Mortgage Programs Include:
- Choice of Fixed Rates (3, 5, 7, 15, or 30 years)
- Interest only payments (3 or 5 years)
- Cash Out Re-finances (Re-mortgage)
- Owner Occupied Residences
- Second Home Residences
- Investment Properties
- Dollar and Sterling Mortgages are both available
Things to Keep in Mind:
- The standard mortgage term is 30 years, however, longer terms are available. There are no age restrictions on applying for a U.S. mortgage.
- Most mortgages will be setup on a full documentation basis where proof of income will be required.
- No documentation mortgages are available in certain areas with a maximum loan value of 75%. Proof of income, employment are not required.
- Most lenders will require a fee of approximately $500.00 upfront to pay for the appraisal (property valuation), credit report, etc.
- A copy of your passport(s) and driving license(s) will be required.
- Some lenders will allow the title deed to be held in the name of a Florida Corporation. A corporation can be easily setup by a U.S. accountant.
- Most lenders require at least 2 years of employment or self-employment. Pension income can be used. If you do not wish to disclose any income or employment details, you can apply for a ‘no-doc’ mortgage.
- All lenders require an international credit report.
- You will be required to open a USA bank account, we can advise you on that. USA bank statements will be required to show available funds for closing.
- Bank statements from your home country will be required showing all monies prior to the money being transferred to a USA bank together with copies of the wire transfers. This requirement will be waived providing all monies have been in your U.S. bank account for more than 90 days.
- You will be required to prove that you have funds equal to 6-12 months mortgage payments. All lenders will require these funds to be transferred to your USA bank account prior to closing. The amount of mortgage reserves will depend on the lender.
Please note a minimum deposit of 25% will be required in every case and an income will usually be required to justify a USA mortgage.
IMPORTANT: There is no need to be in the U.S. for the closing of your property. All legal documents can be sent via email or courier and must be witnessed by a notary public.
Please note all rates, programs, and terms are subject to change without notice.
