- Interest rate starts from 5%
- Minimum loan amount is $100,000 (if less, only private mortgage then)
- Minimum property value considered – $150,000 (if less, only private mortgage then)
- Certain county in Florida is not eligible
- The process takes from 30 to 60 days
- The mortgage is for 30 years. It is fixed for initial 3 or 5 years then adjusts annually; and is based on the LIBOR index.
- Down payment: Single Family Home at least 30% for a Condo or Condo-Hotel at least 35%
- Property can be purchased either in a personal name or Corporate name (USA corporation only)
- Borrower must have bank account in USA, with funds prior to closing:
- Down payment
- Closing cost
- Reserves from 12 to 24 months payment (Includes: mortgage, home owners association, insurance and taxes). These funds stay at your account and are available to use at your discretion after closing.
Documents Generally Required to Obtain a Loan
Bill or any legal document from home country, which contains Borrower’s Name and Address.
Bank letter from home country. Account should be opened no less than 2 years.
If borrower is a Self-Employed Business Owner, a Letter From an independent Accounting or Auditing Firm is required.
If the Borrower is an employee, we will need a letter from their employer.