Foreign Nationals

The following documentation is required to be present in the loan files prior to underwriting:

1. Complete Residential Mortgage Application (FNMA 1003), signed and dated by the borrower and the interviewer. Complete executed 1003s must be received prior to scheduling closing.

2. Self employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year to date income figure. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.

Domestic borrowers require full income documentation which may include; two years personal and/or corporate tax returns; paystubs; W2s or a standard VOE.

3. Factual Data Credit Report, accessing at least three repositories. (U.S. citizens and resident aliens must have a middle credit score of 680). Credit score exceptions can be approved by the Division Head of Real Estate Finance with the bank President, or in the absence of the President, his designee. International Credit Reports are required on borrowers from Canada, Ireland and the United Kingdom.

4. Mortgage Verification, when applicable

5. Verification of Initial Down payment, cash to close, and reserves equivalent to no less than 24 months of PITI and HOA when applicable. 12 months of reserves are acceptable with an LTV of 65% or less. Reserves must be on deposit in economically stable countries. All cash to close must be on deposit in a US Banking Institution. The borrower's liquid asset position must be commensurate with the borrower's financial statement and income level. GIFT FUNDS ARE NOT ACCEPTABLE.

6. Escrow Letter (verification of down payment).

7. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status.

8. Fully Executed Sales Contract, when applicable.

9. Appraisal by an approved BAC Florida Bank appraiser. All appraisals must be addressed to BAC Florida Bank (To be ordered by BAC)

10. Copy of Borrower's passport and visa (when applicable), if foreign national, or copies of green card, if resident alien.

11.Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution. Mandatory ACH for mortgage payments must be signed prior to scheduling closing and be accompanied by a cancelled check.

12. A Waiver of the ACH debit payment requirement will be allowed by increasing the rate by 1%

13. All letters, documents, and bank statements translated if necessary.

14. Corporate title acceptable. (shell Corps. ONLY). All corporate owners must file applications and guarantee the debt.