If i brought this property on 50% dep would i be able to get finance i live in Australia thank you Vic

Asked by Vic Marotta, Detroit, ME Sun Apr 5, 2009

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This question is about this property: http://www.trulia.com/property/1034112376-8754-La-Salle-Blvd…

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Rowena, , Adelaide, CA
Mon Apr 6, 2009
I am Australian also looking at buying a property in Detroit, and a lot of Australian lenders wont lend due to their risk/costs if you default on your repayments. This is due to them needing to hire foreign lawyers, foreign managers etc to watch over the sale of the property. But there is no harm in asking your bank :)
0 votes
Dana Schuster, Agent, Slidell, LA
Sun Apr 5, 2009
if you have 50% to put down,you should have no trouble. A loan for an investment property requires 20-25% down--if you are not a US resident,you would have to put a bit more down--but 50% down will cover you very nicely. In fact you may be able to get a farily good interedst rate with that much down. I did a 50% down transaction last month & the buyer was able to get a 4.25% interest rate.
0 votes
Maureen Fran…, Agent, Birmingham, MI
Sun Apr 5, 2009
If you are Australian, it would probably be easiest if you got a loan in Australia. If you are not living in the house you will find it hard to get a loan for an investment property in the US.
Web Reference:  http://miOaklandCounty.com
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