By Dustin R Burke, Adonai Financial

There have been a lot of loan guidelines changes for foreign nationals in recent months.  The most common question I keep getting is, “Are banks still lending to foreign nationals?”  The answer is, “Yes, banks are still lending to foreign nationals in central Florida.”

The requirements are somewhat “stiffer” than they were 1 year or even 6 months ago, but still very reasonable.  In central Florida, a foreign national can get a loan with as little as 25% down.   Most banks require the borrower to document their income with this amount down. 

If the borrower cannot document their income they may need to put down 30, 35, or even 40%, depending on the bank and the specific neighborhood (neighborhoods determined to be higher risk by the bank).

Rates are also very competitive starting in the mid 6’s on a 3 or 5 year fixed ARM and in the low 7’s on a 30 year fixed mortgage.

These are the basics for a foreign national buying a single family home to use as a vacation home.  If you’re looking for more exotic type properties (i.e. condo-tels) then expect the guidelines to tighten a bit more.

What are your experiences working with foreign nationals?  Send me an email at dustin.burke@adonaifinancial.com.

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Copyright © 2008 Dustin R Burke

Portions Copyright © 2008 Adonai Financial Corporation