International home buyers have always chosen the United States as a place to vacation and a lot of them have found they prefer buying their own vacation home, as opposed to, returning to hotel rooms each year.
When a foreign buyer sets their sights on a house in United States, they often pay in cash, not because it is absolutely necessary or complies with any sort of regulation, but because it is quicker and easier for the buyer. However, with more and more financial options and favorable terms, international buyers feel that it a viable option to consider a US mortgage for their purchase.
Buying vacation property in a different country, you will find that there are some options not available to you, but mortgage is not one of them. Your realtor or attorney representing you will let you know everything about using this option.
What You Need
Now you might not have picked out the one and only home that you want to buy. You might still be in the process of browsing around the communities in Central Florida. Here is everything that you will need for yourself.
A foreign buyer will need at 25-35 percent of the price to settle the down payment. The borrower will be asked to show documentation that portrays their income, reference letters, identification, and bank statements.
When you are buying a vacation property, let’s assume you are not around Florida that often, you should know how important it is to the lending institutions here to know you, their borrower. If you are subjected to detail reviews, then do not treat this as something unnecessary or a hassle.
It is mandatory that you go through everything thoroughly. The lender will have to assess the income and asset documentation for each person who is going to be named on the mortgage. The application process is meant to prove the transparency of the borrowers, understand where their income comes from and how their property moves around. Depending on what country you live in, a visa may be required as well.
The Right People To Work With
You should start by looking for professionals specifically trained to get everything in order. When you come to JC Penny Realty, you will receive quality service and be treated with the respect that you deserve. Our team of Gold Key Certified Realtors have specialized training to guide you through a home buying experience.
It is extremely crucial that you assemble a good team of professionals to walk you through the whole vacation home buying experience in a foreign country. This should be your first move, as these agents are the best and specialize in this field.
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