Forum Replies Created
http://www.fanniemae.com/aboutfm/index.jhtml;jsessionid=HQ1CJR1TWYRT5J2FQSHSFGI?p=About+Fannie+Mae
Freddie Mac is basically organized the same way on slightly smaller scale.
In easy to understand terms, both function to purchase loans in bulk off the lenders who write loans to borrowers.
Each has it's own guideline book which lenders follow if they later want to sell that loan off. Most lenders are in business to sell the loans they make not service them. By selling off the loans this gives them more money to write new ones.These loans are considered "conforming" loans because the guidelines and programs are more standardized.
I'm not sure of the financial structure in Australia so I could not comment but know we have some very knowledgable members on this board who may.
Just thought I'd share that one of the main lenders allowing foreign national loans now allows for the title work to be vested in the name of a business entity. There are certain conditions that apply pertaining to the business entity but very minimal.
In addition, there are a couple new lenders who can take on the challenge of doing commercially structured loans. For instance, a block of several properties could be purchased all together under 1 loan (blanket loan). Multi Unit and aparment financing can be considered as well.
What type of investment properties are you looking for?
In the US, anything that is 1 to 4 units is considered residential; 5+ is considered commercial.
Were you looking to buy properties that need to be rehabbed or were you looking for properties already fixed up?
If you need to rehab a property then you’ll most likely need to use uncoventional finacing like hard money lenders. Anything that is in at least average habitable condition should be available for conventional financing.
In the US there are less than a handful of lenders that make loans to foreign nationals. So be sure who you are speaking with is very familiar with these types of loans.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Thanks Luke for sharing your thoughts.
I’d just like to point out that our 2nd international deal is closing this week. Other than issues related to the property, there were no hold ups. Three more in procssing which are going well and should close by month’s end The lender has been working very easily with us and we have pretty much nailed down the process.
Here are some of my notes for things that are sure to turn up at some point while you are working with a broker here in the US. Please make sure that whoever the financing source is careful to review these points. Feel free to copy them off for them. Anyone who needs a 2nd opinion on what they’ve been told can feel free to contact me at no charge. Hopefully we wont hear about anymore hassles created by other brokers here in the US. Quite frankly, these loans are no more of a challenge getting approved than any other loan. Communication and organazation are a must between any referring source and the contacts they use here.
Social Security and Credit
No SS# or US credit needs to be established. However, if a ss# has been issued, the credit will need to be pulled. Most the time lenders will require 3 reference letters from Australian banks. The letter must show the client has an open account in which they have been extended credit with no late payments over the past 24 months. Some lenders may require less, but this can be addressed once I the loan is being worked up. We have been advised that this can be challenging as many banks there may not be willing to produce a letter becase of laws there. So far, everyone has been able to work with their banks there though.
Seasoning of Loans
Cash Out Refinances
If you already have an existing loan that needs to be refinanced, and you want any cash out over what the loan is, would be considered cash out.
If there is no loan on the property becasue you paid all cash or used a line of credit from another proeprty, then any type of loan you do would be considered cash out.Generally clients will need to be on title for 12 months in order to pull cash out of the property and use the real appraised value. I do have 1 lender that will allow cash out using the new value after 6 months. I have others that allow for cash out immediately using the purchase price + documented cost of improvements as the value.
This is a really interesting option! If a client paid all cash for a property, that client can do a refinance within 90 days of closing to get just his cash back and the loan will be treated as a rate/term (below). The value of the appraisal will be used to calculate the lvr (ltv). The client will have to show that all of the funds for purchasing the property came from his assets (checking, liquidated stock, line of credit…etc).
No Cash Out Refinance(Rate/Term)
This is done when there is an existing loan on the property that needs to be paid off. No additional cash other than paying for the costs can be given out. The new value of the property can be used immediately if no cash is being taken out.One additional important tip for those clients with current hard money loans. Properties listed for sale by the client in the last 6 months will typically not be eligible for CASH OUT refinances. The guidelines however do specify that exceptions can be made by the lender on these. Rate and Term (just paying off the existing loan) should be ok but the property has to be taken off the MLS and no longer listed. Lenders will require a solid explanation of why it was taken off the market.
