MORTGAGE SOLUTIONS FOR INTERNATIONAL BUYERS
Deal777 loan officers can help international borrowers navigate the often-complex landscape of obtaining a foreign national loan. Whether you’re purchasing a single-family residential unit or making a multi-million dollar commercial investment, Deall777 has the experience and expertise to close the deal confidently.
Program highlights:
- Down payment as low as 30 percent
- Minimum documentation required (see below)
- Loans ranging from $100,000 to $20 million
- Full legal and financial support
- Available on a wide range of investment types (see below)
Standard loan terms:
- Mortgage terms are up to 30 years.
- During the first 3 to 5 years, the interest rate is fixed.
- After the initial period, interest rates may change in accordance with the London Inter-Bank Offered Rate (LIBOR).
- Closing typically takes from 30 to 60 days.
- A 35-percent down payment is typically required.
Standard loan requirements:
- An account with an American bank, with proof of sufficient funds for the down payment, transaction fees and any reserve requirements.
- All funds must be fully transferred to your American account before being available for escrow.
- Your account must be at least two years old; a recommendation letter from your bank will verify the account history.
- Borrower must show sufficient income to substantiate account funds. A letter verifying your income – from either your employer or, if you are unemployed, an independent accountant – maybe required.
- Your business’ web page, if available. If one is not available, brochures or other marketing materials.
- Copies of utility bills to indicate your name and residential address. These may include rent receipt, telephone bill, water bill, electric bill, gas bill or other proof of residence.
- The cost of an appraisal, or property evaluation, in English. Total cost is typically between $350 and $1,500 depending on purchase price.
Types of real estate investments available:
- Single-family house
- Townhouse
- Condominium
- Condominium-Hotel
- Apartment Building
- Office Building
- Shopping Center
FAQ
Am I eligible for a foreign national loan?
A foreign national is defined as a person who lives in another country and visit the United States for brief periods for business or vacation. In order to be eligible, you must be a legal resident of another country and live and work there.
Do I need a green card?
No, a green card is not required. You will need a valid foreign passport, and may need a visa, depending on your country of origin.
What are the reserve requirements?
Reserve requirements refer to the additional amount of funds above the down payment and transnational costs that a foreign national investor is required to make. The amount of reserves required may vary depending on each specific loan program. Typically, reserve requirements equal roughly 12 months of mortgage payments plus taxes, insurance payments, down payment and closing costs. It is important to remember that funds only need to be in reserve at the time of closing. After closing, borrowers are free to move reserve funds.
