If you are a foreign national, international buyer looking to purchase property in Manhattan New York, now there may be financing option available to you. The borrower should meet the following requirement in order to qualify. This is offer (updated on 10/3/2011) through Douglas Elliman Capital Mortgage company.
Below are general requirements, each borrower will have very specific list of requirement based on individual:
- $450,000 minimum loan amount, $3,000,000+ maximum loan amount 40% minimum down payment
- 18-60 months post closing reserves are required, depending on loan amount
- Borrower must establish an escrow account equal to 9 months PITI
- Borrower must establish a second account designated for automatic loan payments
- Income documentation required
- Eligible property types include co-ops, condos, single family homes
- Title may be held in the name of a corporation
- 75 day rate lock
**WE ARE NOT MORTGAGE BROKERS**, we are Real Estate agents that are have successful experiences working with foreign international buyers in Manhattan New York. We work with mortgage professionals that can provide financing for you if you are seeking financing. Call us today (917)837-8869 to discuss your Manhattan New York Real Estate purchase.
To better familiarize yourself as Foreign nationals buying in Manhattan New York, read these blogs articles below:
Comments(4)