Financing in Massachusetts>Question Details

Nancy Fudge, Real Estate Pro in Wilmington, MA

I need financing for a transferee from Australia. Anyone know a bank that lends $$ to out of country purchasers?

Asked by Nancy Fudge, Wilmington, MA Mon Nov 22, 2010

Transferee from Australia looking to buy home here. Need bank that has some kind of program to help him get financing for purchase in US. Anyone know banker that deals with loans like this???

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Answers

6
Nancy his or her employer may also be part of a credit union. Good Luck
0 votes Thank Flag Link Tue Nov 23, 2010
Nancy, Check local banks too. We did one on Cape Cod and a local bank was very willing to take on the mortgage. It took a bit longer to verify information, but it got done.
0 votes Thank Flag Link Tue Nov 23, 2010
Nancy,
First they will need at least 20% down. Prospect Mortgage can help. Second, the money they have in the US must be seasoned ( 6 months or more in a US bank). I just put a home under agreement for a gentleman from Canada. Some lenders want 30=40% down too. Papertrails are the key to this transaction. Hope this helps.
0 votes Thank Flag Link Mon Nov 22, 2010
I don't know for certain who would provide a mortgage...there are a lot of variables to consider. I would start with an international bank, such as HSBC Premier or maybe a large national mortgage company such as Wells Fargo. If it is local, maybe RBS Citizens.

Good luck, Jessica Harvey
0 votes Thank Flag Link Mon Nov 22, 2010
I would suggest you try William Raveis Mortgage. They have some programs not available elsewhere and are highly respected. Call Scott, his contact information is below.

Scott King
Executive Mortgage Banker
William Raveis Mortgage LLC
NMLS MLO ID #41665
Phone: 508-317-2927
VM/Fax: 617-762-4046
0 votes Thank Flag Link Mon Nov 22, 2010
If the buyer/borrower has document-able assets, a work VISA, and a job (contract) I would suggest going to a local bank. Ask the lending department if they portfolio their home loans, and if so, do they make decisions on lending by their executive management. Likely, your client will need to consider an ARM, but that is what most portfolio loans are. Loans sold to the secondary market (Fannie and Freddie) have guidelines your client will not be able to meet at this time, if they do not have a SSN associated credit history in the US along with conventional lending documentation.
Good luck!
0 votes Thank Flag Link Mon Nov 22, 2010
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