Foreign National

Actually, you do not need to wait for the green card.  On foreign national (we only fund residential) loans other than condos, GreenPoint will fund 70 percent loan to value (there are dollar limits) on a purchase.  In the case of condos, that would be 65 LTV. Why is this a big deal?  No traditional credit required (this does not mean derogatory credit is okay–we are talking about lack of credit here), no alternative credit required, no bank reference letters, no trade reference letters, no sourcing, no seasoning.  All one needs is proof of identity and proof of abiliity to remain in the US for two years (L1, H1, B1, etc.), so that the property can qualify as a primary residence and not as a second home (which is what a tourist visa would indicate).  We will also fund this loan for citizens and permanent resident aliens that do not have credit established and cannot document anything.
Why is this better than hard equity?  Rates that can be below 7 on a 5/1.
By the way, if all your foreign national borrower can come up with is proof of identity, no problem.  65 LTV (whether condo or otherwise for residential) and close your loan.