Purchases
As a rule of thumb, most lenders will require the seller to be on title for at least 3 months. Some even require 6. It would always be advised to know the past history of the property as the lender will be watching for multiple flips. Clients can not be purchasing the property via an assignable contract.US Bank Accounts
Many lenders will require that the client has a US bank account open. Especially, if funds are needed for closing. It would be advised that the client consider contacting a US bank to open an account in case this is ever required. A list of flexible banks has been provided by me on this site already. https://www.propertyinvesting.com/forum/topic/25245/2.html?sortfield=&sortorder=
Appraisal, Title, and Survey
We allow clients to choose the vendors they or their representatives have developed a relationship. The vendors are ran through a list to make sure not black listed. Both the appraisal and survey must be paid for upfront by the client. This is something that the client or their representative will need to make arrangements for. The costs from the title company can vary from state to state and are based upon the relationship a client has with that vendor. We asks for your help in getting all figures upfront, including but not limited to settlement fee, attorney fee, doc prep, wire, overnight, title insurance, etc. Knowing these immediately will help in structuring a client’s loan properly.
*If the title company is referred to us please remember that we are not in control of how flexible their services are in working with deals accross seas. Please make sure you ask them if they can email the documents to you. They will also need to be responisble for walking you through the package on what needs to be signed and notarized. This is not normally a service provided by US mortgage brokers.
Heating sources. We have found that some lenders will not finance a property that has no heating source. Space heaters are not acceptable. Window units that are not permanently framed in and hardwired are not acceptable either. We have discussed with the lenders in detail what is acceptable
Closing
As mentioned previously, any funds required to close the loan may require that funds come from a US bank account. Some lenders or programs will not allow for a power of attorney to be used. In these situations, the loan docs will be sent via the title company to the client. The client will need to have the package singed and notarized at the US Embassy or Consulate’s office and it will not fund until received back at the title company. *Some lenders will allow you to use other notary sources beside the embassy. Here is link in reference to the Hague Convention.
http://en.wikipedia.org/wiki/Hague_Convention_Abolishing_the_Requirement_for_Legalisation_for_Foreign*Please remember that it takes about 3 days to overnight documents back to the US.
MISC
There are about 5 lenders that work flexibly with international borrowers. Each has a different set of underwriting guidelines so there are some very specific questions that need to be addressed before anyone can give you a good idea of options. LVR ranges can be up to 90% but most commonly we se clients choosing options at 80% because of the higher costs associated with the increase risk to the lender at 90%.
One lender available has concerns about an investor concentrating too much in one area using their financing. This would have to be addressed as a portfolio grows.
Minimum Loan amounts are going be $75,000. In some cases, we can make special exceptions down to ~ $50,000.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
United States
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
This is an update for the Wachovia Bank Info.
In my last reply I indicated that pulling funds out of this account may pose a challenge as they usually need the client physically there to request a wire.
Virginia, the contact there has found out 3 convenient ways that funds can be taken out for closing. You’ll want to verify these too as you’ll definitely need to know how you can get your funds out.
1. The Full (not specific) Power of Attorney you appointed can go to a branch and request a wire
2. The Full (not specific) Power of Attorney you appointed can go to a branch and have a cashier’s (or bank) check issued for the closing.
3. If you don’t have a Power of Attorney then you will need to fax the branch the request to wire funds to the title company.Also, Virginia’s email address is [email protected]
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Actually, collecting any type of funds upfront is illegal when dealing with normal residential financing. The loans we originate as brokers are governed by laws called RESPA. Here is the link. From what I have been advised, even collecting an application fee is wrong. At the most, if it was collected, it should be returned if the broker couldnt produce a loan.
http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
You may have some recourse if your broker took an application and was attempting to secure residential financing.
If he was looking at using a private lender, hard money, or commercial, then these loans are not cover by respa. This is very common here in the US too that an investor will pay a due dillegence fee and not hear back from anyone for quite some time, only to be told the lender said no.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Key US Banks that will allow you to open an account and not have to be in the US. Most of the data should be accurate.
Wachovia
http://www.wachovia.com/corp_inst/page/printer/0,,7_19_1575,00.html
Virginia Prince
800-922-4684 opt#2 ext. 66837
Direct 804-762-6837
She’s there from 10-5 ET
Let her know that you spoke to me, she was very knowledgeableBanking products range from basic to relationship based.
Basic checking requires $50 to open, no minimal amount or fee.
Basic checking requires $300/m minimum or $8 fee.
Various other accounts available.
You would need to call in to request a package that will be sent through regular mail (can request overnight).
There a number of items needed to get approved, hardest thing they see is getting passport validated.
Once all your info is back to them it takes about 7-10 for them to approve and get a welcome package out to you.
