The Most Experienced Mortgage

International mortgage Lenders

More foreign buyers turning to loans for US home purchases

TotalBank among lenders are offering nonconforming loans to wealthy international buyers

Venezuela, Brazil, Argentina and Colombia and Miami

While the strong dollar and rising home prices have deterred many foreign buyers in South Florida and across the country, more are turning to nontraditional mortgages to finance their home purchases.

Foreign buyers often pay cash for residential real estate in the U.S. – a whopping 50 percent did so in 2015, according to the National Association of Realtors. Large cash deposits have also fueled Miami’s latest condo boom.

But some lenders are offering nonconforming loans to wealthy international buyers, including Miami-based TotalBank, Milford, Connecticut-based Total Mortgage Services, and Mount Laurel, N.J.-based TD Bank to Canadian borrowers, reports the Wall Street Journal.

And while these loans require bigger down payments and offer higher interest rates than most jumbo mortgages or conventional loans, they allow buyers to buy more expensive homes. Experts told the newspaper that foreign borrowers may need to provide more documentation than they would in their home country, and to apply earlier than usual to allow for enough time.

While high prices and the strong dollar have impacted the residential market in South Florida, Latin Americans are still buying – and still interested in – Miami homes. Colombia, Venezuela, Brazil and Argentina are the top countries searching for South Florida real estate online, according to the Miami Association of Realtors. – Katherine Kallergis

Share this article

Related Posts

International Mortgage Brokers
International Mortgage Brokers
Mortgage Lenders USA
Mortgage Lenders USA

Latest Posts
Loans in Columbia, MO
Loans in Columbia…
VA Loans Designed to offer long-term…
Mortgage insurance USA
Mortgage insurance…
Coming up with the down payment is a…
USAA mortgage crisis
USAA mortgage…
After the financial debacle of 2008…
Interest Rates on Home
Interest Rates…
Òscar Jordà, Moritz Schularick, and Alan…
30 years fixed mortgage Rates
30 years fixed…
Several benchmark mortgage rates were…
Featured posts
  • International Mortgage Brokers
  • Government sponsored mortgage Lenders
  • Mortgage Lenders USA
  • Mortgage Lenders Network USA
  • Cheapest mortgage interest rates
  • Best mortgage rates UK
  • 30 Year Conforming Mortgage Rates
  • Interest rates on 10 year fixed mortgage
  • Lowest interest rate for mortgage loan
Copyright © 2017 l All rights reserved.