Miami Home loan, and Element Funding, direct lending mortgage bank, added another useful program to their offering. The Foreign-National program gives a Foreign-National buyer a way to finance a home purchase in the United States. Jim Carter, mortgage banker, reports on the details.
Property types include single family residences, condos, townhouses, and 2-4 units.
Loan Terms and index features are as follows. These products are our version of hard money loans, but with much, much more attractive terms.
- Rates start at 7.99%.
- Loan type a 7/1 hybrid ARM (based on a CMT-Index – which is a Constant Maturity Treasury margin) with no points and no pre-payment-penalty – this is the only product with these terms
- We have no South American country restrictions for our Foreign National products, and we can close these loans in an individual’s name if the proceeds are for a business use!
Foreign-National loans are generally for 2nd homes. If the property cash flows, we will lend 70%. Borrower just needs to provide a copy their passport and a credit reference letter from a bank in their home country, and the completed application. Here are a few more details:
- LTV 70%
- NOO are easier than second homes
- We lend 70% up to 750k, over 750k reduce LTV by 5%
- Property must cash flow (PITI payment is less than Market Rent Survey)
- Credit reference letter from country of origin
- Income verification, including tax returns, paystubs, W2′s from the country of origin
- 2 forms of picture ID
- Bank statements – -Funds must be in a US bank to close
- All these documents must be translated by a certified translation company.
Below are some contacts for translation**:
- Action Translation Services
So, if you need a Foreign-National Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan, where our Primary Focus is You!
** Any US based certified translation company can be used