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Foreign National Buys Property in Miami - A Success Story

Another success story about a person from Peru who came to the United States, took a good job and purchased (3) homes.

Here’s how this success story happened:

A fine lady comes to Miami to help her Peruvian company in some business dealings.  When she first arrives she stays in some “executive” apartment rentals and goes about doing what her company sent her to do.

While “visiting” she decides to invest in a couple of cheaper properties and gets (2) rentals for about $85,000 each (this was like 7 years ago).

The “executive” apartment rental company where’s she stays get bought out by the company who sent her here and now they need her to come here on a more permanent basis.

She’s now saved up about $60,000 and decides to put it down on a property in Pembrooke Pines that sells for about $440,000.

Chase Mortgage gave her a mortgage in the past, and even though she made every payment on time, Chase somehow neglects to post any of her mortgage history to her credit profile. 

After many telephone calls and repeated requests from my office, Chase mortgage finally realizes that it’s in everyones best interest to post this fine lady’s two previous mortgage accounts to her credit profile.

The new home is purchased for $440,000, the seller agrees to pay $10,000 toward closing costs, and suddenly we have an appraisal for this property at $450,000.

Long story short is:  Lady visits USA, lady does excellent work, lady saves her money, lady purchases a home which she is delighted with.

Life is beautiful, shop around see what’s out there…work hard, and own a fine home.

Citizen, foreign national, non-resident alien, internationl investor, what’s the difference…real estate/homes are true collateral.  The risk for the lender is minimal because homes are not moved from one location to the next, they are permanent structures. In most cases the loan is made primarily to the collateral with the borrower promising to make good on the “houses loan”.

If you have been around a couple years, and you’ve got an income, it is not top priority for the bank to know by what means you earn your income. You do not have to be a United States citizen.  If you meet your obligations and have a verifiable asset, you can buy the property you want and deserve!  In some cases the “asset” requirement is less than $4,500

A Non U.S. citizen can easily buy homes in Florida.

By Jim Jump To Comments
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  1. Chanse Banking

1 Responses to "Foreign National Buys Property in Miami - A Success Story"

    Toronto says:

    Many mortgages today are being resold in the secondary markets. The Federal National Mortgage Association (Fannie Mae) is a government-sponsored organization that purchases mortgages from lenders and sells them to investors. Mortgages that conform to Fannie Mae’s standards may carry lower interest rates or smaller down payments. To qualify, the mortgage borrower needs to meet two ratio requirements that are industry standards.The housing expense ratio compares basic monthly housing costs to the buyer’s gross (before taxes and other deductions) monthly income. Basic costs include monthly mortgage, insurance, and property taxes. Income includes any steady cash flow, including salary, self-employment income, pensions, child support, or alimony payments. For a conventional loan, your monthly housing cost should not exceed 28% of your monthly gross income.The total obligations to income ratio is the percentage of all income required to service your total monthly payments. Monthly payments on student loans, installment loans, and credit card balances older than 10 months are added to basic housing costs and then divided by gross income. Your total monthly debt payments, including basic housing costs, should not exceed 36%.

    Many home buyers choose to arrange financing before shopping for a home and most lenders will “prequalify” you for a certain amount. Prequalification helps you focus on homes you can afford. It also makes you a more attractive buyer and can help you negotiate a lower purchase price. Nothing is more disheartening for buyers or sellers than a deal that falls through due to a lack of financing.In addition to qualifying for a mortgage, you will probably need a down payment. The 28% to 36% debt ratios assume a 10% down payment. In practice, down payment requirements vary from more than 20% to as low as 0% for some Veterans Administration (VA) loans. Down payments greater than 20% generally buy a better rate. Lowering the down payment increases leverage (the opportunity to make a profit using borrowed money) but also increases monthly payments.

    Reply

    Posted on 01/17 at 1:01 AM

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