Financing in Long Beach>Question Details

Ashley, Home Buyer in Monterey, CA

Hi, Can anyone give advice on property investment in Long Beach,CA? I'm a foreign national, what requirements do I need to meet for a loan?

Asked by Ashley, Monterey, CA Sun Mar 31, 2013

I am a foreigner wanting to buy two small condos in downtown Long Beach CA. I worked in a science laboratory in California 2011 but now as a financial analyst/trader in Hong Hong. Does anyone know what documents I need to provide the bank for a loan? If ican get one. I have no credit history as I have never owned a credit card in my life, I save almost all my earnings with Wells Fargo, would I be able to get a loan from them? Or another bank?

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Answers

8
Roberto Gosim’s answer
Hello Ashley!
How are you?
As a foreign national usually you need 30% down
to purchase a home. Need to contact my Wells Fargo
lender I work with to check if they help foreign investors.
The bank that usually I go to is City bank.

Since you're working here want to check your visa status.
I helped a friend from Philippines purchase a home with a
Work visa, worked here for 2 years, no credit, able to buy using FHA.
If I can help any further please contact me.
Thank you.
Roberto Gosim
Century 21 Action!
0 votes Thank Flag Link Mon Apr 1, 2013
Hi everyone,
I've got it. Thank you so much, I appreciate your help.
0 votes Thank Flag Link Sat Jun 15, 2013
I was just talking to a cohort who is VERY knowledgeable on this topic:

Micheael Simpfenderfer
GEM Mortgage
562-714-2158

He went into explicit detail regarding similar scenarios. Way too much information overload for myself. This is a very involved topic and seems to depend on your exact situation. I'm sure if you talk to him for 10 minutes, he can find a good solution for you.
Tell him that Will Ward sent you.
0 votes Thank Flag Link Sat Jun 15, 2013
Our specialty is helping foreigners and foreign nationals. No driver license and No citizenship needed and no tax returns and no bank statements. We just need a passport. You would have to put 30% to 35% down. We have some other great loan products too.
Call Equity Development's Loan Center at 310-737-8420
Visit us on the web at http://www.statedincomelender.info/
Available in California only.
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0 votes Thank Flag Link Wed May 29, 2013
24 months taxes and proof of income, bank statements past 3 months, two forms of photo ID... and case by case information. Wells Fargo can't close a foreign national loan. The condo complex must have sufficient master insurance policy,HO6 policy,51% owners and no law suits. If you have never been an investor before (no rents on your taxes) the payments will be included in your debt to income ratios as if they were second homes. Signature must be completed with a U.S. notary

There is also hard money out there without all the paperwork but expensive
0 votes Thank Flag Link Thu May 23, 2013
Hi Ashley,
A foreign, non resident, national will find very few willing lenders; and they will require a larger downpayment and higher interest rates. Your social security number from your previous CA employment will be an advantage. The lack of US credit history will prove difficult, if not insurmountable. When it comes time to sell your property, your proceeds will be subject to withholding tax if you do not reside in the US at that time. I too am a foreign national aware of the issues having helped several other foreign nationals purchase property in southern California. Feel welcome to contact me directly for more information.
Ian Hand
http://www.ianhand.com
+1 562 682 6780
Lic. 01453679
0 votes Thank Flag Link Sun Mar 31, 2013
We loan Foreign National in California.
http://www.theboydcapitalgroups.info/
0 votes Thank Flag Link Sun Mar 31, 2013
You could possibly get a loan from Wells Fargo. I know my own lender has a loan for you so long as you have a US Passport & of course, can prove your income.

I also may have a condo coming on the market soon in Downtown Long Beach, it will be a 1b 1ba in a good building, short walk or bike ride to the shops/restaurants on Pine Ave & down to Shoreline Village.

Shoot me an email directly to talk about this further, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 97% success rate
100% Success Rate in CA
Closing short sales within 300mi of my home!
0 votes Thank Flag Link Sun Mar 31, 2013
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