List of Countries presently doing business:
Anguilla, Honduras, Antigua, Ireland, Argentine, Israel. Aruba, Italy, Austria, Jamaica, Bahamas Islands
, Denmark, Spain, Dominica, St Vincent and The Grenadines, Guatemala, Venezuela
Luxembourg, Barbados, Martinique, Barbuda, Mexico, Belgium, Montserrat, Belize, Netherlands
Bolivia, Netherlands Antilles, Brazil, Nicaragua, British Virgin Islands, Norway, Canada, Guyana
Dominican Republic, St. Kitts and Nevis, Ecuador, St. Lucia, Greece, Uruguay, Guadeloupe
Panama, Cayman Islands, Paraguay, Chile, Peru, Colombia, Portugal, Costa Rica, Grenada
Switzerland. French Guiana, Trinidad & Tobago, United Kingdom,
El Salvador, Suriname, Finland, Sweden, France, Germany
Don't see your Foreign National country listed? Give us a call at 954-636-3783
**Foreign National Mortgages Are Our Speciality**
Foreign National Mortgages are Super Easy to qualify for. If you're a Foreign National that is looking to purchase a second home or investment property in the United States, we're your Foreign National Mortgage company. We specialize in Foreign National Mortgages so we know how to get your Foreign National Mortgage closed right the first time. Don't waste your time with a mortgage company or mortgage broker that doesn't specialize in Foreign National Mortgages. If your foreign national mortgage loan is submitted to a mortgage lender or bank incorrectly, it will be denied. There are only a handful of banks doing foreign national mortgages, so make sure that you submit your application to 1st Financial Mortgage, Inc so that your loan is structured properly the first time around. Looking to pick up properties in the United States dirt cheap? If so, you are more than likely going to need a foreign national mortgage to help you purchase those US properties. It is fairly easy for a foreign national to get approved for a foreign national mortgage in the US. Most mortgage lenders will usually only go up to a loan to value of 65% on foreign national mortgages, so you will have to put a large down payment on the property. That means if the home is selling for $200,000, you would need a $70,000 down payment. Some lenders will go up to 75% LTV in Florida. If you're a foreign national with US credit and verifiable work income in the US the loan to value could be higher because you may be able to qualify for a Fannie Mae conventional mortgage although most foreign nationals use the stated income program at 65% LTV. A stated income foreign national mortgage means that they will not verify your income or your assets if this is the only property that you own in the US.
Of course, interest rates are going to be a little higher on a foreign national mortgage than a Fannie Mae mortgage because it is a riskier loan for the lender to make. Think about it, you reside in a different country. Most mortgage lenders are offering 30 yr fixed rates and 3 & 5 yr adjustable rate mortgages. The adjustable rate mortgages are good if you think that you will not be holding onto the property that long.
If you are a foreign national and you purchase a home for cash in the US, you will have to wait at least a year to refinance and take out any equity that you may have. That is why foreign nationals are better off purchasing the homes with a foreign national mortgage instead of paying cash. I receive calls daily from foreign nationals that paid cash for a US property a couple of months ago and now want to take that cash back out. I have to say, sorry, we can’t do it, you’ll have to wait a year from the date that you purchased the US property to pull out any cash.
It will take about 2 to 3 weeks to close on your foreign national mortgage once you submit your information to a mortgage broker so be sure and fax your signed sales contract to us at 954-838-8456 as soon as you get it otherwise you could delay the closing.