I'm based here, but secure funding nationwide and Canada. I work with MANY foreign nationals and consult with them on how to secure "permanent" 30 year mortgage financing for both individual purchases and multi/blanket loan purchases.
My website is SimsCapital.biz. Email is: Info@SimsCapital.biz
Happy to provide a free ball-park quote any time:)
There were never very many Foreign National loan programs availble in GA. That is especially true today. I am only aware of a couple in GA at the present time.
Other than that, a hard money loan is the only other option. Hard money loans will come with a high interest rates and high closing fees.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
This will be a hard money loan. A soft money loan with a better rate can be costly short term. Minimum down is 35-40% (residential) plus lender fees due at closing. Fees may be assessed up front to pay for loan application, appraisal. There is no credit check, no income requirements. Seller allowed to hold back a 2nd mortgage up to 15% of the purchase price. Rate ranges from 12% to 18%, depending on property type, rehab requirements, location. Rate reduction allowed after 6 to 12 months on time payments (because there is no credit check, the company has to show ability to pay on time). Minimum loan amount $10,000.
Other type loans have similar rates (10-15%) but may allow less money down if rehab work is needed (min $100k loan or case by case if less than $100k).
One thing on the rehab that many banks don't tell you is that they may require the borrower to put the repair money in escrow at closing plus the down payment. They don't let you finance repairs. The only way I know of financing repairs is to obtain a Note Purchase loan, but again, those are NOT for short term financing, rather for 15 to 30 years.