what deposits do foreign nationals have to put down and what details do the banks require.?

Asked by Simon Brody, Manasota, FL Sat Jan 2, 2010

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Dallas Texas, Agent, Dallas, TN
Sat Jan 2, 2010
Only a mortgage broker who is working on file would be able to determine what is your best interest. Every family seeking purchase a home whether a resident OR non-resident of USA have different hurdles cross over obtain a loan.

Recommend check with your local bank in country you reside in determine if they can provide assistance best have many options.

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Bill Eckler, Agent, Venice, FL
Sat Jan 2, 2010
Simon,

The criteria for foreign nationals to purchase property in the US is very similar to an US citizen with the exception of financing. Because of the additional risk involved, lenders require a slightly larger deposit toward your purchase. This can be as high as 40% for some lenders.

This is one of the reasons why we are recommending our foreign buyers to explore financing from their country of residence in addition to US financing. Some of our customers have found that there is a significant benefit to borrowing from their local lender, transferring the funds for the purchase, resulting in what is resembles a cash transaction in the states.

Thank you for your question.....

Good luck

The Eckler team
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
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, ,
Sat Jan 2, 2010
Hi, Simon

That would depend on whether or not the foreign national is looking to purchase a primary home or investment property. Criteria for each or significantly difference and can/will vary from lender to lender.
If you're currently working with a realtor (and you should be) he/she should be able to recommend a local or locally licensed lender/broker to assist you further.

Best Regards,

Rudy R. McDowell / Senior Loan Officer
NMLS#: 141856
ShoreMortgage
770 S Adams Birmingham, MI. 48009
o: 800-678-6663 Ext 5154 / f:248-594-6156 /d: 313-410-1344
email: rmcdowell@shoremortgage.com
corp: http://www.shoremortgage.com

"Referrals are the Best Indicators of My Service and Your Satisfaction"
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