PNB FINANCING (OPHL)
Home Loan Program
OPHL Requirements (All fees are payable to “PNB Los Angeles”)
- Acceptable US FICO Score and credit history.
- Duly accomplished loan application form.
- Non-refundable PROCESSING fee of $200.00
- APPRAISAL fee of $150.00.
- Photocopy of Income Tax Returns (ITR) for the last 2 years PLUS W-2 forms for the last 2 years.
- If EMPLOYED: Copies of pay-stubs for the last 2 consecutive months.
- If SELF-EMPLOYED: Audited Financial Statements of the business for the last 3 years.
- Bank statements for the last 2 consecutive months (checking and savings) – same months as pay stubs.
IF DEVELOPER/PROPERTY IS ACCREDITED:
- Contract to Sell
OPHL Program Advantages
Potential issues if financed in the Philippines:
- Must not be 65 years old at loan maturity.
- If married, spouse must co-sign.
- Need to open / maintain account in Philippines – Payment via remittance; Exposure to FX exchange risk.
- Attorney-in-fact (AIF).
- Filipino / Dual Citizenship required.
- Buyer is automatically a principal to the loan by default.
Advantages with PNB OPHL Program Financing in the US:
- No AGE LIMIT.
- Marital conformity on best effort basis only.
- Payment in USD via ACH (Automatic debit of US bank accounts).
- AIF not required.
- No citizenship required – subject to applicable laws in the Philippines.
- For cases of ineligibility, a third party can apply in lieu of the buyer.