How to get a loan for NON-US Citizens

 loan for NON-US Citizens

Hi guys. Do you live outside of USA?

Are you planning to purchase real estate in Miami and also to get a mortgage loan?
Here,

Today we're going to COVID all your questions you might have.
My name is Cathy Malina and I'm your local real estate advisor in Miami.
And today my guest is Jose about the amazing loan officer.
Hi Joseph. Please could you tell us what are
requirements for the foreigner to get a mortgage loan in America?
The process is really easy for foreign investors.
The basic information that we need will be a passport and a visa.
That's important. We need to have a visa for America.

We need bank statements.

Could be bank statements from banks in the United States or in their country.
If we use bank outside, we need a bank letter.
That's easy with just the bank signing their currency.
That money is there.
And if you are an employer,
we need information about your employer, your bank debt, pay stops.
We need a bank letter.
And if your employee, we need your pay stops.
And a curriculum.

We need a curriculum to see everything.
Also, as I know,
because I work with different buyers from different countries
That's correct.
There are some countries right now in the situation that is hard to find.
So there are different countries that are in different lines with United States.
Like Venezuela. Venezuela.
One, if you live in Venezuela
and you work in Venezuela right now, the options are limited.
Well, there's still options,
but you need to leave outside of Venezuela and work outside of Venezuela.
That's one other thing.
You could be Venezuelan but don't work in Venezuela.
Like these countries,
we have Russia, we have Ukraine and couple of countries in.
Africa too, which is not that easy to get along.

It's not easy.
Like these countries that are no, no, like Iran.
Iran is a no no.
Politics have a game here.
Like banks in our state would not give
money to countries that have problems with the government.
But my clients from Russia, they got many loans.
It was no problem.
The only thing was the percentage.

The percentage was a little bit higher than other countries.

For example, the scale is different for each country.
Russia, they give you loans to Russia, but they give you with an extra interest
because banks use like a little bit of risk there more than other countries.
But yeah, there's always a solution.
There is no loan that we cannot get.
So what right now we have on the market for foreigners to choose from.
The most common will be adjustable rate
mortgage from five to seven year fixed and 30 to 15 years.
The difference adjust, that's the most common.
Especially when they buy an investment property.
They can't do that. But we have fixed rates too.
1530 year fixed rate.
But the cheaper option will be adjustable rates.
And what people prefer,
investors prefer adjustable rates because they see it like a business.
So they can have seven years fixed so that they accumulate money,
cash flow in those seven years and then they can sell it or they can make
the adjustment on the mortgage, they can put it on the rent.
So if it goes 2%, normally they put 3% over each year so they can play with it.
Okay, so if I'm buying for myself.
You can go fixed rate if you feel comfortable.
Depends of the customer.
Some customers I recommend let's go
adjustable and then we can change it or you can pay it off.
Just remember, foreign nationals,
they need to put down 30% if it's a single home or 35% if it's a company.
So you already have equity on the property since the beginning.
And also when you're buying and you're putting 30% down, how much money do you
need to have on the bank to show that you're able to pay the mortgage?
Do you have some formula for that?
Well, what we do, after you give me all the requirements that I need,
we put it like in Excel and we see how much money you spend.
Because if you own your property in your

country, that's good, but if you have rent,
we take that calculation too, because this investment property or your
second home is high risk if you have already a mortgage in your country,
because they know you prefer leaving the country.
So the math is simple.
We take how much you make a month,
how much you spend per month, and the rest is going to be for this mortgage.
So the limit, I just need to see your numbers and I tell you how much.
Okay.
Also do the customers need to prove where the money coming from?
Yeah, that's important, that's important,
especially for America and the banks, they don't want to lounge your money.
That's something that their banks looks a lot.
So when we see cash moving from somewhere that we don't know, we will ask.
But like everything that's fixable,
you just tell me where the money coming from and that's it.
So what about the timing?

How long it takes to get the mortgage?
So after we have all this hands and we do this regular process like in America,
give the approval loan and the du so we can have in between like 30 days.
But is it usually longer than regular loan in the US.
Or it's kind of yes, because the timing taking
to the beginning with all your documentation to double check it.
That could take a couple of weeks.
So normally I always had 45 days, but we work with banks that are really
fast and are doing it in record time in less than 30 days.
Thank you so much for watching. It was catchy.
Malina Jose Cabada and of course below this video you can click the link and you
can download here with all requirements to start the loan process.
We will be more than happy to work with you in future.
Have a great day.