I'm an Australian (NRA) who will purchase a cash home for $140K. I have $40K for another home. can I get a loan for $100K for the second home?

Asked by Bill Murray, Snellville, GA Sun Feb 20, 2011

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14
Bill Murray, Home Buyer, Snellville, GA
Sun Feb 20, 2011
Mike,
I'm with you on this one. I have had no problem finding an absolutely fantastic buyers agent in Amy Martin (Mark Spain's team). Amy's been a font of knowledge, feisty but friendly, and above all professional and not pushy (and No...I'm not getting payed for this!).
I have kept the finance aspect separate from her at this stage mainly because I'm extremely new to this. I also won't pretend to be what I'm not...I'm an invalid veteran of the Australian military looking for a good return on my investments so that i can supplement my pensions...I'm not Rupert Murdoch's love child!.
BTW...I think Robert means 'unless he becomes an RA (Resident Alien)' NOT NRA (Non Resident Alien). All aliens (surely there's a better term!) are, by definition, automatically NRA.
If I have read all your emails correctly then I should be able to get a loan...and I can assure investors (both NRA and RA) that purchasing an investment property is not difficult. The problem appears to be in the loan.
If there is anyone reading this who would be interested in making a commercial loan to a NRA investor who will have one property unencumbered and valued at circa $140 K with at least another $40 K as a deposit for another property then I would be interesting in having a chat. I'm genuine, a Christian (Salvation Army) and will be in Atlanta from 8 -18 March. However, as I said, I'm not a member of the landed gentry...just a battler with a few bucks!
Look forward to following this thread.
Blessings to all
Bill
1 vote
Michael Hamm…, Agent, Suwanee, GA
Sun Feb 20, 2011
The FHA guidelines got stricter last quarter and mortgage qualification standards seem to changing almost weekly, Bill. Please consider calling one or both of our preferred lenders below and starting a dialogue that addresses the loan options with your FICO to get a deal done. If you have any questions for me on housing, please call or email and I will be glad to share my thoughts with you. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org

Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462
Email: Jay.Posey@mortgagefamily.com

Chuck Ewing
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First Century Bank, N.A.
620 Hembree Parkway, Suite 100
Roswell, GA 30076
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770.241.1700 Direct/Cell
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http://www.ChuckEwing.com
1 vote
Bill Murray, Home Buyer, Snellville, GA
Tue Feb 22, 2011
Thanks Robert.
Amy knows exactly how highly I regard her...she's a stellar performer. I'm not sure whether I made myself completely clear...I have $200K available in cash for property. I guess I am thinking aloud whilst concomitantly seeking advice. Do I pay $200K cash for one property? Do I pay $145K for another and obtain a mortgage for circa $80 k to go with my funds? Do I hold cash in a US account...these are matters which Americans are best placed to help me. And Amy is not at all unsure of herself. Where I come from a second opinion never hurt anyone...it helps me to clear my head a bit too...and since I'm going to be in Canberra and my property (ies!?) are going to be in Atlanta I just need a bit of extra reassurance which, thankfully most of the correspondents here are giving me.

Perhaps we should chill a bit...I will be in Atlanta on 7 Mar (booked and payed for...flying Delta direct to Atlanta from sydney...and looking forward to being amongst you cool guys!)
Blessings to all
Bill

BTW Robert I have the funds in $US as we speak. I have an appointment with SunTrust to open an account in Atlanta on 8 Mar. SunTrust have provided me with all the advice. And yes, i have lodged an Application for an ITIN (although in reality I won't need one until next year). I also have a form to lodge with the applicable property management company so that I will not be subject to withholding tax
I can assure you that I have completed all the research...I know the average Listing Price of every suburb between Buford and College Park. And since you appear to be concerned for Amy, i have even given her the name of a Salvation Army officer in Atlanta (who is a friend of mine) so that she can check my bona fides...yes, i am a Salvationist for which I gave absolute praise to the Lord.
Sheesh, do I love America and Americans! About thaaaaaaaaaaaaaaaaaaaaaaat much!

Now if only the Mariners can win the World Series
0 votes
Robert A Whi…, Agent, Roswell, GA
Mon Feb 21, 2011
Hi Bill,

Yes, you are right, I meant RA - resident alien. As Rodney correctly points out below, and as my post below points out, my investor and I found out that US lenders are not willing (or able) to loan to a foreign national - NRA. And conversly foreign banks are not willing to provide loans so their nationals can buy US property - especially in high foreclosure markets like Atlanta. There is a Singapore bank that will do foreign investor loans for other US markets (not Atlanta), but only for properties with a minumum purchase price of $400K

And Micheal, no, the investor I represent is not the flakey Albert Clayton - he completly disappeared from Trulia after I demanded he stop with all the blab with other agents and show me some financials.

Yes, I do property management as well and will be renting out each property after I get the rehabs done.

Bill, if you have found a stellar agent, you should be asking this type question of her, rather than coming to a public forum for the answer - and especially after mentioning her name - which I hope you got permission to do. When you come here, it can look like you do not have confidence in her ability to either answer your question or point you to the right resources. Any top agent would not spend two minutes with you without first verifying your abilty to make a purchase - I assume she did this?

I have a concern with your statement "I have kept the finance aspect separate from her at this stage mainly because I'm extremely new to this." You owe full disclosure to your agent regaring your financials as relates to your ability to buy specific properties - in fact, if we are talking foreclosures, no REO broker or bank I am aware of will even accept your offer without not only proof of your purchase funds, but moreover, those funds have to be in a US bank - not a foreign bank.

