Mortgage Loan Process For Non-US Residents

Overseas buyers, whether from Europe, Canada, or any other part of the world are increasing. They want to invest in a second home or vacation home in Florida. The weakening US Dollar is further proving to be beneficial for them.

The number of inquiries from such individuals is currently on the rise. Mainly hunting for a home or a condominium for a vacation and for investment, these buyers are particularly interested in beach homes and other areas for purchase. Of course, vacation rentals are an attractive investment option also. Usually, an interested buyer wants to know the amount of down payment to be made on purchase of property in Tampa or Clearwater Florida. The answer will vary according to lender and the status of your citizenship, which is determined by taking a peek at the buyer’s visa or INS paperwork.

As a Non-Permanent Resident Alien (Visas E-1, H-1B, H-2A, H-3, L-1, G Series, and O-1), lenders will require you to make a 10% down payment. The interest rate is determined based on the loan term and loan program you choose.

If you are a Foreign National (Holding INS form W-8BEN and a visa), you may be required to make a 20-25% down payment. The interest rate is determined based on the loan term and loan program you choose.

All non-US residents are required to provide authentic credit references from their country of residence and the lender will determine their credit history based on the information provided.

The first step for you, as a non-US citizen who wants to invest in a US property, is to find out the various loan options you are qualified for. You can contact reputable lenders and real estate agents in the particular city you want to target.

Be sure you do some research on your own and have a list of questions ready on the mortgage loan process before meeting an agent.

Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty Her team has experience and resources on helping overseas investors on any Tampa Real Estate investment. Specialty includes master-planned Tampa Communities for investment and second homes.