Once the welcome package comes back it has all of your account info and you then need to fund the account with the minimum requirement. You can send up an online account immediately once you’ve got your account # and info. Money transfers or bill pay can be done 3 days after you set up the online account. Can only use bill pay for paying business within the US.
Your atm cards are sent out through regular mail about 7-10 days after funding the account.
Money transfers or bill pay can be done 3 days after you set up the online account
Any funds that need to be wired out of your account may pose a problem. For the initial wire they require the client to be at the bank. Future wires do not.Citi Bank
http://www.citigold.citibank.com/citigold/lacggl/english/accounts/services/ipb.htm
IPB – international personal banking
Offices in San Francisco, Miami, NY
San F. # 415-627-6161$25,000 minimum to open
$50/m if it goes under
Borrower speaks to a banker and sends requested needs list.
7-10 processing time once everything is in.
Welcome package sent overnight once approved.
Client must call to activate card, once this is done they can immediately set up online user account.
Must wait 14 days until they can transfer funds online.
In the meantime they can use the CitiFax kit to send a wire by fax, this gets sent to the Tampa IPB center.
Can deposit funds into account by wire or check order.Wells Fargo
https://www.wellsfargo.com/inatl/consumer_services/apply
1-877-314-2748 phone
1-415-975-6562 fax
[email protected]
7:00 a.m. to 5:00 p.m., Pacific TimeMinimum to open $100.
Min balance $1,000 or $8 monthly fee.
Most fill out online app…cant do over phone.
Once completed and all requested info over the approval should be done in 7 days.
Welcome package is sent regular mail.
The atm card takes 2-3 weeks.
Online account can’t be open till the card and pin come.
No transfers of funds available online.
Must be done through Funds Transfer Agreement Form which can be sent to you by fax/email.
Original Form must be mailed back to bank.
Once they have the form you can then fax monthly wire requests to transfer money.HSBC
http://www.us.hsbc.com/1/2/3/international-services
(800) 975-4722Didn’t get real specific with them because like previously advised, they will not set up online banking for 6 months after the account is established.
You would need to go into a local branch or call the 800#. Once all the documentation is supplied to them it takes about 2 weeks to establish the account.Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Yes,
Will be ok for the lenders here in the US.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Hi Richard,
HSBC was the only one I had spoken with up to this point. With their lag in internet service I’d like to find other alternatives.
Will make an update here next week after making some calls.
Enjoy your day.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
I’ll make some calls next week to other banks that may have a presence in both the US and Australia.
We should be able to find one which is acceptable to the mortgage lenders here in the US and that can move quickly for clients wheter they’re still at home or visiting here.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
A landtrust is used by many investors as away to conceal the change in ownership. As Luke mentioned, anytime a property transfers title, the lender may trigger the “due on sales” clause. Calling the note due immediately may put the new owner in tight bind. This is not an illegal process, rather what some call a loophole.
Your probably familiar with the fact that many of the wholesale lenders that we use as mortgage brokers will not allow title to a property to be vested in the name of a LLC, only to idividuals. Many investors will take the chace that the if they later “quit claim” the property from their own name over to the LLC that the lender wont find out. Since the quit claim is a recorded document into the county of record, this could trigger the due on sales clause just as the other scenario.
Lenders will allow the title of the property to be vested in the name of a Land Trust (not for new purchases, only for existing loans). The lender must review the documents and see that the beneficiary of the Trust is the actual owner (shown as an idividual). Once the lender has reviewed these documents, the investor will later have the beneficiary assigned over to another entity, usually a LLC for asset protection purposes. This change in beneficiars in an unrecorded documents, meaning that there is virtually no way that the lender would see that a change had even been made.
The example above was how investors move title on their own properties using a land trust. What Chad is speaking about is very similar. Only instead this is a purchase in which a land trust is created for the current owner (seller). Remember, in order for it to be ok by his lender, the beneficiary first has to be set up as the individual owner’s (seller) name. Once ok’d be the lender the beneficiary can be reassigned to the new owner (buyer).
It’s the same process as sub2s only your putting the property in a land trust instead of just titling the property directly over. The transfer of ownership happens within the trust and is unseen.
Couple links.
