Fort Lauderdale Foreign National Loans
I continue to read so many articles about how many foreign investors are buying up property in the US especially in Fort Lauderdale and South Florida. It obviously has to do with falling home prices and a weak dollar on their side but nonetheless they see an opportunity which I would agree with.
Let’s talk about what is involved in getting a loan if you are a foreign national. In most cases you have to put down 30% but with condos and larger loan amounts (above $500,000) depending on the bank, product, etc. you are working with it could be more. The following documentation is some of the documentation you will need because any bank/lender/broker can ask for more or less if they choose to:
- Copy of a valid Visa, Passport, & Cedula
- If you are self-employed you will need an original CPA letter showing income for the past 2 years, year to date income, percentage of the business owned, along with a copy of the CPA’s current license. The letter must be on their letterhead showing the CPA’s address and phone number plus it must be AN ORIGINAL with Original signature.
- If employed- you will need an employment letter stating your income for the past 2 years, year to date income, position, and time on the job as long as the company appears on the internet.
- 2 Original bank reference letters addressed To Whom It May Concern. The reference can only be based on a depository relatinonship NOT A Credit Card. The relationship must be for a period of 2 years. You must be mentioned by name ande the letter can be a joint letter referencing more than one borrower. If it is used to document liquid assets, it must have the current balance and an average balance for the past 2 months. It must be on the bank’s letterhead containing the date issued, address, and phone number of the bank and original signature of the signing officer.
- You will need to have at least 6 months reserves that must be transferred prior to closing into the bank account of the investor lending the money. Many banks want much more than just 6 months.
For further details feel free to contact me.