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I am not a US citizen or resident. I would like to buy a property in the US to use on occasion. What sort of financing might be available to me and what would I have to put down in cash to buy?

Although program vary somewhat from lender to lender, mortgage money is presently available for non-resident aliens on the following basis:

  • The Loan to Value Ratio (LTV) fluctuate with a minimum down payment of 20%.  Most lenders require a 25% down payment as an industry standard.
  • If your down payment is 20%-25% you are required to have the following documentation:  an accountant letter determining the income for 2 years, bank statements with current balance and past two months balance and US bank account must be opened.

    To view sample documents link here!
  • If your down payment is 30% the only requirement is an application
    and a US bank account opened.

Pricing fluctuates but currently our firm can offer a 30 year fixed-rate loan at 7.875
with zero points. A "point" is a fee charged by many lenders to initiate a loan. One "point" would be equal to one percent (1%) of the loan amount. A "zero point" loan would be one in which this fee is waived by the lender.

If you want more detailed information regarding financing opportunities for non-residents, please  e-mail me at: avining@bellsouth.net


 

 

 


Unless otherwise stated square footage and lot dimensions appearing herein are derived from county records and may or may not be accurate.
If square footage is material to a transaction a survey or other measurement is recommended. This information deemed reliable but not guaranteed. Current or previous year’s taxes may not accurately forecast future property taxes. Property taxes can increase from one year to the next for various reasons.

This page, and all contents, are Copyright 2017 by Buy the Beach Realty, Inc.
800 West Avenue, Miami Beach, FL 33139 USA
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