Key Features & Eligibility (Home Purchase Loans):

1. Loan-to-Value (LTV): Finance up to 95% of the home’s value (as low as 5% down payment for qualified buyers, required credit history). If you can put 20% down (80% LTV), you’ll avoid private mortgage insurance. We even have programs to accommodate low down payments for first-time buyers.

2. Credit Score: A good credit score (around 620 or higher) is recommended for conventional loans. However, as we know, our IDB Community, international membership, we also offer mortgage loans to our members without any credit history in the U.S. with a minimum of a 20% down payment requirement, as we consider the full picture, and we also have more flexible credit requirements than bank loans. If your score is less than perfect or no credit history, we’ll work with you to find solutions.

3. Interest Rates: Choose fixed rates (stable payments for 15, 20, or 30 years) or adjustable rates (lower introductory rates for 3/1, 5/1, 7/1, or 10/1 ARM-year periods). Our rates are highly competitive in the market, and we do our best to match or beat other lenders’ quotes.

4. Documentation: Standard documents are required, including proof of income (pay stubs and/or employment letter, tax returns for the past 2 years), asset statements (bank accounts for down payment funds), and identification (passport or driver’s license). Overseas members – if your documents are from abroad or in a foreign language, not to worry. We accept equivalent documentation (e.g. international salary statements and employer letters) and just ask for certified English translations where applicable.

5. U.S.-Based vs. Overseas Members: You do NOT need to be in the U.S. to get a home loan with us. We have extensive experience helping members posted overseas buy homes back in the States. Remote application and closing is facilitated via secure digital channels or U.S. Embassy/Consulate notarization. International income and housing allowances can be counted toward your qualification. We tailor the process so that being abroad is not a barrier to owning a home in the U.S.

Count on Your Real Estate Agent to:

 

1. - Preview available homes to filter out those that are overpriced or undesirable in any way.
2. - Present the homes that match your defined needs.
3. - Help you understand the difference between a "good buy" and a property that might need to be discounted in the future due to factors like the neighborhood or market appeal.
4. - Negotiate the best deal for you. With a Pre-Qualification letter from us, your real estate agent will be able to demonstrate that you are a qualified and capable borrower. This can significantly influence the seller and may be the deciding factor between your offer being accepted over someone else’s, even if your offer is lower!

Count On Yourself To:

1. Keep your Real Estate Agent informed of any questions or concerns as they develop.

2. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.

3. Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.

4. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.