New Omni

New to the U.S.

Alert: New Omni Bank will be closed on Monday, October 14, 2024, in observance of Columbus Day.

From Dream to Home

Tailored Home Mortgage for You.

Empowering your homeownership journey with custom mortgages.

At New Omni Bank, we understand that buying a home in the U.S. can be a significant step for new immigrants and international investors. Our Home Lending services are designed to simplify this journey, offering a range of solutions tailored to your unique financial needs and circumstances.

The Choice of Bank for Immigrants and Foreign Nationals

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Cultural and Linguistic Understanding

Our multilingual mortgage specialists, fluent in English, Mandarin, Cantonese, and more, provide personalized support for a clear, culturally-aligned homebuying experience.

Mortgage and HELOC Solutions for Foreign Nationals and Newcomers

We provide specialized mortgage programs that accommodate non-traditional income sources, limited or no U.S. credit history, and other unique circumstances typical of new immigrants and foreign nationals.

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Streamlined and Supportive Application Process

We simplify the homebuying journey with a streamlined mortgage application process. 

From initial consultation to closing, we ensure a smooth, transparent, and efficient experience, minimizing the stress often associated with securing a mortgage.

What We Offer

Portfolio Residential Mortgage

Tailored for those new to the U.S., foreign nationals, or investor navigating intricate financial landscape.

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Home Equity Line of Credit

Access up to $5 million with our HELOC program. Available to U.S. citizens, green card holders, and non-permanent resident aliens.

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International Homebuyers

Discover how foreign nationals can confidently buy homes in California with our expert guidance.

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Frequently Asked Questions

1. Can foreign nationals buy property in California?

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

2. I just moved to the U.S. and have no credit history. Can I get a mortgage?

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.

3. What documents are needed to apply for a mortgage as a foreign national?

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

4. If I don't have a U.S. credit history, how do you evaluate my creditworthiness for a mortgage?

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.

5. Can I apply for this mortgage if I’m currently outside the U.S.?

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

6. What are the steps to apply for a Portfolio Residential Mortgage at New Omni Bank?

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

7. How much can I borrow with a Portfolio Residential Mortgage?

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

8. What are the interest rate options for the Portfolio Residential Mortgage?

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.

9. What factors determine my mortgage interest rate?

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

10. How long does the mortgage application process take?

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.

11. What fees should I expect to pay?

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.

12. How do I manage tax obligations for my property in the U.S.?

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

13. What’s an escrow account?

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.

14. What are closing costs, and how much should I expect to pay?

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.

15. What’s title insurance?

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.

16. What happens if I miss a mortgage payment?

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.

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