I live in Europe and would like to buy a house in Anaheim. Is there local financing available for foreign real estate buyers?

Asked by Roberto, Anaheim, CA Fri Apr 29, 2011

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Roberto, Home Buyer, Anaheim, CA
Tue May 3, 2011
Thank you all for the prompt and helpful answers. Although Karen Parsons responded to what I expect from a vacation home, before making a decision of buying a real state in Anaheim, I still need to clear some hurdles such as to get some help from my bank to come up with such high down payment, as most of you pointed out to qualify with an american lender, and to do some thinking and calculations about the possibility to pay off the mortgage within 10 years for I wish to avoid fluctuation in interest rate since I am stuck with an ARM product, as Michael Abram remarked.
Once more, thank you.
0 votes
Michael Abram, , Los Angeles, CA
Sun May 1, 2011
Hello Roberto,

I just finished financing a foreign national loan for a client that lives in France. The lender i have requires 40-50% down payment to qualify. The loan programs available for foreign nationals are only ARM products, 3/1, 5/1, 7/1 and 10/1 ARMS.

If i can be of assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
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Karen Parsons…, Agent, Laguna Beach, CA
Sat Apr 30, 2011
Hi Roberto,

I have worked with home buyers in Malaysia, Belgium, Japan, Russia and Korea in the past year....they were able to use income and down payment money from overseas. They had to put 40% down, and I have a lender that can handle the rest for you....

Anaheim is a great idea....you can also use the home as a vacation rental if you are only going to be using the home occasionally as a second home?

Let me know if you'd like more information on any of this.

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Melanie Dugg…, Agent, Anaheim, CA
Sat Apr 30, 2011

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jjacobsDO, Landlord,
Sat Apr 30, 2011
I have represented many “Foreign National” buyers and the most widely used mortgage banker is:

Tom R. Callahan
Senior Mortgage Banker

His E-mail works best for communicating his guidelines on the Foreign National program.
I think the program requires 25% down and great rates and several terms to choose from.

BBVA is a solid International Bank and Mr. Callahan is thier top mortgage officer.

His e-mail is: tom.callahan@bbvacompass.com

Good luck with this, TJ Attorney - PhD
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Ingrid Ski R…, Agent, Mission Viejo, CA
Fri Apr 29, 2011
Hello Roberto, Yes, the agents are correct in having a higher down payment.. You would be putting down a higher down payment and the reason for this is being a foreign resident. It is one of the risk factor involved of lendering money.. I have a check list I can send over so you have more information and can decide what you want and can do to buy. Bye for now, Ingrid Ski Realtor
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Karen Fenn, Agent, Anaheim Hills, CA
Fri Apr 29, 2011
Good Morning Roberto,

Dick Crawford's answer below is excellent. Although sometimes a down payment of as much as 40% is required, I just helped a family new to the United States who's funds were in Italy. We were able to secure a loan with 25% down payment. If would like to discuss your plans with me, please call me at 714-742-3997, or email - karen@karenfenn.com. I'll be happy to put you in contact with the lender who assisted my clients.

Best Regards,
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Dick Crawford, Agent, Anaheim Hills, CA
Fri Apr 29, 2011
Usually there is, Roberto, but standards are tighter - the property secures the loan, so typically you will be able to get financing at some price. Like all loans, it will depend on a combination of things, including the home value, your income, credit and down payment. As Kristen indicates below, there will be some contraints, but in the past it was nothing insurmountable. However, the lending business is constantly evolving these days, so I posed the question to my lender; I will pass his perspective along later today.
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Kristin Devl…, Agent, Irvine, CA
Fri Apr 29, 2011

Yes I have a lender who will lend to foreign nationals but the downpayment is at least 40%. PLease let me know if you would like more information

Kristin Devlin
Email: kristinsdevlin@aol.com
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