Financing in Phoenix>Question Details

Irishman, Home Buyer in Ireland, IN

Hello, I'm a foreign national interested in financing for for a small investment home in Phoenix, AZ but can't find any leads. Any clues?

Asked by Irishman, Ireland, IN Tue Jul 26, 2011

- I am living in Ireland and I am interested in acquiring a small investment property in the region of USD70k to USD80k.
- I would be ably to make a downpayment of up to 50% but obviously would prefer to make a lower downpayment if that were possible.
- Therefore I would be looking at a loan amount of about USD35K to USD40K (or higher if I could get a LTV of more than 50%)
- I am only interested in certain markets only - primarily Phoenix AZ but also Dallas TX, Indianapolis IN and certain parts of Florida.
- I am interested in single-family homes, though I would consider apartments in certain areas.
- I already have a number of potential properties in mind.

Maybe there is a lender out there to match my criteria!

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Answers

15
Frederik’s answer
Hi,

We are group of foreign investors from Australia, Europe and Malaysia interested in buying Single family and Multi-family properties in the states Texas, Arizona and Florida.

For single family we looking at:
40000-200000 US $ units with Cap of around 8-+10%
3 bedroom, 2 car garage homes 1000sqft-2500sqft
(we are looking at buying 20-50 units)

For multifamily we looking at:
400.000 US$ to 2000.000 US $ units with Cap of around 10%

We found banks that will lend us but limited to 1-3 units at 75% LTV and its more for a second home then investments.

Any body can help us with mortgages?
If anybody have good deals in the above states please pm us.

What would be your mortgages rates, downpayment % etc be for each of the above groups? We are looking for fix rates and downpayment not more then 30%
Please let us know more about your products services,conditions and what you need from us to get pre-qualified

Thank you very much.

Have a wonderful day!
0 votes Thank Flag Link Fri Feb 22, 2013
Hi,
Just wondering if you have had any luck so far with obtaining a foreign national loan?
Thanks,
Tim
Flag Sat Mar 2, 2013
I am able to do Foreign national loans with as little as 25% down regardless of what country you are from. I use all your income , bank statements and credit from your country to qualify you for the mortgae.

If you have any questions, please feel free to give me a call or e-mail.

Best of Luck,
Scott Mendez
BBVA Compass Bank
Mortgage Banking Officer
Mortgage Financial Services
Scott.Mendez@CompassBank.com
5115 E. Baseline Rd.
Gilbert, AZ 85234
O) 480-893-5858
C) 480-203-6183
F) 866-734-4490
NMLS# 595263
http://www.bbvacompass.com/mortgages/smendez
1 vote Thank Flag Link Mon Aug 1, 2011
@Patrick Jorgensen,

Thank you for your kind remarks...

I'd like to add that on a case by case basis, we will look at cross collateralizing two properties under the umbrella of one loan, making it a bit easier to achieve the $200,000 minimum loan amount.

We will also fund the loan in a corporation's or LLC's name, (known as Entity Vesting) allowing investors to combine their buying power to qualify for this type of investment property financing.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA (w/a 580 score), 203k, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
1 vote Thank Flag Link Thu Jul 28, 2011
Hi Irishman

I'm also looking for lenders willing to finance foreign buyers of investment properties. Do you mind letting me know which Texan bank had financed your purchase? Please drop me an email at gqlc2013@gmail.com.

Much appreciated!
0 votes Thank Flag Link Thu Jan 24, 2013
Dear all,

many thanks for all your feedback, information and help on this. As it turned out I did manage to get a loan, not for Phoenix AZ but for Dallas TX. Just for your information I will give you a brief outline on this. The loan is a very good loan at 70% LTV (even for Foreign Nationals). It has a 15 year term and the starting interest rate is less than 6%. This interest rate raises (by max 2%) after 5 years if the LIBOR rate raises and again after another 5 years (again, by max 2%) if the LIBOR rate rises in that period. It is a Principal Interest loan (ie. interest only not available). The loan is provided by a Texas bank, and is only available for investment propertiess in Texas as far as I'm aware.

It would have been great to have secured a loan for Phoenix as single family homes have risen in Phoenix by over 30% in the last year but I am happy with the loan I did manage to get. Anyway, thanks again for your help.
0 votes Thank Flag Link Wed Jan 9, 2013
Hi Irishman, can you give me the contact of the agent / broker? thanks
Flag Mon Mar 25, 2013
Hi Irishman,
Do you mind telling me which bank in Dallas you found for your loan?
Thanks,
Tim
tfcting@gmail.com
Flag Sat Mar 2, 2013
Required Documentation:
****2 years income documentation – most recent employment contract, if employed by a company. For self-employed borrowers – a letter from their accountant listing the previous two calendar years income and year to date earnings.
***Copy of social security card (only applicable if the borrower is relocating to the USA)
***If the borrower owns property abroad, evidence of rental income (if applicable), tax and/or insurance bills (if applicable), for any and all properties owned. If this is not applicable, need accountant to verify this is not applicable in home country.
***Two most recent asset statements for all accounts (all pages even if blank) or letter on the banks letterhead listing current balances, account number, two months average balance and contact information for verification.
***Photocopy of Driver’s Licence, Perm Res Alien Card, Work Visa, Passport along with US Visitors Visa, or other government photo ID.
***Fully completed International Credit Request Form – this takes a minimum of seven business days.
PLEASE NOTE THAT ANY AND ALL DOCUMENTS IN A FOREIGN LANGUAGE MUST BE PROVIDED AND TRANSLATED INTO ENGLISH
Once all required documentation is received approval turnaround time is usually as little as 3-4 business days.
0 votes Thank Flag Link Mon Jan 7, 2013
Thank you for your comments, Ann

