Mortgage Loan Process For Non-US Residents

Overseas buyers, whether from Europe, Canada, oris determined based on the loan term and loan
any other part of the world are increasing. They wantprogram you choose.
to invest in a second home or vacation home in Florida.If you are a Foreign National (Holding INS form
The weakening US Dollar is further proving to beW-8BEN and a visa), you may be required to make a
beneficial for them.20-25% down payment. The interest rate is
The number of inquiries from such individuals isdetermined based on the loan term and loan program
currently on the rise. Mainly hunting for a home or ayou choose.
condominium for a vacation and for investment, theseAll non-US residents are required to provide authentic
buyers are particularly interested in beach homes andcredit references from their country of residence and
other areas for purchase. Of course, vacation rentalsthe lender will determine their credit history based on
are an attractive investment option also. Usually, anthe information provided.
interested buyer wants to know the amount of downThe first step for you, as a non-US citizen who wants
payment to be made on purchase of property into invest in a US property, is to find out the various
Tampa or Clearwater Florida. The answer will varyloan options you are qualified for. You can contact
according to lender and the status of your citizenship,reputable lenders and real estate agents in the
which is determined by taking a peek at the buyer'sparticular city you want to target.
visa or INS paperwork.Be sure you do some research on your own and
As a Non-Permanent Resident Alien (Visas E-1, H-1B,have a list of questions ready on the mortgage loan
H-2A, H-3, L-1, G Series, and O-1), lenders will requireprocess before meeting an agent.
you to make a 10% down payment. The interest rate