Hello, looking for a holiday home in SF. we r not residents or citizens. what is the procedure of getting a loan from a us bank? thanks

Asked by Atalichristina, Sat Aug 18, 2012

how do we get a loan from a bank there, our budget is 500,000 usd. how much should the down payment be? thanks again. Alao, what is a foreclosure home and are we able to buy one of those homes?? thank you

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Francisco En…, Agent, South San Francisco, CA
Sun Aug 19, 2012
There area couple of banks who do loans to foreign nationals. The required downpayment is usually 50%. The rates are not bad either, you could go with an adjustable or fixed for 5 years. The last 2 foreign investors i assisted were able to get a loan from East West Bank. Foreclosure homes may be a tough way to go. The banks who own these properties usually want owner-occupied homes. But then again, it all depends on which bank is selling the property.
1 vote
Atalichristi…, Renter,
Sun Aug 19, 2012
thank u all for your answers, a credit history you mean like have an account in the us??
0 votes
Helen Yuen, Agent, Oakland Ca 94605, CA
Sun Aug 19, 2012

My office manager is also a loan specialist about 50% downpayment is required.
If this is possible, contact Tom Chan, loan specialist at Land & Property Investment, Inc SF
(415) 731-0303 (let him know you were referred by Helen Yuen)

A foreclosure home simply means the owner of the home was not able to payments, it's in default if it's about to be foreclosed and it is a foreclosure home if the bank took possession due to non payment.
The banks owns these homes, the bank will review & select the the buyer from all offers received.

Helen Yuen, Land & Property Investment Inc SF (415) 469-0577
Get a free market evaluation of how much is your home worth in today's market.
0 votes
Gabriel Rojas, Agent, San Francisco, CA
Sun Aug 19, 2012
Hello and thank you for writing.

I think the first step for you would be to start a conversation with a couple of different lenders to get an idea of what is involved for you, as a non-resident, to get lending on your purchase. I have several professionals who I can introduce you to if you would like.

Currently, in San Francisco, a strong offer on a home would require 20% down or more if possible. Sellers have a lot of power in our current market and want to see the strongest offers available. Many people are currently buying with all cash as well.

Here is a link regarding foreclosures that I hope is helpful: http://homebuying.about.com/od/4closureshortsales/qt/foreclo…

Please feel free to contact me directly with any further questions or for lender referrals.

Good luck!

0 votes
Kevin Ho, Agent, San Francisco, CA
Sun Aug 19, 2012
You should be applauded for trying to buy into the US market. After the financial crisis, a series of new regulations and laws were passed to track money. Even domestic buyers face a lot more scrutiny then ever before – for example cash is not acceptable form of down payment without proper documentation under most lending guidelines. Therefore, to follow up on the correct advice of my colleagues, what the central question is for foreign buyers is whether or not you have a US credit history.

If you do have such a history, then you're in better luck and may be able to get a more favorable program. If not, then banks like HSBC and others will have programs available provided that you keep $100,000 on deposit for example.
0 votes
Lance King, Agent, San Francisco, CA
Sun Aug 19, 2012
The short answer is yes, there are lenders who do this type of loan. We have worked with HSBC on loans for a lot of international clients so I think they would be your best best. They do require 50% down so if that doesn't work it may be a lot more difficult. I have heard of foreigners getting investor loans from banks in their own country so you might check that out as well.

With regards to foreclosures there are different types. We work with these as well as international clients. If you drop me a line I can give you some more info.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
0 votes
thanks i will e mail u
Flag Sun Aug 19, 2012
Ruth Velez, Agent, Banks, OR
Sun Aug 19, 2012
You might want to do some internet searches on this question. I did a search and found an answer at the following web address: http://www.bills.com/non-resident-alien-mortgage/.

I hope this is of help to you.
0 votes
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