Foreign national mortgages have now returned to the US housing market. US based loans for Florida property are again increasingly available via many US based banks.
How much can I borrow?
The amount you can borrow will vary depending on your own financial profile and borrowing history, but can also vary based on the kind of property you buy. For example if buying a house you may by able to borrow more than if you were buying a condo or apartment. Banks can lend up to 70% of the property value, but many mortgages are provided at 40 to 50% loan-to-value. So be prepared to put down a deposit or downpayment.
What do I need in Order to get a Mortgage?
Criteria are similar in principle whether you are a domestic buyer or international buyer. There is no preference over one country or another. So while foreign national mortgages in Florida the past have been commonly provided to Canadian, UK and Irish buyers, borrowers from other countries are becoming increasingly common. However if your documentation is not in English it may be important to have it officially translated. Note also that if buying as an investment that the bank may require extra evidence of borrowing credibility. Banks will vary in their policies, but beyond the downpayment you can be expected at minimum to provide the following in the US:
- Proof of income for last two years
- Borrowing or loan history from your home country or US credit bureau
- Details and proof of assets for loan collateral. Proof of identity such as passports and national ID’s
If you plan to take out finance its advisable to get pre-qualified for a loan ahead of agreeing to any binding contract
Mortgage Brokers & Feltrim Finance
At Feltrim we specialize in assisting international buyers source and acquire property in Florida, and many of our clients over the years have used mortgage finance. We work with a select group of brokers and can point you in the right direction. Our partner company Feltrim Finance is available for assisting with larger commercial loans.