Home Buying in Phoenix>Question Details

Julie, Home Buyer in Outside U.S.

I'm a foreigner looking to borrow money for property investment in Arizona.

Asked by Julie, Outside U.S. Wed Apr 11, 2012

Which banks/lenders provide this type of lending in Arizona? What type of information do I need to have to provide to the banks/lenders?

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Answers

15
Hello

I tried banks that offered 90% none of them actually did our loan I used http://www.eastcoastinvestmentsco.com they did it with 35% down payment but really did the loan it took a little longer than I expected 45 days but regardless we are happy.
1 vote Thank Flag Link Sat Jul 27, 2013
I know someone that can help. Contact me directly please.


Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: http://www.InvestInArizonaHomes.com
0 votes Thank Flag Link Tue Jul 30, 2013
Hello Julie,

I normally suggest to try several different lenders, including large banks like Wells Fargo, a reputable mortgage company (with different lender programs), and a local smaller bank.

You never know which will be the best in their program offerings/costs and requirements.

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Apr 18, 2012
There are banks that will help. You can go to our website: wesellazrealestate.com for info.
Or try: Sabrina McGill - Phone 602-285-3647 - E-Mail Sabrina.McGill@BBVACompass.com
NMLS# 567644.

Let us help you find a home.

Lori Hicks & Toni D'Avello
HomeSmart Realty
(602) 375-1075
0 votes Thank Flag Link Mon Apr 16, 2012
Hi Julie:

I looked into this and we have a rather unique investor who will go to 90% for foreign nationals on second homes and investment properties. They really like jumbo loans, so the minimum they will do is $225,000. To get to 90% (vs. the normal 60-70% loan-to-value) they want pledged assets. As with any unusual loan, there are other requirements which need to be discussed; done best one-on-one.

Please contact me if you are interested in pursuing further. Bill.
0 votes Thank Flag Link Fri Apr 13, 2012
Hi Julie,

We have a loan program for foreign real estate investors. A 50% down payment is required.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
0 votes Thank Flag Link Fri Apr 13, 2012
Hi Julie

Here is my lenders responce to you getting a loan.
Stan – I have an option – looks case – by – case – I would have the prospect send over all asset statements (bank, retirement, etc) and employee items if he is Entering the US. Is this the case? Thanks!! Eric.

Immigrant / Expatriate loan program

This program is for professional immigrants entering the USA on an acceptable visa.

No SSI or TIN number required.

When no credit score is present or we have a false score, we will consider these clients as having a 740+ credit score when qualifying with only a +.75% rate adjustment.

We do not have restricted markets. Product is available in all 50 states.

Loan sizes up to $3,000,000.00 allowed with no LTV reduction from the standard.

80% ltv to $1,500,000.00.

Foreign assets are considered on a case by case basis for reserves and down payment.

We will qualify on offer letters and / or first paystubs.

The program is also offered to US citizens living abroad working for a US based company, even if no credit score is present.

US citizens working abroad for foreign companies may be considered on an exception basis if US tax returns have been filed showing the foreign income.

This program has been a huge hit for our brokers with lead sources within relocation companies, executive recruiters, and HR departments within the Oil and Gas industry, Tech industry, and medical fields.

Eric Rogers
Mortgage Consultant
V.I.P. Mortgage, Inc
4900 N Scottsdale Rd, Ste 6000
Scottsdale, AZ 85251
0 votes Thank Flag Link Thu Apr 12, 2012
Hi Stan,

Does your lender cater for foreign investors? It seems that the program he offers is for those who are moving across to the US but not foreign investors?

Many Thanks
Julie
Flag Thu Apr 12, 2012
Julie

There are quite a few lenders that will loan money to a foreign national. But it does depend upon your situation and where you are from.

The easiest loans to get are for a second home or one investment property. Once you get beyond this it can be more difficult. There are also hard money lenders and this will depend upon what the deal is. Most investors use hard money if they are flipping and not holding as the interest rates for hard money are quite high.

We would be more than happy to discuss your situation and help you with a list of lender names. If you have any questions, please do not hesitate to contact us.

Best Regards,

Brenda

Ron & Brenda Cunningham
West USA Realty
602-980-3133
Ron: 640-499-0694
http://www.CunninghamHomesAZ.com

**** Recognized in the Phoenix Business Journal as "One Of The Top 50 Realtors In The Valley"
0 votes Thank Flag Link Thu Apr 12, 2012
Hi Brenda,

Would you be able to forward me your email address please?

Many Thanks
Julie
Flag Thu Apr 12, 2012
Check with Amy Swaney at amy@amyswaney.com 480-529-3008 She will be able to help you. She is one of the best loan officers in the State of Arizona.
0 votes Thank Flag Link Thu Apr 12, 2012
Thanks Claudia, I will email her today. :)
Flag Thu Apr 12, 2012
Hi Julie:

We had a meeting on this very topic just a week ago. We are looking to bring in investors for foreign nationals in the near future. One of the issues raised, and what keeps most foreign nationals out of the investing pools, is the lack of ability on the part of the investors to verify the borrowers' income, credit and assets; three out of the four "Columns of Lending" as I like to say (the other column being the property provided as collateral). We can fairly easily verify these three items for US and Canadian citizens, so they get invited into the pool.

Also, I just realized you are asking about investment properties, as opposed to primary or second homes. The still all-too-recent real estate meltdown has Mortgage investors already spooked about such properties, even for a US Citizen. Add on the extra risk factors of not being able to completely verify all the "Columns" AND the absence of the borrower from the country, should something go wrong, and I think anyone can see why this is so. Because of this, our investors are looking to form a pool of second homes, not investment properties, I am afraid.

You are familiar with the "Aussie" financial system. If you feel you can substantiate your position in these three areas, such that American underwriters can feel comfortable with it, your chances of obtaining financing will be greatly enhanced. Good luck.
0 votes Thank Flag Link Wed Apr 11, 2012
Give Mark Taylor a call at AwesomeRates.com. he has an office in Scottsdale but will meet you most anywhere. They have good deals for foreign investors and he can walk you through the process. Phone number is 602 361 0707. He is with Amerifirst Financial and is very good at what he does. If you are in need of a Realtor, give me at call at 480 248 4577 and I will be happy to get together some listings for you.
Evelyn Thorn
HomeSmart Real Estate
480 248 4577
azrealestatepro@gmail.com
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Julie,
Thanks for this thread. According to the website you can get in touch with Mark on
(602) 361-0707
Or
Mark@AwesomeRates.com
Flag Sun Sep 29, 2013
Hi Evelyn,

Would you have Mark's email address by any chance? I'm based in Sydney timing wise is a little difficult to call him

Many Thanks
Julie
Flag Thu Apr 12, 2012
I saw this guy on http://www.resocialclub.com talked about it in his blog. you should try there too.
Best of luck.
0 votes Thank Flag Link Wed Apr 11, 2012
I'm an Aussie. :)
Wish there's a similar program for Aussies.
0 votes Thank Flag Link Wed Apr 11, 2012
I just sent the question about lending to Aussies.
I will keep you posted.
Stan Battersby
Flag Wed Apr 11, 2012
I am Canadian too.
I have two lenders I work with and if you are Canadian you need 50% down and get a 15 year mortgage is that work for you email me and I will forward their info to you.
Stan Battersby
stanbattersby@gmail.com
0 votes Thank Flag Link Wed Apr 11, 2012
We have a Canadian second home program. Are you Canadian? We only do Canadians though.
If this sounds like ti might fit let me know.
Jason
602-451-5472
savingsandloans@yahoo.com
0 votes Thank Flag Link Wed Apr 11, 2012
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