Miami-Home-Loans: Foreign-National Update

Miami-Home-Loan Flags-of-the-World

Miami-Home-Loan Flags-of-the-World

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, loan officer, 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)

Documents Needed:

  • 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













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