Anonymized side-by-side comparison of 6 active foreign national DSCR programs. Parameters reflect current market availability — not historical or projected terms.
This matrix compares 6 active program tiers in the current foreign national DSCR market. Lender names are not published because parameters change frequently — naming a lender against a parameter set that shifts in 60 days creates misrepresentation. Instead, programs are designated as tiers (A through F) reflecting their position on the LTV / documentation / rate spectrum.
Program tiers reflect the trade-off between access parameters and cost. Tier A programs offer the highest LTV, most flexible documentation, and lowest DSCR minimums — at the cost of the highest rate spread above domestic DSCR products. Tier F programs offer more favorable pricing but require stronger credit profiles (US credit score, lower LTV, or higher DSCR). Most foreign national borrowers with no US credit land in Tier A or B. As a borrower builds US credit history and reserve depth, they may migrate to lower-tier (better-priced) programs on future transactions.
Matrix reflects representative program parameters as of Q2 2026. All parameters are subject to change. This is not a commitment to lend. Actual terms depend on full underwriting review of the specific property, borrower, and market conditions.
| Parameter | Program A Tier A — Broadest Access |
Program B Tier A — High LTV Alt Credit |
Program C Tier B — ITIN Enhanced |
Program D Tier B — No-Ratio |
Program E Tier B — STR Eligible |
Program F Tier C — US Credit Required |
|---|---|---|---|---|---|---|
| US Credit Required | No | No | ITIN + thin file ok | No | No | 680+ FICO required |
| Credit Alternative | Foreign CR or bank ref | Bank reference letter | ITIN + 1 tradeline | Foreign CR | Foreign CR or bank ref | US FICO only |
| Max LTV — SFR Purchase | 75% | 75% | 75% | 65% (No DSCR) | 75% | 80% |
| Max LTV — Cash-Out Refi | 70% | 65% | 70% | 60% | 70% | 75% |
| Min DSCR | 1.00x | 1.00x | 1.00x | N/A (No-Ratio) | 1.00x | 1.00x |
| Min Loan Amount | $100,000 | $150,000 | $100,000 | $100,000 | $100,000 | $75,000 |
| Max Loan Amount | $3,000,000 | $2,000,000 | $2,500,000 | $1,500,000 | $2,000,000 | $3,500,000 |
| SFR Eligible | Yes | Yes | Yes | Yes | Yes | Yes |
| Condo Eligible | Warrantable only | Warrantable only | Warrantable only | Low-rise only | Warrantable only | Warrantable + some non-warrantable |
| 2–4 Unit Eligible | Yes (70% LTV) | Yes (65% LTV) | Yes (70% LTV) | No | Yes (70% LTV) | Yes (75% LTV) |
| STR Income Accepted | Select markets | No | Select markets | No | Yes | Yes |
| LLC Vesting | Yes | Yes | Yes | Yes | Yes | Yes |
| Reserve Requirement | 6 mo. PITIA | 12 mo. PITIA | 6 mo. PITIA | 12 mo. PITIA | 6 mo. PITIA | 3 mo. PITIA |
| Foreign Bank Reserves OK | Yes | Yes | Yes | Yes | Yes | US preferred |
| Interest-Only Available | No | No | Selected tiers | No | Selected tiers | Yes |
| Prepayment Structure | 5/4/3/2/1 | 5/4/3/2/1 | 3/2/1 | 3/2/1 | 3/2/1 | 3/2/1 or step-down |
| Rate Spread vs. Domestic DSCR | +1.00–1.50% | +1.25–1.75% | +0.50–1.00% | +1.50–2.25% | +0.75–1.25% | +0.25–0.75% |
| States Available | Most states | FL, TX, CA, NY, CO | Most states | FL, TX, AZ, CO | FL, TX, AZ, CO, TN | Most states |
| Best Fit | First-time FN, no US credit | High reserves, less credit | ITIN + growing US profile | Vacant property, pre-lease | STR investors | FN with established US credit |
Rate spreads are illustrative ranges based on Q2 2026 market observations. Actual rates depend on loan amount, LTV, DSCR ratio, credit documentation, property type, and market conditions at time of lock. Not a commitment to lend.
The six programs above differ on several structural dimensions that matter more than any single parameter. Understanding these dimensions helps match the right program to a specific scenario.
Programs A, B, D, E accept foreign credit alternatives. Program C requires ITIN with thin US file. Program F requires a 680+ US FICO. The credit path is the first filter — it determines which programs are accessible before pricing is considered.
Program F offers the highest LTV (80%) and lowest rate spread but requires US credit. Programs A and C offer 75% LTV for borrowers without US credit. Program D (No-Ratio) sacrifices 10 LTV points for income documentation flexibility.
Programs B and D reject short-term rental income. Program E is specifically structured for STR. Programs A, C, F accept STR in select markets with AirDNA or platform history. Property-use strategy drives program selection.
Programs B and D require 12 months PITIA in reserves — double the standard 6 months required by A, C, E, F. Investors with strong reserve depth but limited credit access may find Program B competitive despite higher rate spread.
Programs F (up to $3.5M) and A (up to $3M) reach the highest jumbo-tier amounts. Program D caps at $1.5M. Investors targeting higher-priced assets in South Florida, coastal California, or NYC metro need to start with programs A or F.
Programs A and B carry a 5-year step-down vs. 3-year on C, D, E, F. For investors targeting a 3-year hold, the 5-year structure adds exit cost. For long-term holds (5+ years), the rate difference between programs often outweighs prepay period differences.
