Frequently Asked Questions

What's happening now? Why can't I get financing like before?
The Sub-Prme crisis, credit situation and the housing condition in the USA have changed a lot for everybody including the foreign national investors. This segment is considered a risk to the US banks and they have shut down their efforts towards that niche of buyers. Only very few banks allow funding to non-US buyers and those are taking advantage of their exclusivity by raising their rates and hardening their terms. Hopefully, this situation will not stay for long.

Why can't I get the same rates as on other web sites?
As a foreign national (no permission to work temporarily or reside permanently in the US) you can't purchase a "primary residence" to live in, only as a second home or investment property. Most advertised rates are for primary residences purchased by US residents with good credit history in the US and even then, many restrictions apply. The rates we quote you are for specialized loan programs for foreign nationals.

What's the highest financing I can get and what must I do to obtain it?
In most cases the maximum that can be borrowed is 80% of the property value. In some cases in Florida an additional 10% second mortgage may be available. To borrow the most, you will need to show full documentation to support your employment, assets, liabilities and ability to repay the loan is required. For foreign nationals, this may not be as easy as for a resident.

OK, I want to buy a house with a mortgage loan, what should I do first?
Consult with us before you commit yourself to a purchase contract. We can advise you with regards to suitable contract terms and check the property. Don't delay in contacting us if you have a signed contract.

What is a second home?
It is a property which you may not necessarily live in year round, but intend to occupy at least 14 days per year, sort of a vacation home.

How do I pay the mortgage once the deal is closed?
With a US bank account, you can have the payment automatically debited from your account each month, or pay by check or wire.

How long does it take to get a mortgage?
Time frames vary depending on the documentation required, and your ability to supply the necessary documents.

What happens if I fail to make payments?
The property is security for the loan through a document called a mortgage. The bank may repossess the home and then sell it to recoup its money and expenses.

Can I buy more than one house?
Yes, although it depends on how much $ you need to finance and the property locations.

Do I have to travel to the US?
No, everything can be done without leaving your country.

Do I need a US bank account?
In most cases yes, but in some cases this requirement can be waived.

What are closing costs?
These are the costs involved in the transaction, such as fees to appraisers, mortgage lenders, real estate agents, attorneys, etc. and the amounts vary depending on the type of mortgage, property location, and nature of the property. Once you apply for a loan we will provide you with a Good Faith Estimate of these costs.

What is your fee? When do I pay it?
We are paid at the closing, usually by the bank or lender, and if any fees are to be paid by you to us they will be disclosed in advance on the "good faith estimate" of closing costs.