A foreign national buying in Church Hill, The Fan, Scott’s Addition or the Museum District rarely asks which rate is lowest. The first question is which loan will approve you without a US credit history. The answer depends less on the loan’s name than on your status and how you can document income and funds. Some buyers qualify for the same agency loans a citizen would use, while others need Non-QM programs built for overseas income.
Author: Duane Buziak, NMLS #1110647. The seven strategies below follow the order I use with Richmond clients, from sorting your status to comparing programs with a soft pull mortgage pre-approval that keeps your credit file untouched. All rates, down payments and program terms are as of 2026 and vary by program and profile.
1. Match the loan to your status before you shop
Immigration and identification status decides which program family is open to you. Lawful presence, a Social Security number, work authorization and a US credit file point toward agency loans. No SSN and no US credit point toward foreign national or ITIN programs. Sorting this first keeps you from applying to programs that were never going to fit.
For example, imagine an H-1B engineer with an SSN, three years of US pay stubs and a rental near VCU in The Fan. That buyer may qualify for conventional or FHA financing. Now imagine an overseas investor with no SSN and no US credit who wants a Fan rowhouse. That buyer is routed to a foreign national program with a larger down payment. Both are non-citizens, but they are not in the same lane.
- List your visa type and expiration date, and whether you hold an SSN or ITIN.
- Note how many years you have lived and worked in the US, and whether you have a US credit file.
- Share these on an initial call with Duane Buziak and ask for a program shortlist, not a single recommendation.
- Check the shortlist against the down payment and reserves you can actually move.
The common mistake is assuming every non-citizen needs the same high-down-payment loan. The second is downplaying a visa expiry. Underwriting will find the date in your documents, and an undisclosed short runway can sink a file late. Disclose it up front so it can be matched to programs that accept it.
To measure progress, count the programs you clearly qualify for and check whether the shortlist fits your available down payment. If nothing fits, better to know in week one.
2. Use conventional or FHA if you have work authorization and US credit
Agency loans follow published guidelines, and both HUD and Fannie Mae allow certain non-permanent residents to qualify. Because the loans are backed by agency standards, down payments are far lower than on Non-QM products. You can review the rules in HUD Handbook 4000.1 and the Fannie Mae Selling Guide on non-US citizen borrowers.
Consider a hypothetical $350,000 Museum District condo. With 5% down on a conventional loan, cash toward the purchase is $17,500. A foreign national program asking 25% down would require $87,500. That is a $70,000 difference before reserves, and it is often the gap between buying this year and waiting.
The mistake I hear most is skipping FHA because someone once said visa holders cannot use it. With an SSN, work authorization and the required employment history, many can. Condos also need project approval for FHA, so confirm the building early.
- Confirm your status meets HUD and Fannie Mae eligibility.
- Gather two years of employment and tax records, plus your visa and work authorization documents.
- Request a no hard inquiry mortgage pre-approval through a NoTouch Credit Pull.
- Ask for the conventional and FHA scenarios side by side.
Measure cash to close against the Non-QM alternative, plus the rate and mortgage insurance difference. Agency loans can carry mortgage insurance that Non-QM loans with bigger down payments avoid, so compare the monthly total, not only the upfront cash. Loan amounts also need to sit under the 2026 conforming limit published by FHFA to stay in the standard conforming lane.
3. Choose a foreign national Non-QM loan when you lack an SSN or US credit
Foreign national programs exist for buyers without US residency, an SSN or a credit score. They replace the US score with alternative credit, such as foreign credit references, bank reference letters and proof of funds. The trade-off is a larger down payment, a higher rate and usually a reserve requirement.
Here is an illustration only, using an assumed rate. On a $450,000 Church Hill home with 25% down ($112,500), the loan is $337,500. At an assumed 7.5% on a 30-year term, principal and interest is about $2,360 a month. Taxes, insurance and any required reserves come on top. Your actual rate and terms depend on the program and your profile.
- Collect your passport, visa (if any), foreign credit reference and bank reference letters.
- Assemble proof of funds and reserves, and arrange certified translation where documents are not in English.
- Decide how and when funds will be wired, since seasoning of funds (how long money has sat in an account) and transfer timing matter.
- Compare programs across hundreds of wholesale lenders rather than settling for one.
