Hello,
I am finding that many referrals recently from realtor and commercial LO partners are non-resident permanent aliens with good credit and good wages. These loan requests are either for construction of a homestead or a homestead purchase. Right now I need to take all of these portfolio, but I am wondering if there are any wholesale investors that I can get added to the bank’s list to take these out in the secondary market. We currently have MegaCapital, MFS, and UWM, and none of them do ITIN borrowers or co-borrowers. I know about 3 years ago at an old bank I worked at NewRez did these but not anymore. Anyone have more insight on this?
Recent referrals lately have been W-2 and/or Schedule C earners, longtime in their employment at the same job and their ITIN number credit reports come back with good median FICOs over 720 and they have reserves in bank accounts for cash to close and down payment. Spouse usually is stay at home and they are the only earner so no one else can be added on the note. They are non-permanent residents with no valid SSN to do as a conventional loan with Fannie or Freddie.
Curious to see if an investor is out there that may do these so I can get more information on their programs. Loan ranges are from 150k-550k purchase with 25-30% down on each request. Others would be r/t refis since they own their lots free and clear or paid them in cash and are starting to build on them and do the construction loan through me.
Thank you for any help!