All the best,
Ros
0 votes Thank Flag Link Thu Jul 28, 2011
I agree with Roswell. I have never worked with him, but it's the most honest answer I have seen from a mortgage person. If you are interested in purchasing in Phoenix, and the minimum loan amount for a foreign investor does end up being $200,000, there are multi-family properties that may work for you. Don't write off the valley yet...
0 votes Thank Flag Link Wed Jul 27, 2011
The first step is to get you pre-qualified for a 2nd home/investment property.
I have one lender that is doing loans with 35% down, for Canadians, but may require 50% down for european countries. Their minimum loan is $50,000.

Contact me at lhoboy@arizona-dream-homes.com or call 1+ 623-297-3537 for more detail.
0 votes Thank Flag Link Tue Jul 26, 2011
Dear irishman,
Roswell looks like a good contact for you, but I have two other suggestions as well:
1) never buy any property sight unseen. If you are planning a trip to the States, I'd be happy to help you in Phoenix and take you to see a few properties.
2) If you have equity in your property in Ireland or elsewhere, consider taking out a loan from that property to fund your US purchase. It will be a lot smoother.

Best of luck.
0 votes Thank Flag Link Tue Jul 26, 2011
@Mike Shanley,

Did you really mean to post your reply so many times?

Let's qualify your answer as I don't want other folks who read your answer to get the wrong idea...

First, I know for an absolute fact that Foreign Nationals can get a loan here in the states. I've funded many of these loans. I work for a mortgage bank that finances Foreign Nationals.

We do not require US Social Security cards, a US credit score, US income, or US Tax Returns, yet we have an outlet for this type of loan. These loans are 30-year or 15-year fixed-rate loans with low current market rates.

More info here:
http://www.trulia.com/blog/roswell_moore_cmps/2010/12/yes_vi…

Second, loans to Foreign Nationals on investment properties are another matter altogether. The guidelines are a bit tougher, but we also have a loan program for this. When I say tougher, I mean that the minimum loan amount is $200,000 at a maximum 50% loan-to-value (LTV). That puts the transaction at a $400,000 minimum for an investment property. Not too likely here in the Phoenix area.

More info here:
http://www.trulia.com/blog/roswell_moore_cmps/2010/09/announ…

I hope this helps,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA (w/a 580 score), 203k, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
0 votes Thank Flag Link Tue Jul 26, 2011
You’re not getting the loan. You need all cash buying a property as a non citizen. In order for you to get a loan you need proof of income. Banks won’t believe a word you day unless you pay US taxes. You need to be here as USA citizen.
Sorry fore the bad news.

Investor Mike
0 votes Thank Flag Link Tue Jul 26, 2011
Talk to Jay Ray at Academy Mortgage, they have the quickest closings I have seen, and access to tons of lons product, even in strange scenarios that I have asked him about he seems to always have an answer!

After that if you like I can find you a great rental!

Jay: 602-570-1744 or email him at jay@loansbyjayray
0 votes Thank Flag Link Tue Jul 26, 2011
Hello Irishman,
I am glad you are considering Phoenix as a potential market for your investment property.
It is not easy to find financing for low amounts and as a foreign national, but it is not impossible. You could also explore obtaining financing in your country and buy cash here. Less loopholes...
The first thing you should focus would be selecting the area. Real estate agents are licensed per state. Therefore, I would not be able to help you in Dallas. Have you ever visited the greater Phoenix area?
You stated that you have a number of properties in mind. Are those in Arizona?
In order to assist you better, you should contact me or the agent of your choice to provide additional information and hence target your real estate needs.
Feel free to email me with any questions or concerns.
Warm regards,

Donatella Zerial
Your Italian realtor...
0 votes Thank Flag Link Tue Jul 26, 2011
Irishman

We have lenders that will loan to foreign nationals in the Arizona market, we should be able to find you $ with 30-35% down payment.

For $70,000 - $80,000 we can find some great rental property that will cash flow in today's market. Nice 3 bedroom, 2 bath, 2 car garage homes that are in demand for rental units.

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Tue Jul 26, 2011
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