The pitfall is not budgeting for reserves and currency transfer timing. An international wire can take days, and exchange-rate swings can leave you short on the day of closing. Move funds early and keep a cushion.
Measure total cash required, meaning down payment plus reserves plus closing costs, and compare the monthly payment with what comparable Church Hill rent would cost. If the payment is close to rent and you plan to stay several years, ownership may make sense.
4. Qualify rental purchases with a DSCR loan
A DSCR (debt service coverage ratio) loan qualifies the property, not you. The broker compares the rent the property earns with its monthly payment, so your personal income, tax returns and employment are not the main test. That suits investors with foreign or complex income.
For example, imagine a Scott’s Addition unit renting for $2,400 a month against a total monthly payment of $2,000 covering principal, interest, taxes and insurance. The DSCR is $2,400 divided by $2,000, or 1.2. Many programs set a minimum near 1.0 to 1.25, though this varies as of 2026, and a stronger ratio can improve pricing.
- Get a rent estimate or a signed lease for the property.
- Add principal, interest, taxes and insurance (and HOA dues where they apply).
- Divide rent by that total.
- Compare minimum DSCR, down payment and entity rules, such as whether you can close in an LLC, across programs.
The common mistake is using an optimistic rent figure or leaving taxes and insurance out of the ratio. A unit that looks like 1.3 on paper can be 1.05 once costs are included, and that can drop it below the minimum. Use a conservative rent number.
Measure whether your DSCR clears the program minimum with room to spare, then check monthly cash flow after all costs, including vacancy and maintenance. A loan that approves but loses money every month has not solved your problem.
5. Document income with bank statements or assets
When pay stubs or US tax returns understate real earnings, a bank statement program can use deposits as proof of repayment ability. Asset-based documentation works similarly, using liquid funds to show you can carry the payment. Both are common for self-employed and international buyers.
Imagine a self-employed designer with twelve months of business deposits who wants a Fan rowhouse. Tax returns show low net income after deductions, but deposits tell a stronger story. A bank statement program calculates qualifying income from those deposits, often after applying an expense factor, instead of relying on the return.
- Pull 12 to 24 months of statements for the accounts you want counted.
- Separate business and personal funds so deposits are clearly attributed.
- Translate foreign statements and keep the originals.
- Document every large deposit with a source, such as a sale, a gift letter or a transfer between your own accounts.
The pitfall is mixing personal and business funds, or leaving large deposits unexplained. Underwriters must trace sources, and unexplained money can be excluded from income or the funds needed at closing. Clean accounts three months before applying save real time.
Measure the qualifying monthly income calculated from deposits against the payment you would carry. Ask the broker to show the calculation, since expense factors differ between programs and can move the number noticeably.
6. Consider an ITIN mortgage if you file taxes without an SSN
An ITIN is an Individual Taxpayer Identification Number issued by the IRS, described on the IRS ITIN page. It lets you file US taxes without an SSN. ITIN mortgage programs, typically Non-QM, use that filing history as proof of income and stability in place of a US credit score.
Suppose a small-business owner has two years of ITIN-filed returns and wants a Church Hill home. Consistent filing shows US-based income and a track record, so the buyer may qualify through an ITIN program, often with a smaller down payment than an overseas buyer with no US history would face.
- Confirm you have two years of returns filed under your ITIN.
- Verify that income documentation, such as returns, 1099s or business statements, matches what you reported.
- Compare down payment and rate options across hundreds of wholesale lenders.
- Ask whether credit can be built from alternative tradelines.
The common mistake is assuming an ITIN alone is enough. Programs generally want a consistent filing history and income that matches it. Gaps, late filings or income reported very low can reduce options. If your filing is not current, fix that before applying.
Measure the down payment and rate gap against an SSN-based loan, and how long approval takes. If the gap is large and you are close to qualifying for agency financing, such as after receiving an SSN, waiting may be cheaper than buying now.
7. Dare to Compare across hundreds of wholesale lenders, starting with a NoTouch Credit Pull
Foreign national rules differ widely between programs: down payment, reserves, accepted documents, entity options and pricing all vary. Because of that, the only reliable way to see your real options is to compare. A NoTouch Credit Pull lets Duane Buziak build a soft pull mortgage pre-approval and compare programs without a hard inquiry, so you get a mortgage pre-approval without a hard pull. The CFPB’s home-buying resources also encourage getting multiple offers.
