Mortgages For Foreign Nationals
hi,
Before i start i want to say this is a great site with lots of info.Well my problem is am a british national visiting the states and would like to buy a property in new www.york.I would be very grateful if someone can advice on the options available to www.me.I can come up with 10% downpayment.
A foreign National with a new social security card would be eligible for a 70% of the purchase price
Lori
[addsig]
Some Brits are able to get better loans then 70% LTV in specific developments. This is mostly in FL where there are a lot of holiday lets (UK term for short term rental areas where you rent on a weekly basis). The lenders are specifically targeting the British buyers in FL. No comment on if such purchases make sense economically.
Otherwise Lori's advice is 'spot on'. I know this is not what the Sunday Times classifieds imply but the reality is as she describes.
You can get loans without a social security number with enough of a down payment.
What many UK investors end up doing in many transactions is to borrow out equity in the UK and then make a large down payment in the US.
I live 2/3 of my time in Britain and invest there as well as the US. Hence if there other questions I likely will know your options.
John
[addsig]
Quote:
On 2004-06-28 12:03, active_re_investor wrote:
Some Brits are able to get better loans then 70% LTV in specific developments. This is mostly in FL where there are a lot of holiday lets (UK term for short term rental areas where you rent on a weekly basis). The lenders are specifically targeting the British buyers in FL. No comment on if such purchases make sense economically.
Otherwise Lori's advice is 'spot on'. I know this is not what the Sunday Times classifieds imply but the reality is as she describes.
You can get loans without a social security number with enough of a down payment.
What many UK investors end up doing in many transactions is to borrow out equity in the UK and then make a large down payment in the US.
I live 2/3 of my time in Britain and invest there as well as the US. Hence if there other questions I likely will know your options.
John
thanks for the www.advice.looking to buy a two family home in new york with 30% www.down.Not sure about Florida holiday lets.have you heard of sunshineinvest?its a mortgage company ready to do a deal with 30% down.www.sunshineinest.com
GAB,
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