Sub1 DSCR, No Ratio, and DSCR Fusion are explicitly ineligible
Geographic Restrictions:
- Baltimore City, MD and Philadelphia County, PA: temporarily ineligible
- Arizona SB 1082: prohibits loans when borrower or any ≥30% beneficial owner is classified as a foreign adversary nation or agent
- Texas SB 17: Non-Permanent Resident Aliens (which would include many FNs) limited to primary residences only if connected to restricted countries
4. AmWest — Investor Advantage DSCR Program
AmWest explicitly lists "Foreign Nationals" as eligible under its Investor Advantage product.
- Eligible Property Types: SFR, 1-4 Unit, NOO Investment/Business Purpose only; PUD attached or detached; Condos (including non-warrantable)
Foreign National–Specific Requirements:
- "Copy of passport, valid Visa, and I-94 required. Foreign Nationals allowed to legally travel to and from the United States without Visa are eligible (e.g., Countries participating in the Visa Waiver Program, Canadian citizens)"
- "A valid Visa or I-94 may not be required when the Borrower is not present in the United States and is purchasing investment property (i.e., closing remotely, closing in a POA)"
- "Multiple financed properties with AmWest by the same borrower restricted to the lesser of 3 loans or $2,500,000 financed amount (includes subject property)"
- "Foreign Assets (down payment, closing costs, reserves) must be transferred to US institutional bank account prior to ordering loan docs. Note: 60-day asset seasoning requirement can be satisfied based on the time the assets were held in the foreign account prior to transferring to a US Institutional Bank"
- "Foreign National loans must establish escrow account for all property taxes and insurances"
- "Foreign Nationals on OFAC's Specially Designated Nationals and Restricted Persons List (SDN List) are not eligible"
- FTHB: "LTV reduction does not apply for Foreign National Borrowers" and "Foreign National Borrowers — foreign housing history not required"
- Min FICO: 620 (Purchase & R/T) / 640 (Cash-Out)
- Income: Qualified from cash flow of subject property only; 4506-C not required
Lenders That Do NOT Allow Foreign Nationals on DSCR
- Greenbox Elite DSCR: "Ineligible Borrowers: ITIN, Foreign National, Any form of a trust"
- Greenbox Elite-Plus DSCR: "Ineligible Borrowers: Non-Permanent Resident Alien (including DACA and Asylum), ITIN, Foreign National, Any form of a trust"
- Greenbox 5-8 Unit DSCR: Foreign Nationals listed as ineligible
- Nations Direct (Ignite Express DSCR and NonQM Express DSCR): Citizenship limited to "US Citizen, Permanent Resident Alien and Non-Permanent Resident Alien" — Foreign Nationals not included
- Forward Lending Full-Doc/Alt-Doc matrix: "Foreign Nationals" listed under Product Restrictions (Not Permitted)
