As a foreign national thinking about investing in residential or commercial real estate in Florida, you can look forward to many potential advantages from your investment. Below are some of the benefits of purchasing property in the US as a foreign national.

Purchase a Property as a Foreign National

1. Diversify your real estate holdings. When you purchase property in the US for the first time, you are diversifying your real estate holdings by bringing a new market into the mix. Depending on your financial situation, this could have tax benefits as well as other key advantages.
2. US property values are on the rise. Property values throughout the US have been rapidly on the rise over the past few years, a trend which is expected to continue. This means that investing now could result in exceptional gains in terms of your portfolio value over the years ahead.
3. Competitive interest rates are available. The US real estate market is known throughout the world for its affordable interest rates. You will find that when you work with the right foreign national mortgage broker in Florida, you can take advantage of some of the most competitive rates in the state. You can choose whether you would like a fixed or adjustable interest rate.
4. You can earn high rental returns. If you are looking to buy a condotel in Florida or another rental property, you can generate stable positive cash flow. Indeed, Miami and the surrounding region are very popular among vacationers both from the USA and abroad. When you invest in real estate close to the area’s attractions, you can charge high rents due to your high-demand location.
5. Investing in residential or commercial property in the US gives you a location to live or work on American soil. Another obvious advantage of purchasing property in America is that it provides you with a “home base” when you are visiting the country. The rental property you purchase can for example become your own vacation home in the US.

Need Help Applying for a Foreign National Loan?

If you are ready to take advantage of these excellent potential benefits of investing in commercial or residential property in the US, we can help you apply for a foreign national loan in Florida. To schedule your consultation with Lending Bankers Mortgage, please call (786) 220-1100 or email info@lendingbankers.com. We look forward to helping you to achieve your investment goals.

If you are thinking about purchasing property in the US as a foreign national, you likely have a lot of questions about how the lending system in the States works.

In the FAQ’s below, we will attempt to provide simple, straightforward answers to some frequently asked questions.

Foreign National Loan Frequently Asked Question

Q: Can a foreign national purchase property in the US?

A: Yes. That is what foreign national loans are for. So long as you meet the requirements and can document that you do, you should qualify for a loan.

Q: Can I use a foreign national loan to buy a home?

A: Foreign national loans are intended to be used to purchase investment properties, not primary residences. You can also use them to purchase vacation homes.

What if you want to purchase a primary residence in the US? For that, you make use of a regular mortgage. In order to qualify for such, you will need to be defined as a US resident.

Both permanent and non-permanent US residents may apply for a regular mortgage to purchase a home. You will simply need to be able to present your work permit or green card.

Q: Do I need a credit record in the US?

A: No, you do not need to have a US credit record in order to qualify for a foreign national loan.

Q: What documents do I need to have ready?

A: You should get the following documents ready before you apply for a foreign national loan in Miami or anywhere else in the US:

• A copy of your passport
• A copy of your Visa
• Proof of residence in your home country
• An escrow letter
• An accountant’s income letter
• Two credit card reference letters
• An employer’s income letter
• Two bank reference letters
• Two recent bank statements
• A copy of your purchase contract

Having all of these documents gathered before you fill out your application can save you a great deal of time and hassle.

Q: Is the down payment really 50%?

A: Not necessarily. This is not uncommon, but there are many opportunities to invest in US property as a foreigner without paying such huge down payment. You may be able to get away with closer to 25% if you shop around and if you qualify for competitive loan.

Q: Can I close quickly on the property I want?

A: Yes, if you are working with an experienced foreign national lender. There is no reason for this process to take any longer than it would if you were applying for a conventional loan.

In fact, because you do not need to verify a US credit record, there are situations where you could get a foreign national loan approved more quickly than you would a conventional loan.

Q: How high will my interest rate be?

A: A lot of people claim that foreign national mortgages not only carry hefty down payments, but also come with higher interest rates.

This is actually a myth. As a foreign national, you can apply for a loan with interest rates which are every bit as competitive as those for US citizens. So, you do not need to worry about excessively high interest rates eating into the profits from your real estate investment.

Q: Is it better to work with a direct lender or a mortgage broker on a foreign national loan?

