Florida is a HOT market for Foreign National's to purchase both Second Homes and Investment Properties. This is a great time and a great market for their purchases. With the weak dollar and the strong Euro and British Sterling, European investment in Florida is at an all time high!
A Foreign National Loan is a very simple process if you have your documentation in place. Here is a great checklist to use when you want to get the ball rolling on that process.
Documents needed for a Foreign National Loan Program:
1) Three Personal Reference Letters from Country of Origin. Letter must be from a lending institution and include the following:
- Credit was extended to the Borrower
- Borrower is in Good Standing
- High Balance
- Current Balance
- Payment Amount
- Payment History
2) Two Months' Bank Statements from a US Based Bank.
3) Employment Verification Must Include the Following:
- Must be on company letterhead from Country of Origin.
- Must state Income for for prior 2 years and current income.
- Length of Employment
- Position of Borrower
- Type of Business
For Self Employed Borrowers, please include:
- Percentage of Ownership in company
- Address of business for the past 2 years.
4) Copy of Visa (if applicable)
5) Copy of Passport
All letters must be translated into English by a certified translator.
For more information about Foreign National Loans, please check the following links:
- Florida Mortgage | Foreign National Homebuyers - Visa Waiver Program
- Florida Mortgage | Foreign National Homebuyers - "Dollar weakens on Subprime Woes" is good news for you!
- Florida Mortgage Loans | Foreign National Homebuyers: Seasoning Funds in US Banks
- Florida Mortgage | Foreign National Homebuyers: Europe has come calling!
David A. Podgursky, MBA
The Mortgage Go To Guy
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida