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:
Personal Reference Letters from Country of Origin.
More Florida Mortgage and Real Estate News You Can Use From David A. Podgursky, MBA The Mortgage Go To Guy Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida
12 Comments on Florida Mortgage | Foreign National Homebuyers: How to get your Loan Started!
MAY
28
2007
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
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?
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!
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.
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.
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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