We are often asked by clients who are looking to purchase in Florida to provide details of any mortgage programs that are available – At The Walmsley Team, we are pleased to be able to recommend trusted and experienced companies who specialize in Non-U.S. lending that are able to offer variable rate mortgages, 30-year fixed term and shorter fixed term principal and interest repayment loans with zero PPP (Early Redemption Penalties). Currently, the 30YR fixed is the most economical and flexible option for Foreign National clients and being a fixed rate there are no variables to accommodate in future years. (The variable rate is of course lower, however the projection is that these rates only have one way to go in the future and that’s up!)
Limited mortgage terms available at present for overseas borrowers, however, the fixed rate program is currently preferred as it is felt that is beneficial in the current situation and most cost effective. Of course you will be advised of any alternative products that fit your requirement’s once an opportunity has been provided to review your initial application form, which will help determine your eligibility.
It is always recommended that clients complete an application form as best and completely as possible and send back directly to the mortgage broker. This will allow them to review and advise further upon qualification, in addition, to then receiving information on the property to be purchased, or at least (at this stage) an approximate location (to include zip code/postal code).
The following items will also be required once you have been pre-approved on your initial application form;
- Copy of passport(s)
- Copies of last two years tax returns/P60s and Accountant/Employment letter(s) showing previous 2 years earnings and year to date.
- USA and local personal bank statements. (last 3 months). We can assist in the set up a US bank account if required.
- Purchase agreement. (When available)
- Signed Good Faith Estimate.
- Application form completed, signed and initialed.
- Copies of Latest mortgage statements for each borrower.
- Bank (preferably primary home mortgage) credit reference letter, explaining good client, no late payments, monthly payments, balance.
- Disclosures (To follow later in process on approval)
- $500.00 Application Fee used for property appraisal (valuation) and international credit report, this fee will be credited towards closing costs.
If you are contemplating any type of purchase in Central Florida and require the origination of mortgage, you may contact us directly at +1.407.923.2134 or complete the contact form below.