Viador acts as a capital advisor, not a lender, meaning program selection is driven by the investor's scenario rather than a predetermined lender relationship. The selection process evaluates: (1) which programs the borrower qualifies for based on credit documentation; (2) which programs cover the property type, state, and loan amount; (3) which program delivers the best combination of rate, LTV, and prepayment structure given the investor's projected hold period; and (4) which program has the cleanest processing path given documentation available. Most scenarios have 2 to 4 viable programs — Viador presents the top options with explicit trade-off explanation before the borrower commits to an application.
First-time foreign national buyers in Florida with no US credit history and standard documentation (passport, foreign bank statements, foreign credit report or bank reference letter) typically start with Program A or Program B. Program A is the most broadly accessible — it accepts the widest range of credit documentation and offers 75% LTV on SFR and warrantable condo with a 1.00x DSCR minimum. Program B requires stronger reserve depth (12 months vs. 6) in exchange for slightly more flexible credit documentation. The right choice between A and B depends on the borrower's reserve position and the specific credit evidence available.
Program D (No-Ratio) is designed for this scenario. When a property has no lease in place — a vacant purchase, new construction completion, or a unit being converted from owner-occupancy — Program D allows the loan to close without a DSCR calculation. Income documentation is not required. The trade-off is a lower maximum LTV (65%) and a higher rate spread (+1.50–2.25% above domestic DSCR). Once the property is leased and seasoned 12 months, the borrower may refinance into a ratio program at more favorable terms.
Moving from no US credit (Tier A programs) to a 680–719 US FICO (Program C equivalent) typically compresses rate spread by 0.50 to 1.00 percentage points. Moving from 680–719 to 720+ can produce an additional 0.25 to 0.50 point improvement. The largest pricing jump is the first one — from no US credit to any established US FICO above 680. This represents the clearest ROI argument for foreign nationals building US credit: the rate savings on a $500,000 loan at 0.75% annual improvement run approximately $3,750/year before the prepayment period ends.
Higher DSCR ratios qualify borrowers for better program parameters within each tier. A borrower with 1.00x DSCR qualifies for the base parameters in Programs A, B, and C. A borrower with 1.20x or above may qualify for LTV improvements (some programs allow 75%→80% at 1.20x+ DSCR with US credit) or rate pricing tiers that reward stronger income coverage. Cash-out refinance programs in particular distinguish between 1.00–1.09x, 1.10–1.19x, and 1.20x+ DSCR bands, with LTV caps tightening at lower coverage ratios.
A foreign credit report is a credit history document issued by a borrower's home country credit bureau, covering account payment history, outstanding balances, and derogatory items. Countries with well-established credit bureau systems include Canada (Equifax Canada, TransUnion Canada), United Kingdom (Experian UK, Equifax UK, TransUnion UK), Australia (Equifax AU, Illion), Germany (SCHUFA), Brazil (Serasa), and Mexico (Buró de Crédito). Programs A, C, and E accept translated foreign credit reports from recognized bureaus. Countries without formal bureau systems typically require a bank reference letter instead.
Yes. Each property transaction is underwritten independently. A foreign national investor can use Program A on their first Florida SFR acquisition, Program E on a Scottsdale short-term rental, and Program C after establishing ITIN and some US credit for a third property — each matched to the optimal program for that asset and the borrower's profile at the time. There is no requirement to use the same program across a portfolio.
Yes — all six programs in this matrix require a personal guaranty from the individual foreign national borrower or from each member with 20% or more beneficial ownership in the borrowing LLC. The personal guaranty is a business-purpose lending standard. Programs do not offer non-recourse structures for foreign nationals at the residential DSCR tier. Non-recourse financing for foreign nationals exists in the commercial real estate space (bridge and CMBS products) but not in residential DSCR programs.
A default on a foreign national DSCR loan results in the personal guaranty becoming callable — the lender can pursue the individual borrower's personal assets in addition to the property itself. DSCR programs use non-judicial foreclosure in states that allow it (including Florida, Texas, and many others), which can move faster than judicial foreclosure states. Foreign national borrowers should understand that the personal guaranty extends lender recourse beyond the US property to the borrower's global assets, subject to international enforcement limitations.
Foreign national DSCR files typically take 5 to 10 business days for initial underwriting review from a complete package submission. Total time from application to clear-to-close averages 30 to 45 days. Factors that extend timelines: international background check results requiring manual review (add 5–10 days), foreign credit report translation and verification (add 3–7 days), condo warrantability review (add 5–15 days), entity documentation gaps (add 1–3 weeks). Submitting a complete documentation package at application — not in pieces — is the single most effective way to shorten the cycle.
Most DSCR programs issue a pre-qualification letter based on a borrower profile review before a specific property is identified. However, rate locks require a specific property, executed purchase contract, and complete appraisal. Pre-qualification confirms the borrower meets program eligibility — it does not lock a rate or commit to specific terms. Rate locks for foreign national DSCR programs are typically available for 30, 45, or 60 days from the lock date, with extension fees available if closing is delayed.
Yes. All programs in this matrix require a full property appraisal by a licensed appraiser, typically including a rental market rent appraisal on Form 1007 if no executed lease is in place. Some programs use a "bifurcated appraisal" (desktop appraisal + property data collector inspection) for lower LTV scenarios, but a full interior appraisal is standard for foreign national purchases at 75% LTV. The appraisal establishes both the as-is property value (which drives LTV) and the market rent (which drives DSCR). Both figures must support the loan parameters.
Viador sources across all active foreign national DSCR programs — present your scenario and we build the comparison for your specific asset.