90% LTV, 5/1, Need 680 score
No Mortgage Insurance
3.50% 5 yr fixed, 3.689% APR
Cash-out 65% LTV 2nd home
Foreign Nationals, $100,000 min.
Purchase, Refinance, Cash-back
FHA 30 yr fixed Need 560 score
VA/USDA 580 score 100% LTV
Investors 20 Financed Properties
   

Judy Hamblen, NMLS #370943, FL LO #7421

Sentrix Financial Services, NMLS #184149

Mortgage Broker

429 Lenox Avenue, #5W18, Miami Beach, FL 33139

1755 W Hibiscus Blvd,#201,  Melbourne, FL 32901

 


954-288-2700 cell 

 

 

 
 

Historically, the mortgage definition of a foreign national is understood to be an overseas buyer of U.S. vacation homes and U.S. rental properties.For this borrower, 2016 may well be the best year since 2008.

Sure, some mortgage approvals are harder to secure, down payments have increased, and documentation requirements are stricter. But with more thorough underwriting comes the foundation of a safer housing market, and owners who can and will pay the monthly mortgage. This protects the neighborhood from the actions of an unfortunate few. Property values, then, continue to rise at a reasonable pace, albeit self-sustaining increases. No crazy highs and plunging lows.

And lower interest rates do make home prices more affordable. 30 year fixed rates are still at generational lows. Foreign nationals do pay a risk premium in interest rates, a point or two above U.S. borrowers. Still, current fixed rates are now 2.25% lower than their 20 year moving average, going back to January 1996. With each 1% drop in interest rates, a homebuyer qualifies for about 10% to 12% more home value for the same monthly mortgage payment.

What’s new in mortgage lending for foreign nationals?

  • Some LTVs, once at 50% and 60%, are back at 70% and in some cases, at 75% LTV.
  • Work visa holders are eligible for up to 97% financing though 80% to 90% LTV is more common.
  • Financing L-1 series; H-1B series; E-1, E-2, E-3; G-1 through G-4; O-1, P-1, R-1, TN-NAFTA; and J-1 and J-2. Some visas up to 97% LTV, others at 80% to 90% LTV; J series currently 75% LTV.
  • Foreign Nationals can buy in an LLC.
  • Foreign nationals can buy 2-4 units, such as duplexes, triplexes, 4-plexes.
  • Under certain guidelines and in most areas of Florida, foreign nationals can take title in a trust, limited partnership, offshore or shell corporation, in addition to the more common LLC.
  • Foreign Nationals may finance apartment buildings at 70% in certain counties, and at 60% to 65% LTV in other areas.
  • Foreign Nationals may finance hotels/motels, student housing, shopping centers, office buildings, and other commercial real estate properties.
  • New and various ways to qualify on rental property mortgages including cash-flow mortgages, asset depletion and monetization (using the income stream on assets and bank balances).
  • Some foreign nationals are eligible for 10-20 properties, depending on if how they qualify.
  • New programs are based on cash-flow of rental properties, not the tax returns from overseas.
  • Minimum loan amounts now at $75,000 and $100,000.
  • Financing for E-2 visa holders. Financing J-1 and J-2 visa holders, still more difficult but doable.
  • Generally, every foreign national has 2 or 3 different loan programs to qualify for, no matter where they buy or what they buy.
  • We will provide a side by side comparison of down payments, LTVs, documentation requirements, minimum loan amounts, and a range of rates, to help the borrower decide.
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