Bill Gatten is said to have perfected the PacTrust. There’s also a discussion board on this site.
http://site.landtrust.net/aboutus.htmlJohn Reed thinks it to good to be true.
http://www.johntreed.com/Gattentrust.htmlYou’ll find that there’s case to be made on either side. Many for it and many against it.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Try HSBC. They have branches in Australia too.
http://www.us.hsbc.com/1/2/3/international-services. This link should help and you can call 800-978-4722 for assistance
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investmnet.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
My Skype address is Ben.Carmona-US.Investmnet.Loans
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investmnet.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Hello Worldchanger,
I’d love to share my services with you. If you have projects that need financing of low loan amounts, then I’d suggest you contact me privately by email, Skype, or cell phone.
There is a lender available for me to do loans under $50,000. Maximum LVR is 80%, refinance or purchase, 1-4 units ok.
There are several people on this board that can confirm my commitment into helping Aussie investors achieve their investment goals.
Look forward to hearing from you.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Hello Gentlemen,
One thing to be aware of is that US lenders which offer Foreign National loans programs may be looking at more than just your fico score. You see, typically these are done as a portofolio products and require a manual reviews by the lender. Manual reviews are how underwriters use to approve loans before computer programs were made to automate the whole process. In a manual review, the underwriter may also be looking at the number of tradelines opened and the length of the accounts.
Theres 2 ways they can look at this.
1. If a foreign national does not have a fico score then the lenders will usually allow some type of bank reference letters.
2. On the other hand, if you have been able to establish some US credit producing a score, that may not be enough. Once a score has been generated, the lender doing a manual review may now ask that at least 3 accounts have a 12 month history and also must have been active in the last 2 month period. Your option of producing bank letters may no longer be available. It should be noted here too that if the score is less than 620 the lender will usually deny the file. 620 is the bottom of what most portfolio programs through the lenders will allow.
Even here in the US, these portfolio programs with manual reviews can be changelling. US clients with 700 scores (which is around the top) may not be able to qualify for some programs. It is very common when you hear that they were misinformed by someone else to close out accounts no longer being used. That is incorrect and will only lower a credit score.
I thought this would be a good opportunity again to help establish the fact that 90% LVR is available here in the US. This has been discussed in several of the past threads dealing with finance from US lenders. Please feel free to search through the existing messages or contact me directly.
Luke,
There are lenders that can do your 80% LVR for loan amounts under $50,000.
Richard is correct when he states that lenders wills till classify you as a foreign national, even with a fico score. What the fico score will do for you though is improve the rates available on your loan. Rates are usually determined by the fico tier that you fall under.
620-669
661-679
680-719
720+As mentioned earlier, 620 is the bottom of what is usually acceptable. If you are using a no credit report program, the lender will use a 620 credit score for determing the rate.
The difference between 620-720 could be anywhere from .75% -1.25% higher in your rate. (depending upon the loan amount).
Rates are not that high either on these deals. A good range to plan on is 7% – 9% on 30 years.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Berry,
There are several options possibly available for you in the state of FL. These would include 90% and also a true No Doc. No Doc means that no employment, income, or assets are put on the application. Most lenders here in the US will require that your business has been operating for at least 2 years if you are going to use that as a source of income.
If a mortgage broker is in another state that shouldn’t affect your finacing. As long as they (or their company) is licensed in that state you should be ok.
Feel free to contact me. I specialize in investment loans here in the US. There are a couple other posts on this forum that you can go back and read through that address US loans.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Luke,
Thank you for your interest. After I had been contacted by several investors from Australia, I realized how strong the need was in your country for additional financing options. Not only that, but also having a contact here the US that understands the financing of investment properties. Building strong relationship of those you can depend upon is key in this business.
I have been in the mortgage industry for about 8 years, 5 of these as a consultant for those needing mortgage loans. Over the last couple years my focus has strictly been on investment loans. There are always new programs or enhanced changes to guidelines with the lenders in the US. Staying aware of these and spending time looking for new sources of funds is imperative in staying a head of the pack.
This program was revealed to me just several months back after originally being contacted by a foreign national who needed financing. Unfortunately the property itself didn’t meet the requirements. I took it upon myself to contact the sales rep, manager, and underwriter for the lender so they could answer specific questions. In doing this, I have been made keenly aware of the parameters and guidelines.
I knew right away after hearing from the first Australian investor that this program would match up terrifically.
There are several factors that go in to deterring rates on these conventional mortgages. The investors goal on how long they will hold, term of loan, documentation type, loan size, and property type are just a couple examples. Frankly, I find it unprofessional when quotes are just tossed around open forums such as this. People can read too much into one number and think they will ultimately get that same great rate. When in fact, every lending scenario is unique. What I prefer is to have a consultation with clients to address their goal for the property along with qualification criteria.
