I am looking to but a property in Florida, how easy would it be for me to get a morgage and what deposit would be required? I am from the UK

Asked by Sallyj, 11706 Sat Aug 4, 2012

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Aug 4, 2012
Exactly. The foreign national loans we have here is the US is ideal for someone such as yourself who lives and works in the UK and has a significant down payment towards a property in the US.
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Aug 4, 2012
I would imagine it being difficult for you to obtain financing from your country. Here in the states we have several lending options for foreign nationals, people who work and have assets outside of the country. The best thing you can do is to make contact with a loan officer who is licensed to do loans in Florida and see where you can go from there.

If you're looking for someone I'm always available.

Javier Meneses
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
1 vote
Sallyj, Home Buyer, 11706
Sat Aug 4, 2012
I would not be able to get a mortgage in the UK for purchase of a property abroad, lenders just would not lend the money, this is to do with our economic climate not my credit rating I might add! i have just inherited a small sum of money and want to make the money work rather than sit in a bank account earning little or no interest. we should be able to put down at least 40% of purchase price.
0 votes
Bill Eckler, Agent, Venice, FL
Sat Aug 4, 2012
We always encourage foreign buyers to explore borrowing option from their homeland opportunities prior to considering those in the US.

Because risk is greater for lenders to loan to foreign nationals you can expect that rates will be higher and you will be expected to provide a larger deposit...25 to 40%. You will need to be able to demonstrate a good source of income and have a favorable credit rating as well.

Good luck,

Bill
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