Following please find documentation we will need to process your mortgage loan application. Our goal is to expedite the processing of your credit request by gathering the pertinent information for submission. All documents provided must be clear and legible.
To document income please provide a letter from an independent accountant. Letter must explain your source of income with a brief description of your business, percentage of ownership, years in business and must include previous 2 years of income and current year-to-date income in U.S. dollars.
Letter must be on accountant?s letterhead, dated and signed by the accountant. Letterhead must show accountant?s address, telephone number, and license number. A copy of his license must be provided.
- One personal banking reference letter (U.S. or foreign bank). Letter must be on bank?s letterhead with address, telephone number, dated and signed by officer. Letter must include how the account is titled, type of account, account number, and when it was established (account must have been open for a minimum of 2 years).
Must show sufficient funds for initial down payment, cash to close and reserves. Reserves must be at least 24 months of full mortgage payment: principal, interest, taxes, insurance and maintenance fee (HOA), if applicable. All cash to close must be on deposit in a U.S. banking institution.
- Letter from banking institution on their letterhead stating how account is titled, account number, date account was established, type of account, current balance in U.S. dollars and average balance for previous 3 months.
- Copies of most recent 3 months statements for checking, savings, and/or investment accounts.
- Copy of passport and VISA.
- Documentation confirming home address in country of origin. For example: utility bill, cable bill, bank statement, cell phone bill etc.
- Copy of business card and website for your company.
Some of these items may not be available until a later time, and you may provide when available:
- Copy of all pages of fully executed sales contract.
- Copy of deposit check(s) and/or wire transfer and source of funds for the deposit(s).
If you have any questions, please feel free to call our office at 305.891.6500. Or you can e mail us at email@example.com Thank you for your business!1. Can I get a loan even if I do not expect to reside in the US but only plan to invest in real estate?
Frequently Asked Questions:
Yes! Foreigners can get a loan from 70% to 75% of the property value.
2. Am I still eligible for a loan even if I cannot provide US Income documentation or US tax returns?
Of course yes! Secured Horizon Mortgage Group promote programs to help the NON- US resident or International Buyers to obtain real estate Loans. A letter form the accountant from his/her country stated the client?s activities and the years to date income. A letter of reference forms the banking institution showing that the client is in good standing. A letter of references from any trade suppliers that doing business with the client, and, a statement of fund in any currencies and in any banking institutions in the world showing clearly the ownership of the down payment.
3. Can I own more then one property in the states?
Yes! A International Buyer can own and mortgage as many Property that he/she can purchase.
4. Do I have to be in the US to close the transaction?
No! Again Secured Horizon Mortgage Group with the affiliation of international couriers can deliver the final documents of he country of original or anywhere in the world a as long as there is a consulate or US embassy to notarized the final documents.
5. At what time do I have to transfer the down payment?
Typically, a couple days before the transaction is about to close.
6. Who can choose a closing agent? And who are the closing agents?
Secured Horizon Mortgage Group has a list of closing agents registered with our banks that speak multiple languages. The closing agents; and occasionally lawyers, will be responsible to check all the documents and guaranty that transactions will be closed free of liens, old taxes, or any liabilities that the previous owner had.
7. How much will the closing cost and can I finance them?
Typically, in the US and depending the state the closing cost is around, or about 4 to 5% of the loan amount transactions: This will include all the documentary taxes, lawyer/closer fees, Additionally closing cost can be included in the loan amount if its a refinance and would have to be added to the transaction if its a purchase price is over the minimum loan to value limits
8. Can I have an automatic payment Including my properties taxes and insurance?
Of course, as long as the bank that will debit the amount is a US bank; and a void check must provided to Financial Triangle upon closing.
9. Can I buy my properties under the name of corporations trust or any other legal entities?
Yes! Either under a US domestic corporation or even a foreign corporation. The laws and requirements can be explained more clearly by contacting a lawyer specializing in these questions. We recommend that you contact a legal office.
10. How much taxes or any implications of the sale future residence or properties that I acquired in the US?
Secured Horizon Mortgage Group cannot give any legal or accounting advice. For more information about immigration law we recommend that you contact a law firm specializing in immigration. Any questions regarding tax rules, regulations and payment of taxes should be addressed to a certified public accountant.