Facts about True Foreigners who want mortgages in Manhattan New York city.

We work with many foreign nationals buying Manhattan New York city Condominiums and often asked about what to buy in Manhattan and  financing requirements for true foreigners. For foreigners that may need financing, the mortgage industry has been changing their guidelines and policy on almost weekly some daily basis. since September 2008 and the subprime crisis. 

True foreigners (who do not hold working visas) will need to follow the parameters listed below to qualify a loan in Manhattan New York city: (source: Debra D. Bedell from Preferred Empired Mortgage)

  • We will need a copy of their passport.
  • The bank will escrow for the life of the loan 6 months of mortgage payments, real estate taxes and common charges.
  • The borrower will designate a licensed attorney at law as their agent upon whom process may be served in the event of a default.
  • The borrower will set up a small account with the bank so that the monthly mortgage payments can be automatically deducted.
  • Loan size:  60% of the purchase price.  The largest loan, without an exception would be $1,000,000. If a borrower wants a larger loan amount an exception would have to be requested.  Minimum loan amount is $500,000.
  • Application:  the employment would be a no document where no information is requested.  The assets would have to be verified and transferred to a US account.  The bank would look at their statements for the last two months.
  • Title can be in a Corporation name if desired.
  • Normally the bank only wants the borrower to own one property in the area. This will be case by case if they own more than one property.

  1. To Read More on Foreign Nationals buying Manhattan New York city Real Estate Click below links:
  2. Manhattan Real Estate Condominiums and Co-Ops
  3. Foreign National Buyers Buying in Manhattan New York city Must Read.
  4. Foreign National Buyers Friendly Buildings.
  5. Purchase procedure of Manhattan Real Estate.

If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (212)321-7122 or email us at: ehsu@elliman.com

  1. disclaimer: We are not a bank and we cannot loan you or your broker any financing. We work with the top banks and borkerages in the country and can put in front of the best loan officers in New York. These requirements listed above is merely to give you an idea of your financing options; not to market our services.

Copyright © 2009 by Eileen Hsu: Foreigner Nationals Financing in Manhattan New York City Requirements.

 

***********************************************************************************************************

Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

We specialize in Manhattan New York Condominiums, townhouses, condops and cooperatives. We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate needs in private. Thank you.

To read more about Manhattan New York Real Estate, click on our websites below:

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

 
This post has been included in New York Real Estate News New York County, NY Real Estate News Manhattan, NY Real Estate News Soho (Manhattan, NY) Real Estate News
Post is included in group: Condo Benefits
Post is included in group: Giving Back
Post is included in group: I Love NY
Post is included in group: Target Marketing

7 Comments on Foreigner Nationals Financing in Manhattan New York City Requirements

FEB
14
2009
151,695 Points 3 Featured Posts Outside Blog

Eileen, what a useful information. Is it true for Manhatten NY only? Can I refer my overseas partners to this information?

7:01pm • #1
620,085 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Svetlana - This is true for investors who are interested in buying in United States based on several banks according to my mortgage partner. However, nowdays all the lending policy change on the consistent basis, I would suggest to use this as a guideline but needs to double check with the lender for specifics when you have the right client again.

7:42pm • #2
FEB
15
2009
606,526 Points 71 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

What thorough information Eileen ! This is fabulous ! Very nicely done with a truly in depth post. Good job !

..hope you had a great weekend :o)

Cheers !

Sheldon

9:14pm • #3
FEB
16
2009
120,652 Points

Very good informative infomation for foreigners buying in the United States as Eileen Hsu puts it.

1:22am • #4
127,048 Points 4 Featured Posts Attended Rain Camp

Very nicely written Eileen!

I usually ask my buyers if they have an LLP or send them to a lawyer immediately.

Working with foreign buyers is a must these days.

8:29am • #5
1,552,013 Points 277 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Eileen- We have the same program here. Most of our foreign nationals pay cash for their real estate. We did just do one with a family from Thailand. That was really tough because Thailand is NOT on the list of approved countries to give loans to. The seller carried a note for them until they can finish coming up with their cash.

11:17pm • #6
620,085 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Katerina - You are right, foreign nationals are very hard to receive financing but there are creative options.  Most of the foreign nationals do buy everything in cash or with very little financing needed. It is good to have options and alternatives for them in case they needed.

11:21pm • #7

Login or register to leave a comment

 
High_res_eih Rainmaker_large

Eileen Hsu 許小姐 Manhattan NY Real Estate

Manhattan, NY

More about me…

Douglas Elliman

Address: Upper West Side, Midtown East, Greenwich Village, Soho, Columbus Circle, Financial District, New York, NY, 10010

Office Phone: (212) 321-7122

Cell Phone: (646) 644-6929

Email Me

New York City Manhattan Real Estate, Bilingual Chinese Speaking Real Estate Agent specialize in Manhattan Condominium market such as Resale Condominiums, New Construction, PreConstruction condos. We work with Oversea foreign buyers, Investors. We Specialize in neighborhoods: Upper West Side, Chelsea, Midtown West, Midtown East, Greenwich Village, Soho, Union Square, Financial District in Manhattan, Williamsburg Brooklyn and Long Island City Queens.

Locations of visitors to this page



Listings

Links

Archives

RSS 2.0 Feed for this blog