We have had a lot of inquiries from foreigners regarding financing options, so I thought it would make a good blog topic today.
Depending on the borrower; if they have the equity on their primary home (in Canada, South America, Europe, etc.) many may choose to get the monies out of that residence then pay cash for their U.S. purchase. However, if they are seeking “local” financing the following is a recap provided to me by our in-house lender, Sunbelt Lending Services:
Down payments starting at 25%Loan amounts from $50,000 to $2 millionNo American credit necessaryFull Income documentation AND Stated Income documentation programs availableFixed and adjustable rate programs availableInterest only payments available as well
Other pertinent information which I believe to be helpful:
Most loans have a pre-payment penalty~usually 3 yearsLoan Limits and Loan to Value limits based on: Property type, Program type, Purchase versus refinance and Loan amountAll borrowers must supply proper identification: Visa, passport & drivers licenseMost loans require 6 months of reserves deposited into a U.S. bank account prior to closing and authorization for withdrawal
*Obviously all programs are subject to change without prior notice. This is being provided for informational purposes only. For additional information please contact Kelly Rebimbas at 239-273-5239 (direct).
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