Min loan amount: USD$80,000

Max loan amount: USD$4,000,000

Minimum down payment: 25-30% for townhouses and single family / 30-35% for condominium.

Properties in Central Florida: 40% down payment.

Buyer residing in Argentina: 40% down payment.

Buyers residing in Venezuela or Russia: 50% down payment.

Refinance with cash out: 50% of the property value.

Loan to value: based on the purchase price or the appraisal value (if it is lower).

Interest rate: fixed for 3 years, 5 years or 7 years with a 30-year term.

Prepayment penalty: 3 years (3% on 1st year / 2% in 2nd year / 1% in 3 rd year). If you want to avoid the penalty, a fee of 2% of the loan amount will be charge at closing and the interest rate will be reduced by 0.5%. 

Corporate title: loan will be guaranteed by the buyer and Title will be under the corporation/LLC name.

Monthly payment: mortgage + taxes + insurance + HOA/condominium.

Bank account: the bank usually requires the buyer to open a checking account with 6 months reserves of the monthly payment, the mortgage payment will be automatically deducted every month from this account.

Escrow account: the property taxes and insurance are paid annually but the lender will include it in the monthly mortgage payment which is added to a virtual account in the buyer’s name from which these payments are made when they are due (taxes are paid in november and insurance is paid in the anniversary of the closing date). For the first year, the lender will calculate the property taxes using 2%of the purchase price (this amount is usually higher of the actual payment). Once the lender received the correct property tax amount (in november) the payment will be adjusted, and the difference will be refunded to the buyer.

Minimum assets required: down payment + 6 months reserves from the monthly payment (principal, interest, taxes, insurance, and association). Funds should be in a bank account in the buyer’s or buyer’s company name for a minimum of two (2) months before processing the loan. Funds can be transferred from a buyer’s account in his country of residence to USA before or during the financing process, but it should be sourced. 

Funds in cash: ARE NOT allowed to purchase a property unless it is deposited in a bank account in the buyer’s or buyer’s company name for a minimum of two (2) months before processing the loan.

Loans to be use as down payment: ARE NOT allowed.

Gift from family members: ARE allowed unless the property is an investment.

Contract deposit: should be paid from buyer’s or buyer’s company account. The deposit CANNOT be paid by a third party (unless is a gift for a primary or secondary residence). It cannot be paid in cash or with a credit card either.

Advance payments: ARE NOT refundable in case the transaction is cancelled.

• Property inspection estimated at USD$250-USD$700 (include 4-point, mitigation, and termites if property is not a condo).

• Property Appraisal estimated at USD$425-USD$800.

• Condo questionnaire estimated at USD$250-USD$450.

Days for closing: minimum 45 days once we received ALL the documentation. The loan will be sent to the lender once we have a complete file and after the lender’s review, we will receive a conditional approval with additional requirements per each case. 

Condominium application: apply to the condo association as soon as possible (if required). This approval takes time, and it is needed for the closing. 

Property insurance: quote the insurance immediately after receiving the inspection report and choose the policy with the better conditions. 

Closing: if the buyer will not travel to the US for the closing, an appointment in the US Embassy of their country should be coordinated as soon as possible for the notarized signature of the closing documents. Please consider that the embassy could have delay from 1 to 2 months in this type of appointments. Some lenders will allow online closings.

Corporate title: register the corporation or LLC and request the identification number EIN. All partners will need to be present for closing.