Foreign Nationals Welcome

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Mortgage and Lending with Family Home Loans 189203

Foreign Nationals Welcome

According to the National Association of REALTORS' 2011 Profile of International Home Buying Activity, the U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year.  Below is a cheat sheet of requirements for Foreign Nationals to qualify for a domestic loan.

Foreign National Checklist

Loan Amounts

  • Minimum loan amount in the South Florida market is $100,000
  • Some Lenders offer less than $100,000, but they will ask for one year of payments to be held in escrow
  • Minimum Purchase Price is about $155,000

Downpayment Requirements

  • Minimum Downpayment for Venezuelan or Russian buyers is 40% for single family residences and 50% for condos
  • Minimum Downpayment for any other country is 35% for single family residences and condos

Condos

  • Please check with us to verify that the lender will lend on the property
  • For new buildings, Lenders require 40% to 50% of units to be sold
  • For established buildings, we will need a condo questionnaire and the delinquency rate should be less than 10% (on average)

Loan Types

  • Loans are fixed for 3 or 5 years and then become adjustable
  • We have access to "Hard Money" loans for buyers that don't fit the traditional quidelines or for commercial properties. The minimum downpayment is 50% for these lenders.

Documentation with Minimum Downpayment

  • Letter from employer or CPA
  • Two Bank References from original country
  • Two Commercial References
  • Last two months bank statements
  • Passport and valid Visa

Documentation with a 50% Downpayment

  • Letter from employer or CPA
  • One Bank Reference from original country
  • Last two months bank statements
  • Passport and valid Visa

 

The loan process takes 3-4 weeks after we receive all original documents, the application, and any necessary translations.  Contact me to get your foreign national buyer pre-qualified for a loan.

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