Empowering your homeownership journey with custom mortgages.

Yes, foreign nationals can purchase property in California. There are no citizenship or residency requirements for owning real estate in the U.S. 

New Omni Bank’s Portfolio Residential Mortgage is designed for newcomers, non-residents, and foreign nationals, accommodating non-traditional income sources and limited or no credit history.

Generally, you’ll need proof of income, asset verification, bank statements, identification, and possibly legal status in your home country.

For applicants without a U.S. credit history, New Omni Bank utilizes alternative methods to evaluate creditworthiness. This may include reviewing an international credit report, verifying income and assets in your home country, or considering other financial indicators that demonstrate your ability to manage and repay debt.

Yes, our multilingual mortgage specialists can assist you, even if you’re currently abroad.

Start by contacting our mortgage specialists to discuss your needs, followed by credit verification, documentation preparation, and completing the application process.

You can borrow up to $2.500,000 with an LTV up to 70%, providing flexibility for financing various property types.

Our Portfolio Residential Mortgage is designed to cater to diverse financial strategies with two distinct interest rate structures:

• 1-Year Fixed/Adjustable Rate (or 1/1 ARM) with a 10-Year Balloon Payment: This option offers a fixed interest rate for the first year, providing initial payment stability. After the first year, the interest rate adjusts annually according to market conditions. The loan is structured to end with a balloon payment after 10 years, where the remaining balance of the mortgage is due.

• 3-Year Fixed/Adjustable Rate (or 3/1 ARM) with a 10-Year Balloon Payment: Alternatively, for those seeking a longer period of rate stability, we offer a fixed interest rate for the first three years. Following this, the rate adjusts annually based on market trends. Like the first option, this mortgage concludes with a balloon payment after 10 years, covering the remainder of the loan.

Interest rates are influenced by your credit score, down payment, loan type, loan term, and current market rates.

The timeline can vary, but typically it takes within two months from application to closing, depending on several factors including the loan type, documentation requirements, and appraisal process. New Omni Bank offers speedy approval because all steps are entirely handled within New Omni Bank.

When purchasing property in the U.S., you can expect various fees, including:

• Lender’s fees: Charges from the lender for processing your mortgage application.

• Closing costs: A broad category that includes several expenses necessary to complete the property transaction, such as title search, attorney fees, and more.

• Appraisal fees: Paid to a professional appraiser to determine the property’s market value.

• Exchange rate and wire transfer fees: If you’re transferring funds from abroad, these fees cover currency exchange and the electronic transfer of funds.

Each of these fees contributes to the overall cost of purchasing property and securing a mortgage in the U.S., so it’s important to budget for them in advance.

Understand key tax considerations like property taxes, rental income taxation, and potential estate tax implications. Consulting with specialized tax advisors is recommended.

An escrow account is a special account managed by a third party (usually the lending institution) during the real estate transaction process or the ownership period. The primary function of this account is to hold and disburse funds related to the property.

Each month, a portion of your mortgage payment is deposited into the escrow account. The lending institution then withdraws funds from this account to pay for property taxes and insurance premiums, ensuring these payments are made on time and avoiding late fees or penalties.

This setup ensures that property taxes and insurance premiums are paid on time, avoiding legal and financial risks associated with unpaid taxes or lapsed insurance coverage.

Closing costs are fees associated with finalizing your mortgage and can include appraisal fees, title insurance, and legal fees, typically ranging from 2% to 5% of the loan amount.

Title insurance is a protective measure against financial loss from defects in the title to real estate. There are two types: owner’s title insurance, which protects the homeowner, and lender’s title insurance, which protects the lender.

Title insurance covers potential damages or legal costs arising from any discrepancies or defects in the title of the property you’re purchasing, such as outstanding liens, fraud, or errors in public records.

While lender’s title insurance is typically required in a mortgage, owner’s title insurance is optional but highly recommended for added protection.

Missing a payment can lead to late fees and negatively impact your credit score. If you’re facing financial difficulties, contact your lender as soon as possible to discuss options.