Florida Mortgage | Foreign National Homebuyers: How to get your Loan Started!

By
Real Estate Agent with THE PODGURSKY GROUP @ Re/Max Direct

Florida is a HOT market for Foreign National's to purchase both Second Homes and Investment Properties.

A Foreign National Loan is a very simple process if you have your documentation in place. Here is a great checklist to use when you want to get the ball rolling on that process.

Documents needed for a Foreign National Loan Program:

  1. Personal Reference Letters from Country of Origin.
  2. Bank Statements from a US Based Bank.
  3. Information for Employment Verification
  4. Copy of Valid Visa
  5. Copy of Passport

All letters must be translated into English by a certified translator.

For more information about Foreign National Loans and how to get your US Mortgage application started, please check the following links:


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David A. Podgursky, MBA
The Mortgage Go To Guy
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida
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Rainmaker
581,039
Neal Bloom
Premier Associates Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

David,

As an investor it is a great time to buy.. but unless you are willing to hold chances of flipping will be difficult and profits will be tough to atain with a spread. Also seasoning of the loan will come up if not held for a specified period. Renting will be a good option as well. I would love one of you guys to write a post about that and use a picture of some spice..what do you think

May 28, 2007 09:58 AM #1
Rainer
130,211
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

It isn't about flipping... it is about a lot of people that have the money that want to take the opportunity to buy while prices and rates are low.

Seasoning of the loan doesn't really have much to do with it.  I'm not suggesting flipping - I'm suggesting holding for appreciation in:

  1. the property
  2. the dollar which will increase the overall rate of return for foreign investors

Renting?? what's that?

That's what you do when you own the property and find someone that wants to live in it for money! :)

May 28, 2007 01:23 PM #2
Rainmaker
581,039
Neal Bloom
Premier Associates Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

No I know i went a bit off subject but  I understand that this is about loans for foreign nationals,actually we had a guy that close one a few years ago that actually closed with only 10% down..after that deal the lenders would not do them again....doesn't it normally have to be 20-30 %?.

Can you beleive the guy pulled it off? Now that's a good loan officer huh?

May 28, 2007 02:12 PM #3
Rainmaker
510,217
Cyndee Haydon
Charles Rutenberg Realty - Clearwater, FL
727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes
David - thank you for another educational post. Great checklist for all foriegn nationals and a lot of realtors too :-). We get a lot of people from other countries purchasing beach properties and appreciate you putting this together. Great job my friend!  
May 28, 2007 02:45 PM #4
Rainer
130,211
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

Neal - I know one bank that used to do 90%... but rates weren't great.  there are more banks now than ever that do foreign national loans but the real question is whether the broker knows how to put the deal together or not.  20-30% is a fair place to start

what you NEED to be 100% certain is to have your money seasoned in a US Bank:

  • Down Payment - for example 20%
  • Closing Costs - best to  have a little buffer because exchanging and wiring isn't instantaneous in most cases
  • At least 2 months PITI - better to have 6 months PITI + maintenance...

If your buyer has that, the bank will be much easier to work with

my company does a LOT of Foreign National Loans... commercial and residential.

 

May 28, 2007 03:13 PM #5
Rainer
130,211
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

Cyndee

did I just get another bookmark in your blogworld?? :)

May 28, 2007 03:13 PM #6
Rainmaker
98,375
Robert D. Ashby
Robert Ashby Photography - Miramar, FL

David,

Sorry I missed this post.  Very good information and I always tell foreigners to plan on 20% down.  I know several lenders are going that high and as you stated, seasoning is key.  Too many come to me asking to get it done and they haven't even gotten a US bank account yet.

Jun 08, 2007 02:57 PM #7
Rainer
130,211
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

Robert, thanks!  I am also finding that more and more lenders are requiring 25% or more if the property is to be held as an investment.

 

Jun 26, 2007 01:37 AM #8
Anonymous
Farith

Hi David, 

Can you suggest a bank in Colombia South America, that works with the Foreign National Loan program?

 

Apr 24, 2013 03:20 AM #9
Anonymous
Crig Wilson

Good day everybody am Craig Wise By name am from the United State Of America i want to give thanks and a great appreciation to Mr Larry Scott Loan Company for offering me loan for purchasing my house with a low interest rate. I want to give thanks to him for giving me this loan. My friends out there who needs loan for different purposes i advice you contact Mr Larry Scott Loan Company for loan instead of falling in to hands of Scammers online. Am happy today because of Mr Larry Scott Loan Company. So if you want to contact them for a loan you contact them on: (scottlarry918@gmail.com)

Craig Wilson

Nov 04, 2016 01:49 AM #10
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Rainer
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David A. Podgursky PA

THE PODGURSKY GROUP - Make the Right Move!
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