Foreign Nationals Welcome
According to the National Association of REALTORS' 2011 Profile of International Home Buying Activity, the U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year. Below is a cheat sheet of requirements for Foreign Nationals to qualify for a domestic loan.
Loan Amounts
- Minimum loan amount in the South Florida market is $100,000
- Some Lenders offer less than $100,000, but they will ask for one year of payments to be held in escrow
- Minimum Purchase Price is about $155,000
Downpayment Requirements
- Minimum Downpayment for Venezuelan or Russian buyers is 40% for single family residences and 50% for condos
- Minimum Downpayment for any other country is 35% for single family residences and condos
Condos
- Please check with us to verify that the lender will lend on the property
- For new buildings, Lenders require 40% to 50% of units to be sold
- For established buildings, we will need a condo questionnaire and the delinquency rate should be less than 10% (on average)
Loan Types
- Loans are fixed for 3 or 5 years and then become adjustable
- We have access to "Hard Money" loans for buyers that don't fit the traditional quidelines or for commercial properties. The minimum downpayment is 50% for these lenders.
Documentation with Minimum Downpayment
- Letter from employer or CPA
- Two Bank References from original country
- Two Commercial References
- Last two months bank statements
- Passport and valid Visa
Documentation with a 50% Downpayment
- Letter from employer or CPA
- One Bank Reference from original country
- Last two months bank statements
- Passport and valid Visa
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