FOREIGN NATIONAL LOANS
Obtaining a loan for a real estate in USA for Foreign Borrowers
Mortgages are approved for terms up to 30 years. It usually takes from 30 to 45 days to close. In order to obtain a mortgage – 35% down payment of the purchase price typically is required. Mortgages may also be issued to a U.S. Corporation or LLC as well as to an individual.
Financing up to 75%
Loans from $100,000 to $20,000,000
All property types
TYPES OF REAL ESTATE
Single Family House
ITEMS REQUIRED TO OBTAIN A MORTGAGE LOAN
- An account with an American Banking Institution with sufficient funds for the down payment and closing costs. Foreign bank account acceptable for Reserve requirements.
- A recommendation letter from your bank, it is required that your account is open at least two years.
- Borrower must have sufficient funds in their home country relative to their income.
- A letter indicating your income should be provided from the following: (1) if you are a self-employed business owner, a letter from an independent accountant or auditor that is not related to your business in any way.
- (2) If you are an employee, a letter from your employer is required.
- You will also need to provide copies of utility bills from your country which indicate your name and address of your residence. For example: rent, telephone, water, electric or gas bill.
- Prior to processing your mortgage loan file, it will be necessary to pay for the cost of an appraisal (Property Evaluation), document translation to English if necessary. This will cost between $350 and $1500 depending upon the purchase price of the property.