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Foreigner buying in Manhattan NYC Part 3 - financing options for foreign buyers
This is Part III of the series Foreigner buying in Manhattan NYC. We are Manhattan Condo Specialists, we help finding suitable condos for first time investors, first time home buyers, parent buying for children and foreigner buying in Manhattan New York.
We work with many Foreigners buying in Manhattan NYC, besides knowing the market but we also understand the specific needs of each type of buyers. In today's market place, lending guidelines are changing in almost daily basis. As a foreigner buying in Manhattan, there are some financing options available, although there are specific qualification guidelines that each foreigner buyers must fit into. Below are some of the guidelines, please note that we are NOT a bank, we are NOT mortgage bankers, these are the information provided by our preferred banker that specialized in foreigner financing in Manhattan New York as a general foreigner lending outline.
Minimum Loan amount = $500K Maximum Financing = 60% (slightly lower than what we discussed - the majority of lenders are @ 50%) @ the min loan amount, purchase price would be $833K ($500K/ .60) Licensed attorney must be designated to act as your agent upon whom process may be served in the event of a default Account ... more

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