Here is an illustration. The same buyer, on the same Museum District condo, may see two programs quoted with different down payments and rates. A difference of even half a percentage point on a mid-six-figure loan changes the monthly payment by a meaningful amount over years. Only side-by-side Loan Estimates expose that.
The table below summarizes how the strategies differ, with down payment ranges that are typical rather than guaranteed and vary as of 2026.
| Program | Who it fits | Typical down payment (varies, as of 2026) | Main documentation | Richmond example |
|---|---|---|---|---|
| Conventional or FHA | Work authorization, SSN, US credit | Roughly 3.5% to 5% and up | Pay stubs, two years of employment and tax records | Museum District condo |
| Foreign national Non-QM | No SSN or US credit | Often 25% or more | Passport, foreign references, proof of funds, reserves | Church Hill home |
| DSCR | Investors buying rentals | Often 20% to 25% | Lease or rent estimate, property costs | Scott’s Addition unit |
| Bank statement | Self-employed or irregular income | Often 10% to 20% | 12 to 24 months of statements | Fan rowhouse |
| ITIN Non-QM | ITIN filers with two years of returns | Often 15% to 20% | ITIN returns, income records | Church Hill home |
- Request a NoTouch Credit Pull pre-approval.
- Collect at least two or three comparable Loan Estimates.
- Authorize a hard pull only for the program you choose.
The mistake is accepting one quote, or letting several places run hard inquiries before you know which program fits. Measure hard inquiries avoided, the number of comparable Loan Estimates, and the lowest total cost over your expected holding period.
Questions foreign national buyers ask about Richmond mortgages
Can a foreign national get a mortgage in Richmond, VA?
Yes. Foreign nationals can get US mortgages through Non-QM programs that accept passports, foreign bank references and proof of funds, usually with a larger down payment. Buyers with work authorization and an SSN may qualify for conventional or FHA loans.
How much down payment do foreign nationals need?
It depends on the program. As of 2026, foreign national Non-QM loans commonly ask for 25% or more, while agency loans for eligible visa holders can require far less. A program comparison shows your real number.
Can I get a mortgage pre-approval without a hard credit pull?
Yes. A NoTouch Credit Pull allows a soft pull mortgage pre-approval, so you can see your options with no credit hit on your mortgage application. A hard pull is only authorized once you choose a program.
Can visa holders use FHA loans?
Often, yes. HUD guidelines allow certain non-permanent residents with valid work authorization and an SSN to qualify, subject to employment history and property eligibility. Condos need FHA project approval.
What is a DSCR loan?
A DSCR loan qualifies an investment property by comparing its rent with the monthly payment of principal, interest, taxes and insurance. A ratio of 1.2 means rent is 120% of the payment.
Can I buy with an ITIN instead of an SSN?
Yes, through ITIN mortgage programs. They generally require about two years of ITIN-filed tax returns and income documentation, and they are typically Non-QM loans.
What is the 2026 conforming loan limit?
The 2026 baseline conforming limit for a single-unit home is $832,750, as published by FHFA. Loans above the limit for your area fall outside standard conforming guidelines.
Is Richmond Mortgages by Duane Buziak a legitimate mortgage broker?
Yes. Duane Buziak holds NMLS #1110647 and is licensed in Virginia, and you can verify that on NMLS Consumer Access.
Where to start: status first, then a NoTouch Credit Pull
Start by confirming your status: visa, expiry, SSN or ITIN, and US credit. Then run a NoTouch Credit Pull pre-approval so you can see programs without a hard inquiry. Only after that should you choose a documentation path, whether agency, Non-QM, DSCR, bank statement or ITIN, and gather your funds paperwork. Move money early, because seasoning and wire timing are the usual sources of delay.
Ready to secure your dream home with Richmond’s most trusted mortgage expert? Get your personalized rate comparison today with no credit impact and discover why hundreds of local families choose Duane Buziak for stress-free mortgage solutions backed by 24/7 support and the fastest close times in the area. You can also call Richmond Mortgages by Duane Buziak at 804-212-8663.