My question for you Bill, have you revealed to Amy that you intend to buy a second property (coincidentally also for $140K ) but only have $45K in purchasing funds?
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sun Feb 20, 2011
Bill,
Your last post gives much more clarification that was needed. Since you reside outside of the US, you are definitley classifed as a Foreign National. Loans for Foreign Nationals are only availble through very few lending channels. GA does not typically fall in that lending footprint like Florida and some states located in the northeast do.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
0 votes
Bill Murray, Home Buyer, Snellville, GA
Sun Feb 20, 2011
Guys,
The details appear to be getting murky. i am an NRA who lives in Australia. I will be buying an investment property for cash with a selling price circa $140K. I will also be looking for a second investment property for which I will have available circa $45K as a deposit meaning that I am likely to need a loan of circa $100K.
I know everyone means well. However, please don't guess. If you know for sure then i would like to hear from you.
Regards
Bill
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sun Feb 20, 2011
One factor will be the occupany of the property. You indicated financing for a Second Home, but some of the previous answers talk about FHA. FHA financing is only availble for a Primary Residence. If your a purchasing a Second Home, then no, FHA will not be an option.

The location of a Second Home also play into this. A Second Home must be located at least 50 miles from your current residence. It sounded like you intend to purchase two properties. A Second Home cannot be rented to anyone. A proeprty to be rented is classified as an Investment Property.

If you currently reside in the US and have been employed here for at least the last 24 months, then you might qualify as a non-permanent resident alien depending on your Visa status. You will need to have W-2's and US tax returns for the last two years. If you do not meet this criteria, then you would most liekly be classified as a Foreign National. I am not aware of any financing in Georgia for Foreign Nationals.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
0 votes
Mark Lackey, Agent, Norcross, GA
Sun Feb 20, 2011
Check with my mortgage lady for an answer:

Gina Spearman
Academy Mortgage Corporation
5565 Glenridge Connector, Suite 400
Atlanta, Georgia 30342
Direct (404) 574-2602
Fax (404) 924-7161
Cell (404) 449-4515
NMLS# 152661
GRMA# 28250
Academy Mortgage GA License: 20505
Academy Mortgage NMLS ID: 3113

Hope this helps and then see me to help you with the purchase.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.RentalHomeAtlanta.com
0 votes
Jim Parker, Agent, Marietta, GA
Sun Feb 20, 2011
Bill,

I loved you in Groundhog Day!
0 votes
Michael Hamm…, Agent, Suwanee, GA
Sun Feb 20, 2011
Being somewhat skeptical by nature, Robert, I, for one, would say that congratulations are in order if you were indeed able to close a cash deal (or more) with the Australian investor who last fall was supposedly trying to purchase 150+ properties in our market, but apparently could not find an agent with whom to work. His “Desperately seeking good agents” post drew several “doubting Thomas” thread responses since it seemed dubious that a well funded investor would be turning to a website with such a plea, when it was more likely that his Detroit based accountants and lawyers could have done so in a more subtle, professional manner.

Along with our normal business, we have been concentrating on property management for the past two years, working with lessees who for one reason or another are only able, or willing, to rent. Most have good to excellent credit, by the way, and may well turn into buyers eventually. If you are in a position to share where any or all of these "deals" are located, I might be able to send some tenants your, or his, way. Are you also representing the Australian, Mr. Albert Clayton, in putting pre-screened and thoroughly qualified tenants in these properties for his investment group? If so, you may post here or respond privately with the addresses, or MLS numbers should you prefer, and I will follow up as soon as possible. Thank you in advance for the courtesy of a reply.

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
0 votes
Robert A Whi…, Agent, Roswell, GA
Sun Feb 20, 2011
Bill, I am working with an Austrialin investor right now - he has a Visitors VISA. I am helping him snap up some amazing all cash deals - the lenders he spoke with said he can not get a loan unless he becomes a NRA - however, he elected not to do that because his world wide assets would be taxed by the US - and he has considerable assets elsewhere! This whole issue about how foreigners should buy and hold US property is way more complex that most people have a clue - even many lawyers get it wrong.

I would be happy to talk with you and have you talk with one of the best direct lenders in Atlanta so you can see what options would best work depending on your plans. I also have some of the best experts in the country that can help you with proper holding entities depending on your situation and what your goals are.

Drop me a line if you would like to discuss further.

Regards,

Robert Whitfield
Broker/Owner - Realtor
Professional Buyers Broker
Relocation Expert
New Home Construction Expert
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
877-787-7167
“Incomparable Services, Protections, & Due Diligence…
For Every Client I Represent!"
0 votes
Bill Eckler, Agent, Venice, FL
Sun Feb 20, 2011
Bill,

Most certainly....we recommend shopping around to compare rates and programs. Rates are expected to continue to climb so we recommend getting started sooner than later.

Good luck,

Bill
0 votes
Barbara Winn…, Agent, Wilmington, DE
Sun Feb 20, 2011
Yes! I can get you an agent in Georgia if that where you want to buy and there are motgage companies that specialize in 2nd home purchases. Call me or email me and I will be happy to give you this information. Bwinnington@cbpref.com 302 545 4999.
0 votes
John Reinhar…, Agent, Atlanta, GA
Sun Feb 20, 2011
Bill

Shoot me a email or call me.

John J. Reinhardt
REALTOR
Solid Source Realty

T (678) 310-9811
Web Reference:  http://www.infrontmarketing
0 votes
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