Mortgage Lending for Foreign Nationals

With the exchange rate of the United States dollar coming almost equal to many foreign currencies now is a perfect time to buy real estate in Cape Coral / Fort Myers Florida especially with the recent downward adjustment of real estate prices.

You may be asking yourself "What types of lending opportunities are available to me as a foreign national?" As a Licensed Realtor with Sellstate Achievers Realty Network Inc and Licensed Mortgage Broker with Trust USA Mortgage Corp I am able to provide factual data and lending on this topic.

Who is a Foreign National Borrower?

• Visiting the USA on a passport.
• In the USA on a Visa - any kind.
• A citizen of a Foreign country who wants to purchase real estate in the USA.

What kinds of interest rate am I eligible for as a Foreign National Borrower?

• Same rates as owner occupied!!!

What type of application / documentation is required for lending approval?

• 1003 - Standard Mortgage Loan Application
• Signed Contract for Sale & Purchase
• Identify a U.S. bank from which to withdraw mortgage payments.
• Government Issued Photo Identification
• Loan documentation is "Stated"
  • No Verification of Employment.
  • No Verification of Income.
  • No Verification of Assets.
• No Reference Letters Required.
• No Reserves.
• No Social Security Number Needed.

How much money must I put down on a purchase of my second home?

• 75% LTV up to $400,000 requires 25% down payment - Stated Income Stated Assets
• 65% LTV up to $500,000 requires 35% down payment - Stated Income Stated Assets
• 60% LTV up to $600,000 requires 40% down payment - Verification of Stable Assets
• A loan amount over $750,000 is typically handled on a case by case basis.

What if I don't have "Resident Status" or a Green Card and I want to purchase a home?

• 80% LTV under the following guidelines.
  • Maintained a two year work history in the United States.
  • Full Documentation of Income.
  • Verification of Assets.
  • Two months seasoning of funds in a United States bank.
  • Valid work Visa.

If you have additional questions about lending feel free to contact me at any time.

Scott Slocum
Licensed Real Estate Sales Associate (REALTOR®)
Sellstate Achievers Realty Network
Licensed Mortgage Broker
Trust USA Mortgage Corporation
Primary: 239-340-1384
Scott@The-Extreme-Team.com

http://www.scottslocum.info/
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"Copyright © 2007 by Scott Slocum. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed without the written consent of the author."