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
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