Home Buying in Miramar>Question Details

Carolina Fer…, Home Buyer in Miami Beach, FL

Hello, I'm from Venezuela and my husband are being transferred to Miami, I would like to know as foreigners

Asked by Carolina Fernandez, Miami Beach, FL Mon Jan 26, 2009

if the bank will give us credit, to a $ 220,000 house giving $ 60,000 of down payment. What is the interest rate and years. Thank you

Help the community by answering this question:


There a few foreign national programs available. Generally you'll need approximately 30-35%
down plus closing costs and reseserves for taxes and insurance. Your 60k is short of this 220k
purchase price if 30% is used. generally there is no variance in the banks requirements. Are you able
to negociate a lower price? If so, you can accomplish your goal. I have been serving the state of Florida
as Mortgage Broker and will give you a good faith estimate as to financing and closing costs with no
obligation or upfront cost to you.
Hope this helps;
Web Reference: http://wwwMyClubRealty.com
2 votes Thank Flag Link Mon Jan 26, 2009

Interest rates for foreign national buyers is typically a little higher than the standard current best rates. The best source for this information will be from your loan agent.

Wells Fargo is currently making loans to foreign buyers. I'm sure there are others. You might want to check out their website:

Good luck
1 vote Thank Flag Link Tue Jan 27, 2009
Hi Carolina! You would be giving down almost 30%, that is ample down, and if you have good credit you could get a mortgage for in the 5% range easily. If you would like, I have several mortgage people that I have used that would be glad to work up a very close montly for you at no obligation. Email me and I will give you their contacts. Judy
1 vote Thank Flag Link Mon Jan 26, 2009

I work with a several banks that do foreign national loans. They usually require 25-30% down. I am mortgage broker, let me know if you need me to help you out getting pre-qual for a mortgage.

Alvaro Loureiro
Manhattan Mortgage Co.
Mortgage Specialist
Direct: 407/ 617-0807
Office: 813/ 470-4620
Fax: 813/ 470-4329
0 votes Thank Flag Link Tue Jan 27, 2009
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