November 20, 2006 at 04:14pm by Jim
Are you a European resident wanting to purchase a vacation property in Florida; but, thought that the paperwork would be too overwhelming?
Having just completed the funding for a client in London to purchase a vacation home in Orlando, Florida, you may now be assured that it’s an easy process provided the credit history is posted in advance.
Most all real estate mortgage programs that are available to U.S. Citizens are also available to foreign nationals and resident/non-resident aliens.
The process which normally takes about 6 weeks to finalize can be shortened if European investor will obtain his/her own credit report. The report is accessed by logging in at: www.econsumer.equifax.co.uk paying about 12 to 14 pounds sterling and then forwarding it to the mortgage officer in the U.S. for posting to an international credit report.
This step will avoid the delay of having to go to each creditor separately with letters asking for credit history.
It’s important that a prospective borrower has (3) trade lines of credit and that at least one of the three has been open for 24 months.
If that is not the case and a person has assets but little or no verifiable credit, Fifth 3rd Bank will still do the mortgage but it will be about 1% higher in interest rate than if the active credit is verified.
There are delightful properties available to European investors all over the sunny coasts of Florida. Orlando has some true bargains and is a city with Disney and many other attractions.
Since I now know the fastest and most inexpensive way to conduct this I will pass the time I save in processing on to my clients so they can save a few more $$.
Related:
• Foreign Investors Seeking a Real Estate Investment Loan
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