In many cases, overseas buyers choose to purchase their US property with cash reserves. However, if needed, Florida International Funding specializes in lending to international borrowers to enable them to purchase US-based property. The terms of loans afforded to US buyers tend to differ from those offered to US nationals, and involves a limited Loan-to-Value (LTV), slightly higher interest rates, and sometimes requiring the borrower to provide cash reserves equal to specific number of monthly repayments.
In typical market conditions, Florida International Funding International borrowers Loan-to-values (LTV’s) can range from 50% to 75%, interest rates can range from 5% to 7%, and cash reserve requirements can range from 0 repayments to 12 repayments. Of course, these amounts vary from program to program, and are also subject to changes in market conditions.
The best way to establish what terms of mortgage you can qualify for is to contact us early in the process. You will find email links on this website along with our phone numbers. There is no fee for an initial consultation and we can help to guide you more efficiently in the home buying process. Once we conduct an interview and verify your income and asset information, we can offer a pre-approval letter. The pre-approval is NOT a loan commitment, but it does give a very strong indication as to what amount and terms of loan you can qualify for, and as a result is often used by buyers to demonstrate to sellers that they are credit-worthy. In fact, in certain market conditions, sellers will ask to see a loan pre-approval before they will enter into a contract with them.
We have a variety of different loan products available and will take the time to find the most appropriate program for each borrowers. Some of the options (not necessarily all available on the same program)
· Up to 75% Financing
· Competitive rates
· No Income Verification available
· LLC’s on Title
· NO US bank account program available
· Minimal reserve requirements available
· Power of Attorney available
At Florida International Funding, we have specialized in working with international borrowers (foreign nationals) for over 20 years and would love to help you purchase a vacation / investment home.