Home Buying in Miami>Question Details

Maarit Forsb…, Real Estate Pro in Boynton Beach, FL

Looking for foreign national loan for a client in Miami, Florida. Do you know anybody who does these type of loans?

Asked by Maarit Forsbom, Boynton Beach, FL Sat Aug 25, 2012

Purchase price $840
Downpayment 35-40%
Please help before deal dies!

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Answers

7
The basic info you'll need to provide is: 1) Min 25% - 30% down; 2) Proof of Income from your home country, if employed paycheck copies, paystubs & year-to-date income will be required, if self-employed - proof of your business registered in your country + accountants, bankers & creditor statements and letters of reference, Year-to-Date P & L, tax returns of your country; 3) Proof of seasoned funds (at least 90-days in a US bank account); 4) You may have to collateralize a bank account in the USA with your lender to maintain at least 6-months of mortgage payments (PITI) in such account and set up automatic withdrawal payments from this account to pay the mortgage; 5) The lender will set a minimum loan amount they're interested in lending you, maybe at least $150K+; 6) At Wells I'm aware the rates are very much lke a US Resident loan and terms are 30-yr fixed too if you qualify (unlike other private lenders that may be higher and shorter. In future you should Pre-Qualify your buyers before getting to work & in contract. There are many other For Nat'l lenders ... try Googling then ... eg. Benworth Capital, New Penn Financial, FEMBI, Morgan Stanley/SmithBarney for high net worth borrowers, Gibraltar Bank also high net worth borrowers, Prospect Mortgage, just to name a few. Also I suggest getting to know Immigration & Tax Attorneys in your marketplace, especially those Tax-Attorneys that specialize in Foreign Taxation and businesses, they will have lender resources and much more to help your clients in the future. Take the CIPS & FIABCI designation courses too that are offered by your Board, FAR & NAR etc. Get yourself educated.
1 vote Thank Flag Link Sat Aug 25, 2012
emailaddress?
Flag Sun Aug 26, 2012
I have worked with this broker before and found him helpful with this type of loan.
Preston@PrestonWare.com



Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Sun Aug 26, 2012
Hi Maarit,

You could meet with a couple of different loan agents to compare the best possible deal for your client.

We work with a few different companies.
Let me know if I can help you.

Sophie Bamps
Engel & Voelkers
305 206 8867
0 votes Thank Flag Link Sun Aug 26, 2012
Moi Maarit,

I have a lender with very flexible guidelines, especially in that price range (pledged assets - LTV 90 %).

Please feel free to contact me or have your client contact me directly to discuss a possible qualification for a mortgage loan for foreign nationals.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299244

1931 NW 150 Ave. - Suite 103 C
Pembroke Pines, Fl. 33028

Beate.Rodriguez@HGFLoans.com
Cell: 954.695.4849
0 votes Thank Flag Link Sat Aug 25, 2012
TD Bank and HSBC both offer foreign national loans. But why not speak to Steve below first, he seems very active and may have a better rate.
0 votes Thank Flag Link Sat Aug 25, 2012
Wells Fargo have F N programs
0 votes Thank Flag Link Sat Aug 25, 2012
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best case 25% down

see programs at http://www.pro-option.com
0 votes Thank Flag Link Sat Aug 25, 2012
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