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OBTAINING
A U.S MORTGAGE
FREQUENTLY ASKED QUESTIONS:
U.S lenders loan money on the property not the person, hence
there is no age limit, a 100 year old can obtain a mortgage for
30 years without a problem.
Loan Rates:
Can be fixed for the entire rate of the loan, this can be attractive
for people looking to buy to let.
Deposits & documentation required:
- Letter from employer to include, position, start date &
annual salary.
If Self-employed, then letter to include: date business first
started, nature of business, prior 2 years earnings & current
year to date earnings.
- Verification of cash to close: Most recent one month bank
statement or letter from banking institution for all deposit
accounts being considered for cash to close & reserve.
Wire transfers, ATM printouts: copies of passbooks & unsigned
bank printouts are unacceptable.
- Credit reference letter on company letterhead, which reflects
telephone number & address.
The letter to state:
This letter is to inform you that………..which
I.D number……….has been doing business with
our organisation since………All of his/her accounts
have been in good standing, should you require any further assistance,
please feel free to call me at………Yours………..(
name & title of person signing document )
- Must be able to verify 6 months of mortgage payments plus
monthly homeowners association fee in U.S account prior to closing.
- Copy of visa or passport is required on all foreign national
borrowers ( legible, current & signed )
25% Down payment:
Documentation required:
Delete item No 1, but all other items required.
30% Down payment:
Documentation required:
Delete items 1, 2, 3, & 4 but must open U.S bank account &
provide evidence that you have a ‘positive’ balance.
*ALL INFORMATION PROVIDED ABOVE IS SUBJECT TO CHANGE WITHOUT
NOTICE.
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