In terms of the private financing for the short term rehab loans, that has not been fully worked out for foreign nationals yet. That was a conversation that I had with a private lender that I do business with here in the US. Private (hard money) funds has become a great source here in the US for rehabbers that either do not have the money to purchase and fix up or the credit to qualify for conventional loans. Here in the US, most lenders will only fund a property based upon the current condition. If the appraisal reflects it is below average habitable living conditions they will not make a loan it. Some of those same lenders offer rehab loans but you need 10% down. Financing for foreign nationals is not available on those either. Most local banks in a neighbor also want 15-25% down on rehabs until you build a relationship with them. So for most that only leaves hard money lenders that look more at the deal than credit, income, or assets. They base the loan on the after repaired value which most of the times is enough to get 100% of the funds for the project. I refer many people to this lender and they have closed about 95% of the referrals. So I asked them if they would consider foreign nationals and they said it may be possible. Each transaction is independent from the other. Terms on this loan for the US clients are for the most part set and there are no factors. Rate is usually 14%, they have 5-6 points (1 pt = 1%), ~$1,750 in normal loan fees (title, inspections, draws, processing…etc). I couldn’t say what it may be for a foreign national loan. This can be addressed as we move forward in having them look at deals that may need this type of financing.
Feel free to send me your email if you would like to discuss financing scenarios for the conventional 90% loan.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
That’s a great opportunity you have for your clients that need or want 100% financing. I’m sure you’ve worked hard to build that relationship. Is this the loan that is only available in San Antonio and Buffalo? How about documentation – can they do that with no credit score, no employment, no income, and no assets?
Thank you for clarifying the minimum for those who are targeting lower valued properties. Actually the minimum purchase price would be $100,000. If the majority of the investors on this board are purchasing for under $100,000 then it makes sense to add this in here. Who know’s, now that 90% is availble, maybe the median purchase prices will increase.
Rates on 2nd mortgages are of course higher; as with any loan the risk to the lender will dictate rates. A high ltv (lvr) loan scenario and 2nd mortgage would be considered higher risks.
As you can imagine there are many caviats within loan requirements no matter who the lender is. For simplicity it would be best for those who are interested to contact me directly for additional details.
I should have mentioned also that I do have a private lender who said they would consider doing 100% rehab loans for foreign nationals. The loans are based upon the after repaired value. Normally they will loan up to 70%. This loan can cover the cost, payments, fix up money, and purchase. So 100% of everything if it fits within the 70% (arv -after repaired value). These are short term loans, 6 months, and the terms are generally higher based upon the risk and loan type. $50k is the minimum loan amount. For those that are interested, I can discuss through email. These can also be done on properties that dont need to be rehabbed but are just available for purchase well below market value. Since these are short term loans, I do have several lenders that will do refinances immediately based upon the new value.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Thank you for clarifying that for those who are targeting lower valued properties. Actually the minimum purchase price would be $100,000. If the majority of the investors on this board are purchasing for under $100,000 then it makes sense to add this in here. Who know’s, now that 90% is availble, maybe the median purchase prices will increase.
Rates on 2nd mortgages are of course higher; as with any loan the risk to the lender will dictate rates. A high ltv (lvr) loan scenario and 2nd mortgage would be considered higher risks.
As you can imagine there are many caviats within loan requirements no matter who the lender is. For simplicity it would be best for those who are interested to contact me directly for additional details.
I should have mentioned also that I do have a private lender who said they would consider doing 100% rehab loans for foreign nationals. The loans are based upon the after repaired value. Normally they will loan up to 70%. This loan can cover the cost, payments, fix up money, and purchase. So 100% of everything if it fits within the 70% (arv -after repaired value). These are short term loans, 6 months, and the terms are generally higher based upon the risk and loan type. $50k is the minimum loan amount. For those that are interested, I can discuss through email. These can also be done on properties that dont need to be rehabbed but are just available for purchase well below market value. Since these are short term loans, I do have several lenders that will do refinances immediately based upon the new value.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Ok,
Now I’ll speak for myself and attempt not to care of how seemingly rude Richard’s last reply was. (That’s ok Richard, I’ll forgive you but wont be able to help get that shoe out of your mouth.)
Simple fact is that 90% is available to Australian investors looking to purchase in the US. Just because someone has never presented this option does not meen it does not exist.
New programs and changing guidelines are a constant in the mortgage world. Here in the US, the big market is 100% financing and cash out immediately after purchases. You wouldn’t believe how many brokers tell their clients it can’t be done.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
