There are several loan programs available, which change constantly, in terms of interest rates and the requirements for qualifying. Our lender will be happy to advise you of the latest details.

For foreign nationals, you generally have a choice of putting down 20%, 25% or 30%, each with its own requirements. Generally, the more you put down, the less documentation you will need to show.

For "full documentation" loans, generally with 20% down,if you are employed, you will need two years W2s (or P60s from the UK); the past 30 days paystubs; the past 3 months bank statements(all pages, for every account, including any investment statements); 3 credit references showing type of account and date opened, high credit, monthly payments, number of times late; a completed application form, listing income, assets and liabilities, employment information (with phone numbers) and current and past addresses. The Lender will also need to pull a credit report and obtain an appraisal and a survey on the property you are purchasing. You will also need to open a US bank account and of course, have a signed purchase contract.

If you are self employed, you would need all the above except instead of the employment information, W2s(P60s) and paystubs, you would need 2 years business and personal tax returns, business financial statements and a letter from your Accountant.

For a "limited documentation" loan, generally with 25% down, you would just need the application form, one credit reference, a letter from your Accountant (if you are self employed) plus a credit report. Again, you will need a US bank account and a signed purchase contract.

When you put down 30%, all you need is the application form, a signed purchase contract and a US bank account.

The majority of borrowers choose a 30 year fixed mortgage, which usually carries no prepayment penalty. However, many people also choose ARMs, or Adjustable Rate Mortgages, which usually have a lower interest rate for the first 5 years or so. Investment property usually has an interest rate some 1%-1.5% higher than an owner occupied property.

Foreign nationals usually have to show the Lender that they have enough money in reserve to cover 6 months of mortgage payments.

The main thing the Lender is looking for is to see that the borrower is stable, of good character, shows a history of timely payments, has enough income to be able to cover the new debt and has enough of a cushion in case of job loss.

Cash (meaning a big wad of actual dollar bills!) is never acceptable for a house purchase. Lenders always want to know that you got your money from legal sources and so you must be able to provide a paper trail of your down payment. If you are planning on using cash, it must have been in your bank account or some other traceable investment medium. Some good advice- if you are planning on getting a mortgage soon, don't go out and change your job, buy a new car or take on any new debt until after you have the mortgage!

Also very important - lenders now require that borrowers document the source of all funds used to purchase a property, regardless of how much deposit you put down. It is advisable to have all your deposit funds in place well ahead of applying for a loan and to try not to make any changes of bank accounts etc prior to application.