What do foreign national borrowers with no US credit need for an investment property loan — reserves, LTV limits, and documentation?

Foreign national borrowers with no U.S. credit history face a distinct set of requirements for investment property financing, and the specifics vary significantly by investor. Because there's no credit score to underwrite from, lenders typically substitute alternative verification of creditworthiness, such as a reference letter from a foreign bank, an international credit report, or documented rental payment history, along with verified identity documents like a passport and visa status (or evidence of ITIN eligibility). Reserve requirements tend to be higher than for domestic borrowers to offset the added risk of no U.S. credit footprint, and lenders generally require these funds to be seasoned and sourced from verifiable foreign or domestic accounts, often with additional documentation trails showing legal origin of funds. LTV limits are typically more conservative for foreign nationals than for U.S. citizen investors, reflecting the higher risk profile, and the maximum allowable leverage can shift based on property type, loan size, and whether the borrower has any U.S. asset or banking relationship. Income documentation is usually asset-based or reliant on the property's projected rental income (DSCR-style underwriting) rather than traditional W-2s or tax returns, since foreign nationals often lack U.S.-reportable income. Because reserve, LTV, and documentation standards differ meaningfully across Non-QM investors, borrowers should confirm exact requirements with their loan originator before proceeding.