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Miami is a HOT market for Foreign National's to purchase both Second Homes and Investment Properties. This is a great time and a great market for their purchases. With the weak dollar and the strong Euro and British pound, European investment in Florida is at an all time high!
A Foreign National Loan is a very simple process if you have your documentation in place. Here is a great checklist to use when you want to get the ball rolling on that process.
Almost all banks will require the following items if you are not an American resident.
1. Verification of income
If self-employed a letter from your CPA stating income
If employed by a company, a letter with your company’s letterhead stating position, longevity and income.
2. Four credit references. They may be any personal loans, credit cards, and/or business loans if self-employed.
3. Bank statements for the last three months.
4. Copy of passport and/or visa
5. A down payment of 20% is usually required.
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