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Many sellers will not accept an offer, unless it can be shown that funding is in place, or the buyer has been already pre-Approved. For the purchase of a re-sale property, the closing date will typically be set at 30-45 days after the signing of the sales contract, and some contracts may impose financial penalties for late closing/completion.
Mortgages are normally available to a maximum of 70-75% loan to value for second homes and investment property, and up to 80% loan to value for purchase by a Foreign National of a primary residence with a qualifying visa. The term of the mortgage can be up to 40 years. There are no age restrictions on mortgages for a US property. Mortgages for a primary or second home, are normally based on affordability and suitable proof of income will be required from your home country. For Investment Mortgages, no proof of income is usually needed.
A US bank account will normally need to be opened, to enable the payment of mortgage, property taxes, insurance, utility bills etc. Some lenders also require 6 to 12 months mortgage reserve payments to shown, although these are not pledged, and can be in a US or foreign bank account.
Exchange rates can greatly affect the cost of a US property purchase. Deposits and closing fees would normally be converted from your home currency to the currency of the country into US Dollars. Please visit our Currency Exchange page to register.
Closing fees are costs associated with the purchase, such as purchase taxes and stamps, legal fees, lender fees and insurances, and would initially be listed on a Loan Estimate. These will vary, depending on where you purchase your property.
A lawyer or attorney is not a legal requirement, as many of the legal aspects of purchasing can be dealt with via a Title or Escrow Agent. These typically act on behalf of both buyer and seller, but if you want independent legal advice, use a lawyer or attorney to review any contract.
Finally, we come to Tax Obligations which may be payable not only on any income generated by the property, but also on capital gains or withholding tax on the sale of a property. A tax advisor should be consulted, or you could employ the services of a local accountant (CPA) for this information.
For a free Mortgage Pre-Approval, please use Contact page to outline your loan scenario.
