Due to the current home financing turmoil in the market place only few banks offer this unique financing opportunity either for non US residents better known as Foreign Nationals not living in the country and for Foreign Nationals living in the USA.
The great news is that yes these home loans programs are still available now.
Once you know which property to purchase and the offer/contract for sale and purchase has been accepted the loan process could take from 45 to 60 days depending how prompt the buyer gathers all documentation required by lender.
A minimum loan amount is required in the amount of $100,000 and the maximum is a little over $1,000,000. A 30% down payment in cash is required for single family homes and town homes (in most cases and 40% for condo/town homes if loan amount is from $50,000-100,000).
For new condos or town homes the loan to value will vary depending each case scenario. These loans apply to primary residences, second homes and investment properties. The adjustable rate mortgages (ARMS) start at 5.375%.
Please click on the link below to preview the 1/1 ARM, 3/1 ARM, 5/1 ARM chart breakdown options available.
Adjustable Rate Mortgages (ARMS)
Financing available in Dade (Miami Area), Broward (Fort Lauderdale) and Palm Beach Counties (only).
Lender’s required documentation:
- Copy of Buyer’s ID: If living in the country a valid driver license and a valid work visa is required. If not living in the USA a Passport and a valid visa.
- Foreign Nationals Documentation confirming borrower’s home address.
- 3 original reference letters from their local banks or credit cards institutions.
- Assets Verification: deposit statements, letter of verification of financial institution’s letterhead signed and dated.
- Source of funds.
- Alternate documentation for foreign nationals self-employed foreign nationals require an accountant’s letter with 2 years of income and an YTD figure.
- Domestic Foreign National requires full income documentation.