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.
- Foreigner buying in Manhattan NYC Part 1: basic knowledge of Condo vs. Coop vs. Condo-op
- Foreigner buying in Manhattan NYC Part 2 - Steps to Purchasing an Apartment
- How to Buy a Manhattan New York Condo (Part I) as first time home buyer
- How to Buy a Manhattan New York Condo (Part II) as first time investor
- How to Buy a Manhattan New York Condo (Part III) as Parents Buying for Children
- How to Buy a Manhattan New York Condo Parents Buying for Children (2)
- Manhattan New York Condo Specialists
- Manhattan New York Condo Listings
- Dos and Don't before you buy Manhattan Real Estate!
- Manhattan New York Different types of Buildings
- We sell 'AS IS' condition: No Inspection in Manhattan New York Real Estate
CALL US TODAY at (917)837-8869 or (646)644-6929 to discuss your specific Real Estate needs.