Foreign National Mortgage Florida

70% Financing !

Employed within the mortgage industry for over 18 years in Florida, I have seen the foreign national mortgage program come and go. It goes without saying that Florida is a popular place for this program because of our proximity to Central and South America and also because we are such a great vacation spot for Europeans and everybody else in the World!

Tourists or friends of family of us Floridians who live here pay us a visit and never want to leave. That's what happened to me and I have been here 20 years since then.

Another factor that has come into play is the exchange rate for the US dollar. The US dollar has devalued quite a bit as we continue the monetary policy of expanding the money supply to bail out businesses and provide stimulus for the economy. A realtor friend of mine recently pointed out a good story that when he went on a cruise with 3000 people about 300 of them were Americans and the rest were tourists from other places enjoying a wonderful exchange rate. Here is sort of an outdated graph but it shows my point.

Foreign national purchasing power

Interest rates for my Foreign National Mortgage Loan Program will run from 5% to 5.75% depending on points paid by the customer.

(5% would be two points paid, 5.75% would be no points paid by the customer. )

(Interest rates subject to change without notice)

Loan amounts available from $100,000 to $1,000,000

Here are some parameters of the foreign national program that I have at this time:

The program applies to Primary Residences, Second Homes and Investment Properties
The loan is a five year fixed with a 30 year term. e.g 5/1 ARM
70% Financing for Purchases and Rate/Term Refinances 50% Cash out
Single Family Residences, Townhomes and Condos (That are established)
A two year pre-payment penalty for primary residences, 3 year pre-payment penalty for second homes and investment properties. (Unless points are paid by customer)
No adjustments to pricing for investment properties
Up to 6% seller paid closing costs

Underwriting for these loans is very straight forward:

There is alternate documentation available for foreign nationals. E.G. An accountants letter with year to date income and two years prior income stated on the letter

Minimum credit score for domestic borrowers is 680 with full two year tax returns required

No escrow waivers allowed

All customers must establish an ACH payment (automatic payment) account from a US Bank. The debit form for this must be signed prior to closing. This is how they will pay their mortgage each and every month

The borrower can avoid the pre-payment penalty if they pay points vs having lending paid rebate. (E.G. Taking the low rate of 5% and paying two points will avoid the pre-payment penalty. If the borrower chooses to take a higher rate with less points and more rebate , the loan will have a 3% pre-payment penalty the first year, 2% the second year and a 1% pre-pay the third year.)

The borrowers liquid assets must be comensurate with the financial statements and positions submitted. (This is sometimes referred to as common sense underwriting.)