Home Buying in 33021>Question Details

Vashti, Home Buyer in Hollywood, FL

would like to purchase a income/rental house in in the Hollywood Hills area, I am a Canadian and not sure the steps I need to make my purchase.?

Asked by Vashti, Hollywood, FL Sun Sep 8, 2013

Can I qualify for a US mortgage, or should I arrange for this from Canada.
How long does the process takes from arranging finances to closing the deal

Thanks,
VR

Help the community by answering this question:

Answers

9
Besides the information I gave you in my previous e mail her's are the time periods:

It normally takes 30 to 40 days to close a financed transaction, once you have an accepted offer/contract. Some banks can close in 25 days.

You can get a prequalification from a bank in a day or two if you have all of the required documents ready. Need to speak to a lender and get their requirements.

Finding the right property will be the question. Hopefully in one to two weeks you would have seen enough properties to find at least one or two that are to your liking. After that you place offer. The time response to an offer will depend if property chosen is a regular sale or a foreclosure or short sale. Regular sales are much quicker, taking just a few days to accept and be under contract. Foreclosures can take a week or more to respond, and short sales may get you a quick response but unless the property was already approved by the bank, the process to negotiate a short sale is normally 90 days.

Any further questions pls e mail me at maricarmenrealtor@gmail.com or via phone 786-853-3347.

Regards,
0 votes Thank Flag Link Mon Sep 9, 2013
Good Morning Mr Vashi,

My name is Mari C Rodriguez. I am a Realtor, Loss Mitigation Specialist plus hold other designations in the State of Florida. Have been licensed for almost 10 years.

You can purchase in US even if you are not a citizen. Most banks are requiring a 40% down from foreing buyers. This means you will need to have 35% or 40% cash down payment of the value of the property. The rest/difference you can finance.

Fist step should be to get a pre qualification from a bank to see what you actually qualify for. It will depend on your income and assets. Actually you can get a pre qualification or qualification from a Canadian bank with branches in US or any US bank that you bank or do business with . I know that Royal Bank of Canada, Canadian Imperial and a few others have branches in Florida and actually RBC has one a few blocks from me. You also have big US banks such as Chase, Wells Fargo, Bank of America, etc, plus smaller banks and direct lenders that work with foreing buyers. When you go in to get the prequalification for purchase they will inform you of all the documents needed in order to purchase in the US. The requirements are pretty much the same for all banks but they may have small differences in between them.

I could help you with the pre qualification process, and to find a property that adheres to the amount qualified for and your needs. I work with many investor both foreing and domestic.

Here is information on two smaller lenders that work with many foreing buyers and do a great Job. They are quicker to respond and their appraisers know their market area very well. Let them know that I recommended you.

Supreme Lending - Bonnie - mailto:bonnie.house@supremelending.com 954-278-3423 - 954-317-2763. Also Element Fundings - Bill - billmei@elementfunding.com 954-536-7587

If I can be of further help, pls call me at 786-853-3347 or e mail me at maricarmenrealtor@gmail.com

Regards,

Mari
0 votes Thank Flag Link Mon Sep 9, 2013
There are many good Mortgage Brokers in this forum, definitely speak to one of them first. When your ready to find a place let me know. I am the broker and owner of Hollywood Homes Realty. We specialize in Hollywood/Hallandale area. There are many opportunities. Do you know what Cap Rate (return on investment) your looking to earn. I deal in short sales and Rental income properties. I also manage many income properties around the area. I can explain more about that when the time comes. Have a great day.
0 votes Thank Flag Link Mon Sep 9, 2013
-
-
I can help if you are purchasing a property over 200k

100% LTV- VA
100% LTV- USDA
99% LTV- FHA/580 score @ lower LTV

97% LTV- NO PMI
97% LTV- CONDO- NO PMI
90% LTV- 2nd Home- NO PMI
90% LTV- JUMBO- NO PMI
85% LTV- Super Jumbo- NO PMI
80% LTV- Invest. /Rental
80% LTV- Foreign Nationals
70% LTV- Manf. Homes over 90k

STATED INCOME ALT-up to Super Jumbo

90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX n’ FLIP Invest. Prop.
75% LTV- Foreign Nationals
70% LTV- Soft and Hard Money

COMMERCIAL PROGRAMS-nationwide

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service: U.S. MARINE CORPS
====
0 votes Thank Flag Link Mon Sep 9, 2013
There are special programs (loans wise) for out of USA buyers
To qualify for a USA mortgage, you will need proof of assets and income from Canadians banks/employer, etc.

****Did you like this post? If so, please click Green thumb. Thank you!


With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!
0 votes Thank Flag Link Sun Sep 8, 2013
Hi Vashti,

The first step should be figuring out financing. Because you are Canadian, I'd suggest you talk to both TD bank, and to at least one regional bank (Suntrust, Regions). There will definitely be options available.

If you were paying cash, you could close in as few as 15 days. With financing, it will be longer. Hopefully 60 days, but sometimes the banks take longer.

Make sure you understand FIRPTA (the taxes that apply to foreigners when they SELL property in the United States.)

There are a lot of great homes available in Hollywood.

Ann Ryan
AnnMoffettRyan@gmail.com
786-332-7042
0 votes Thank Flag Link Sun Sep 8, 2013
Dear Vashti,

If you would like to speak to a mortgage consultant, I would be happy to provide this accomodation to you. You are looking for a foreign national loan.

Susan Penn, PA, SFR
Esslinger-Wooten-Maxwell Inc
2000 Main Street
Weston, FL 33326
954-557-5993
E-mail: penn.s@ewm.com
http://www.susanpenn.com
0 votes Thank Flag Link Sun Sep 8, 2013
Hello, you can get financing in Canada or here, so shop around and see what's best for you. As far as timing, it all depends, short sales usually take longer but I've had foreclosures take long to close as well, every case is different, but a regular sale should take between 30 and 45 days. Please feel free to contact me directly if you have any additional questions.

Hermann Wiehls
3002buy@gmail.com
(954) 300-2289
0 votes Thank Flag Link Sun Sep 8, 2013
Some banks will borrow with 30% down - the rest is best handled by an accountant

Michael Rksenbaum
Lic Real Estate Broker
Ocean Realty
(954) 651-8188
michael@or515.com
0 votes Thank Flag Link Sun Sep 8, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer