Foreigner buying in Manhattan NYC Part 3 - financing options for foreign buyers

By
Real Estate Agent with Douglas Elliman Real Estate

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 must be established from which monthly payments are auto-deducted
  • Escrow account equal to 9 months of monthly principal, interest and carrying costs must be maintained for the life of the loan, (approximately $32K using #s above.)
  • Passport must be presented for ID @ time of loan commitment
  • Completion of Government form W8 Ben (Certificate of foreign status of beneficial owner)
  • Attorney can establish accounts on your behalf with power of attorney if necessary.
  • Fixed and ARM products available rate on a 5/1 Interest Only loan:  5.5% monthly payment = $2,291.67

This information below is provided on 4/2010, guidelines may change by the time you read this, contact us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com and we will forward you our banker's contact to receive most up to date foreigner lending information.

CALL US TODAY at (917)837-8869 or (646)644-6929 to discuss your specific Real Estate needs.  

Posted by

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

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

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 goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Marketing To International Buyers
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foreigner buying in manhattan nyc part 3

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Rainer
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Jody Lautenbach
Century 21 Premier Associates - Pella, IA

Good information to know. We've had buyers from Ireland and England and how banks see their income can differ.

May 04, 2010 03:32 AM #1
Rainmaker
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Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Appreciate your fine details for the foreign investors.  You're doing a great job!

May 04, 2010 06:53 AM #2
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Rainmaker
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Eileen Hsu

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