Delaware Foreign National Mortgage Loans: Buy a Rental or Second Home Without U.S. Credit

You live abroad, you have the down payment, and you want a beach rental in Sussex County, a townhome near the University of Delaware for a student in the family, or a long-term rental in New Castle County. Then a U.S. bank asks for a Social Security number and two years of U.S. tax returns you will never have. I’m John Thomas, NMLS #38783, and for more than 20 years I’ve helped buyers finance Delaware property from our Newark office on Chestnut Hill Road. On this page I lay out what foreign national programs lend today, how you qualify without U.S. credit, how the money moves and how you close from overseas. If you are investing, our Delaware real estate investing guide covers the strategy side.

What Is a Foreign National Mortgage?

It is a non-QM home loan for a buyer who lives and works outside the United States. You qualify with a passport, the property’s rent, foreign income or your assets instead of a Social Security number, U.S. credit and U.S. tax returns. It finances investment property or a second home, never a primary residence.

Fannie Mae and Freddie Mac loans are built around U.S. credit reports and U.S. income documents, which a buyer living overseas usually does not have. Foreign national loans are held or sold privately, so each lender sets its own rules. We compare several of these programs and use the one whose rules fit your file, which is why the figures on this page are the most flexible terms available as of November 2026. Our Delaware non-QM loans page explains the wider family of loans outside agency rules.

• No Social Security number or ITIN required. A valid passport and visa (or a visa-waiver country) is the starting point.
• No U.S. credit score required. Several programs lend the same percentage with no score as with a 680 score.
• Rental property or second home. Never a home you live in as your main residence.
• Loan size: $75,000 to $3,000,000.
• Terms: 30-year fixed, plus 15- and 40-year fixed, interest-only and an adjustable-rate option on some programs.

Who Qualifies as a Foreign National Borrower?

You qualify as a foreign national if your primary residence is outside the United States, you are not a U.S. citizen or permanent resident, and you can show a valid passport plus a visa or visa-waiver status. Diplomats with immunity and citizens of comprehensively sanctioned countries are not eligible.

Requirement	Guideline
Where you live	Primary residence outside the U.S., in the country that issued your passport
Identification	Valid, unexpired passport
Visa	Valid U.S. visa, or an I-797 with valid dates plus I-94; no visa needed for Visa Waiver Program countries or Canada
Social Security number / ITIN	Not required
U.S. credit	Not required; a U.S. score is used if you have one
Not eligible	U.S. residents, diplomats with immunity, citizens of comprehensively sanctioned countries
Experience	First-time investors allowed; no landlord experience required on several programs

The Visa Waiver Program list from the U.S. State Department shows which countries can visit without a visa. Sanctioned-country rules follow the U.S. Treasury’s OFAC sanctions programs; today programs exclude citizens of countries such as Cuba, Iran, North Korea, Russia and Syria. If a co-borrower is a U.S. citizen, the foreign national’s documents still apply on most programs.

How Much Can a Foreign National Borrow in Delaware?

The most flexible programs lend up to 75% of the price on loans up to $1,500,000 with no U.S. credit score, on a rental or a second home, as of November 2026. That means 25% down. Larger loans need more down, and cash-out refinances top out at 70%.

Loan-to-value (LTV) is the loan divided by the price or appraised value, whichever is lower. These are the highest limits available across the programs we use, for a single-family home:

Loan amount	Purchase or rate/term refinance	Cash-out refinance	Down payment on a purchase
Up to $1,500,000	75%	70%	25%
$1,500,001 to $2,000,000	70%	65%	30%
$2,000,001 to $2,500,000	65%	60%	35%
$2,500,001 to $3,000,000	65% second home, 60% rental (with a U.S. score of 700 to 720)	60% or less	35% to 40%

With no U.S. score, the top tier is 60% on a second home and 55% on a rental. Condos, 2- to 4-unit buildings, condotels and rural homes usually cap at 70% on a purchase. Cash-out on these loans also has a dollar limit on the cash you take home, often $300,000 to $1,000,000 depending on the loan-to-value.

Here is the math on a $400,000 Delaware rental bought with no U.S. credit:

Item	Amount
Purchase price	$400,000
Maximum loan at 75%	$300,000
Down payment (25%)	$100,000
Plus closing costs, transfer tax share and any reserves	Varies; see the cost section below

How Do You Qualify Without U.S. Credit or U.S. Income?

You choose one of three paths: the property’s rent covers the payment (DSCR), your foreign income is documented by an employer or CPA letter, or your assets are converted into a monthly income figure. None of them needs a U.S. credit report or U.S. tax returns, as of November 2026.

