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Financing in South Padre Island : Real Estate Advice

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  • Local Info7
  • Home Buying11
  • Home Selling0
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Activity 2
Wed Jan 27, 2010
Bruce Lynn answered:
Morgan,

I think it depends on what you plan to purchase. There should be no discrimination about being from Canada.
However rates can depend if you will live here full time, if it is an investment property, if it is primary residence, your income, debts, ability to pay, reserves, etc. With all that said some lenders don't always know how to verify this type of information or pull credit reports on non-citizens. We assist buyers and sellers from all over the world and have a good group of lenders who are experienced in lending to non-US citizens. Feel free to send me an email and I can forward you their contact info. ... more
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Tue Jan 5, 2010
James P. (Jim) Knight answered:
Several of the lenders I routinely deal with have expressed considerable frustration with underwriters and the "Condo/Hotel" defination in use today. So, if there are rental units in the complex, do your research first before presenting an offer and potentially wasting your time and some money. As far as free-standing homes, town homes and one-to-four structures purchases, they seem to be coming up with the money.
Banks do not have the same criteria as conventional lenders but always seem to want more equity and shorter time lines.
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Financing in South Padre Island Zip Codes

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