Process of Buying a home in Orlando Florida -Specifically for Foreign NationalsAn Flamand | March 30, 2016
Today I would like to talk a little bit more in detail about the process of buying, especially the process of buying for Foreign Nationals.
I so often get asked, ‘What if I, as an international person, would like to purchase a house in Orlando or Central Florida? Can I obtain a mortgage?’. The answer is ‘yes’, you can obtain a mortgage when you are a foreign national. However, you need to meet the specific requirements. You have to know that the process will take 25-45 days – approximately. A mortgage will be around 30 years with the option of a 3 to 10 year fixed interest. The rates adjust every year. The down payment will be 30%, for a regular house, 35% for a condo or condo hotel. It all depends on the type of mortgage, sometimes the requirements may go up to 40%.
The property can be purchased under an individual or under a company name. That is up to you. The borrower must have a US bank account. So if you are looking at properties in the area, be sure you have a US bank account. $50 or $100 is enough, but make sure you open up an account because these things can be challenging from a distance.
The following documents will be required when you apply for a mortgage: You will have to have proof of address. You can give proof of address by supplying a utility bill with your name on it – any bills that come to the address with your name on it will be sufficient. You will need bank letters that will show that the account was opened for at least 2 years or more. The borrower must also show that they have proof of funds to cover the monthly payments of the mortgage. The borrower will have to ask their employer for a letter to prove employment and how long you have been with the company and what your salary is. If you are self-employed, they will require more details about your business – how long you’ve been in business, what your revenue is. It doesn’t go too much in detail, but they would like to know some of the details about your business when you are a business owner.
These are the majority of the items that will be required as a Foreign national to obtain a mortgage. Not too complex and not too complicated to obtain. You will need your down payment in cash, you need to make sure you have that. The other items are documentation that they would like to see for the application.
If you are interested in buying in Orlando Florida or Central Florida, give me a call (407) 800-0888 or email me An@OrlandoVacationRealty.com.