Path	What you provide	Best for
Rental income (DSCR)	The lease or the appraiser’s market rent; rent divided by the payment	Rental property; no income documents
Foreign income (full doc)	Employer letter with salary and year-to-date pay, or a CPA letter with 2 years of income; translated into English	Second homes and rentals
Assets	Bank and investment statements; assets divided over 60 or 84 months	Buyers with savings but irregular income

The rental-income path is the most common. The debt service coverage ratio (DSCR) is the monthly rent divided by the full payment of principal, interest, taxes, insurance and any HOA dues. A ratio of 1.00 or higher means the rent covers the payment and opens the highest limits. Some programs accept a ratio below 1.00 at up to 70%, and one accepts a ratio under 0.75, a no-ratio loan, at up to 60%. Our Delaware DSCR loans and no-ratio DSCR loan pages explain the math for U.S. investors, and it works the same way here.

If you do have U.S. credit, a score of 680 or higher can help on larger loans. If you don’t, many programs simply use a no-score column. Some want two or three references instead: a letter from your bank, a credit card statement history or an international credit report. The asset path works like our asset qualifier loan program, with foreign accounts allowed when statements are translated.

Documents to have ready, by path:

• Every file: valid passport, plus your U.S. visa, or proof of Visa Waiver Program or Canadian status; the signed purchase contract; one or two recent bank statements for the down payment, translated into English and converted to U.S. dollars.
• Rental income (DSCR): the current lease if a tenant is in place; otherwise the appraiser’s market rent is used.
• Foreign income: an employer letter on letterhead with your position, start date, salary and year-to-date pay, or a CPA or accountant letter covering 2 years of income, translated into English.
• Assets: recent bank and investment account statements, translated into English.
• Buying in an LLC: articles of organization, operating agreement and EIN, on programs that allow it.

Can You Buy a Rental Property or a Second Home?

Yes, both. A rental can qualify on its own rent, and a first-time investor is welcome. A second home for your own use is financed on the foreign-income or asset path, one unit only, with up to 75% loan-to-value on loans up to $1,500,000. A primary residence is never allowed.

	Rental (investment)	Second home
How you qualify	Rent (DSCR), foreign income or assets	Foreign income or assets
Units	1 to 4	1
Can you or family stay there?	No	Yes, part of the year
Top loan-to-value	75% to $1,500,000	75% to $1,500,000
LLC ownership	Allowed on several programs	No, titled to you
Prepayment penalty	Usually, up to 5 years	None on the programs we use
Short-term rental	Allowed on some programs	Not the purpose

Planning a beach rental in Rehoboth, Lewes or Bethany? Short-term rental income can qualify on some programs, usually at 80% of projected or actual rents, and the town has to allow short-term rentals. See DSCR loans for short-term rentals for how lenders count that income. A rental financed this way can’t be occupied by you, your family or anyone connected to you.

How Do You Move Your Down Payment and Close From Abroad?

Wire your down payment and closing costs directly to the Delaware closing agent, or move them to a U.S. bank account at least 10 days before closing. Reserves can usually stay abroad. You sign at a U.S. embassy or consulate, or with a local notary and an Apostille where accepted.

• Show where the money is: one or two recent statements, translated into English and converted to U.S. dollars.
• Move it in time: transfer to a U.S. account in your name at least 10 days before closing, or wire it straight to the closing agent from the bank shown on your statements. Funds at a foreign bank with FDIC-insured U.S. branches may not need to move early.
• Gifts: allowed on several programs, usually after you put in 10% of your own money; one program needs no minimum contribution from you.
• Reserves: none on some rental loans up to $1,500,000; otherwise 6 to 12 months of payments, which can usually stay in your home-country account.
• Payments: plan on automatic payments from a U.S. bank account, and on an escrow account for property taxes and insurance.
• Signing: remote online notarization works only while you are in the U.S. Abroad, sign before a U.S. embassy or consular notary, or a local notary with an Apostille in Hague Apostille Convention countries. A power of attorney is generally not accepted.

Which Delaware Properties Are Eligible?

Single-family homes, townhomes, PUDs and warrantable condos are eligible, plus 2- to 4-unit buildings for rentals. Some programs also take non-warrantable condos, condotels and rural homes up to 5 acres, usually at 70% or less. Manufactured homes and co-ops are not eligible.

