mortgageThere are a variety of mortgage programs available to US citizens and international buyers. The process is relatively straightforward with much of the application being accomplished by telephone, fax and e-mail. Some of the programs on offer include:

Fixed Rate mortgages, whose rates remain fixed for the term of the loan — usually for 15 or 30 years — offer long-term financing, competitive rates and ongoing payment stability.

Variable Rate mortgages begin with a rate that is sometimes lower than the fixed rate for a period of one to seven years. It is then adjusted at specified intervals according to changing market conditions.

Payment Option Adjustable Rate mortgages feature a very low initial payment rate. They are flexible and offer a choice of minimum monthly payment, interest only payment, or full principal and interest payment. This mortgage maximizes cash flow on investment properties and frees up funds for other investments. Deferred interest may be accumulated and added to the loan principal, while interest accrues on the higher balance. This allows minimum payments to be made on rental properties during periods of vacancy, and full interest and principle payments when the property is completely occupied.

Low Documentation mortgages, sometimes referred to as ” stated loans ” and often preferable for the self-employed, corporate owner/director and those who receive commission income are available for most of our loan products.  In these programs, we “state” rather than “verify” your income.  This documentation requires a letter from your accountant verifying that you have been in business (or are on your current job) in excess of two years.  These programs continue to require that assets be verified.  If sufficient assets to close plus 6 month’s reserves of the monthly payment are already in a US bank account, we are fine; however, if assets are foreign, we will require verification in that bank account as well as the transfer of assets to the US.

Cash Out Re-Mortgages are available under certain conditions to free up cash equity for possible additional investment purchases.

Some Frequently Asked Questions

Yes, the process is quite simple for international purchasers. If you own no other property in Florida you may borrow with full documentation up to 80% of the purchase price of a home even if you own your home outright in the United Kingdom. You may also use a home equity loan on your foreign residence to purchase a U.S. home or finance your down payment. If you own other property in Florida up to 70% of the sales price may be borrowed.
Much of the initial process is accomplished over the telephone or by e-mail. The application package is then either e-mailed or overnighted to you to be reviewed, signed and faxed, and then mailed back with the accompanying income and asset documentation. Closing documents can be mailed to you for your signature and notarization.
Yes, you can be pre-qualified by phone or in person in Florida.
The customary time frame is four to six weeks from receipt of the fully completed application along with the documentation.

Standard Required Full Documentation

In order to begin processing your loan we will need, in addition to the signed application and disclosures, the following documents:

  • Copy of your passport and driver’s license (or photo ID) for the Patriot Act requirements
  • Copy of the last two years’ P60s or, if not applicable, a letter from your accountant stating your last two years’ income or length of company history
  • Copy of the most recent pay stubs showing a 30-day history
  • Copy of the most recent three months’ bank statements (all pages) showing name and account number to show the source of funds for closing. The statement must also show six months’ reserves of the monthly payment amount, which will need to be transferred to the U.S. account, along with the funds needed for closing, at least two weeks prior to closing. The six-months’ reserves do not need to remain in the U.S. account following the closing nor are they pledged in any way. The underwriter simply wants to confirm that you have the financial strength to show the six-months’ payments plus the amount needed to cover closing costs in the United States at the time of closing.
  • Copy of a blank, voided check from your U.S. account
  • Copy of the executed sales contract

For further information email [email protected]