A: There are benefits and drawbacks to both options. If you want to give yourself access to the largest possible selection of competitive loan offers, you will want to work with a mortgage broker rather than a direct lender.

A mortgage broker searches high and low for offers so that you do not have to. This frees up your time for other preparations involved in your purchase. Oftentimes, brokers can provide customers with competitive rates which are not available to the general public.

Q: Why do I need to work with a company that specializes in foreign national loans?

A: There are companies out there which focus mainly on regular mortgages for US citizens, but which may provide foreign national loans on the side.

It is recommended that you avoid working with mortgage companies that do not have extensive experience in foreign national loans.

Why? Because these companies do not have as much practice and familiarity with the loan process for foreign nationals. This means that they may be less efficient processing them. If you want to move on a property fast, that could be a problem. It also adds unnecessary stress to the process.

Q: What if I still have questions about foreign national loans?

A: Hopefully several of your questions about foreign national loans have now been answered. But if you have more, we would love to help you out.

Contact Mortgage Lender in Miami – Lending Bankers Mortgage

Lending Bankers Mortgage works with a network of well over a hundred lenders throughout the Miami region, and specializes in foreign national loans as well as other types of commercial and investment loans. If you are ready to get started, please call (786) 220-1100 to schedule your consultation.

If you are a foreign national looking to purchase property in the Miami area, you will need to apply for a foreign national loan. Before you jump into the process, there are a few things which are helpful to know about loans for foreign nationals. Let’s go over them now.

Foreign National Loans Tips in Miami, FL

1. You will need to meet the foreign national loan requirements. As a non-citizen of the US, you will want to start out by familiarizing yourself with the requirements to apply for foreign national commercial loans or foreign national home loans. Items you will need to provide when you apply include an accountant’s income letter, an employer’s income letter, two credit card reference letters, two bank reference letters, and two recent bank statements. You will also need to bring a copy of the purchase contract, and you will need to fill out and sign your application. Additionally, you will have to bring an escrow letter, a copy of your USA Visa and passport, and proof of residence in the country you are from. Additional documentation may be required. If you are self-employed, do not worry. This is a very common situation for foreign national loans. View a detailed list of foreign national loan requirements, and feel free to contact us if you have questions.
2. Be prepared for a significant down payment. When you purchase a commercial or residential structure as a foreign national, that is seen as inherently riskier than a domestic real estate transaction. For that reason, the down payment which you need to provide will be higher than it would otherwise. You can expect to put down 25% at a minimum.
3. Interest rates may be lower than you expect. You may have heard that interest rates on foreign national loans are higher than they are for conventional loans, but that is not necessarily the case. US citizens applying for conventional loans sometimes end up paying higher interest rates than foreign nationals do. Plus, the good thing about putting more money down at the outset is of course that it means you will pay less in interest over the long run. Do the math carefully to figure out how much to pay upfront.
4. The home you are purchasing cannot be used as your primary residence. For a lot of special loan programs, it is a requirement that the house being purchased will serve as the buyer’s primary residence. With a foreign national loan, the situation is the exact opposite. If the structure you are purchasing is residential, you must not be planning to live in it the majority of the time. You can live in it part-time as a vacation home, but you will need to make sure that you are not encroaching on the definition of “primary residence.” Alternatively, you may acquire the building as an investment, or you can rent it out.
5. The application process may be surprisingly quick. You might think there is more involved in processing a foreign national loan than a conventional loan. But in many situations, foreign national loans can be faster and easier to process because the credit history and tax return issues which US citizens must deal with may not be applicable in the case of a foreigner. Not all lenders are well-versed on the task, since specialized knowledge is needed. So, plan and choose your foreign national loan company in Miami with care. Make sure that they have the expertise necessary and can work with you on your timetable to get your application processed.

Need Help with a Foreign National Loan? Give Us a Call

Lending Bankers Mortgage is an experienced residential and commercial lender in Miami, FL which works with foreign nationals on a regular basis. We can walk you through the entire process and answer all your questions, efficiently processing your application so that you can close on the Miami property you want to invest in. Please call (786) 220-1100 today to get started.