Property	Eligible?	Typical limit
Single-family, townhome, PUD	Yes	Full limits
Warrantable condo	Yes	Up to 70% to 75%
Non-warrantable condo	Some programs	About 5% lower
2 to 4 units	Rentals only	Up to 70%
Condotel	Some programs	Up to 70%; loan often $1,500,000 or less
Rural (up to 5 acres)	Some programs	Up to 70%
Manufactured home, co-op	No	–

Buying a condo? Our Delaware condo loans guide explains warrantable and non-warrantable projects. Not sure which town fits your plan? See the areas we serve in Delaware and Maryland.

What Does It Cost, Including Delaware Transfer Tax and FIRPTA?

Expect a higher rate than a U.S. resident loan, normal closing costs, and Delaware’s realty transfer tax of usually 4% of the price, customarily split equally, so about 2% from the buyer. When you sell later, the buyer generally withholds 15% under FIRPTA.

• Rate: fixed or adjustable and priced on loan-to-value, loan size, path, property and U.S. credit if any. We don’t post rates here because they move with the market; call for a quote on your numbers.
• Delaware realty transfer tax: 2.5% to the state plus 1.5% to the county or town where it levies the full local share, apportioned equally between buyer and seller (Delaware Code Title 30, Section 5402). Where no local tax applies, the state rate is 3%.
• Closing costs: appraisal (a second appraisal above $2,000,000), title, settlement, recording and prepaid taxes and insurance for the escrow account.
• Prepayment penalty: usually on rental loans, for up to 5 years; Delaware allows them.
• When you sell: under FIRPTA, the buyer generally withholds 15% of the price from a foreign seller and sends it to the IRS; you reconcile it on your U.S. tax return.
• Rental income: U.S. tax filing rules apply to rent you collect; see IRS Publication 519, U.S. Tax Guide for Aliens and Publication 527, Residential Rental Property. Talk to a cross-border tax advisor before you buy.

Our guide to your mortgage payment breaks down principal, interest, taxes and insurance, the same payment used in the DSCR math.

Foreign National, ITIN or Non-Permanent Resident: Which Loan Fits?

Use a foreign national loan if your home is outside the U.S. If you live and work in the U.S. with an ITIN, an ITIN loan lets you buy a home to live in. If you hold a U.S. work visa and live here, non-permanent resident programs usually work better than either.

You are	Best fit	Can you live in it?
Living abroad, no SSN or U.S. credit	Foreign national loan	Second home only
Living and working in the U.S. with an ITIN	ITIN home loan	Yes
Living in the U.S. on a work visa with an SSN	Non-permanent resident financing (conventional, FHA or non-QM)	Yes
Self-employed U.S. resident	Bank statement loan	Yes

How Do You Get a Foreign National Loan, Step by Step?

Start with a call or video meeting, choose rental or second home and the income path, gather your passport, statements and translations, get under contract, move the funds, then sign abroad or in Delaware. Timing depends most on the appraisal and how long the wire takes.

1. Run the numbers. Call 302-703-0727 or book 30 minutes. We look at price, use, path and where your money sits.
2. Gather documents. Passport, visa or visa-waiver status, statements, income letters, translations.
3. Set up a U.S. bank account. Needed for automatic payments on most programs.
4. Make an offer. Your agent writes the contract; we issue the pre-approval letter.
5. Appraisal and underwriting. The appraiser also sets market rent on a rental.
6. Move the funds and sign. Wire to the closing agent or a U.S. account 10 days ahead, then sign at a consulate, with an Apostille notary, or in person in Delaware.

When Is a Foreign National Loan Not a Good Fit?

A foreign national loan is the wrong choice if you plan to live in the home full time, if you already live and work in the U.S., if you need more than 75% financing, or if your down payment can’t reach the U.S. before closing. Each has a better path.

• You live in Delaware with an ITIN: see the Delaware ITIN home loan program.
• You want to move here and live in it: a primary residence is not allowed; once you have U.S. residency status, other programs open up.
• You need more than 75% financing: no foreign national program goes higher today.
• The rent won’t cover the payment: a bigger down payment, the asset path or a no-ratio loan may still work.
• A manufactured home or co-op: not eligible on these programs.

Foreign National Mortgage FAQ

Last Updated: November 2026 · John Thomas Team with AnnieMac Home Mortgage · Mortgage content reviewed by John R. Thomas, NMLS #38783.

John R. Thomas, NMLS #38783 | John Thomas Team with AnnieMac Home Mortgage | AnnieMac Home Mortgage NMLS #338923 | 248 E Chestnut Hill Rd, Newark, DE 19713 | 302-703-0727 | delawaremortgageloans.net
AnnieMac Home Mortgage is an Equal Housing Lender. State licensing: Look up John R. Thomas, NMLS #38783, on NMLS Consumer Access.
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