I did provide three local banks for my buyers to shop a mortgage. They did but found staying with their home bank was helpful for the transfer of funds from Canada to the US while they are here on holiday.
Good luck and welcome to Naples!
Information foreign national buyers need to know about today's market:
1. You will not find foreign national investor mortgages at the Big Banks, Look for smaller mortgage banks and private investors to finance foreign national mortgages. Like stated in prior answer RBC Bank, TIB Bank, M&I Bank have good programs.
2. Be prepared with a downpayment of at least 30 percent in U.S. dollars. 30 percent is the minimum in today's market and it carries the highest interest rates and harshest loan terms for foreign nationals. A 40 percent downpayment can soften the rates and terms, but it's at 50 percent where the real shift happens. With a 50 percent payment or more, foreign nationals get access to most attractive mortgage rates and very loose terms. This can include reduced documentation, reduced costs, and easier underwriting.
3. For international buyers of U.S. real estate, there are two ways to make a profit. The first is to profit from the property appreciation on the investment unit itself. This is the form of profit that most investors talk about with respect to "buying in a down market". The lesser-known method is via currency appreciation. Currency appreciation happens when the dollars applied to a downpayment on a home gain value from changes in foreign exchange markets and currency conversion rates.
4. Make sure you work with professionals. The foreign national market changes very, very quickly in the United States and that's why every international buyer should be working with an experienced professional on both the real estate and mortgage part of the purchase.
If you need my assistance whether for real estate, mortgage or both please contact me for additional information.
Robert Vesci, PA
Mari Vesci REALTORs, Inc.
Lic FL Mortgage Broker
Nations Funding Source