Archive for August, 2010

It's no secret that the majority of condo purchases that are being made in the Miami area are by foreign nationals. Most of these foreign nationals pay cash, but there are many more foreign buyers who would like to obtain a loan to help with their purchase. Unfortunately there are not many loan options available to foreign nationals right now that would enable them to purchase a new or resale condo. If you search the Internet, there are companies offering foreign national loans, but I can tell you from experience that many of them will not deliver a loan by your closing date for a variety of reasons.

If you are seeking a foreign national loan, be prepared to present a down payment equivalent to at least 50% of the purchase price. Also, in most cases, you will need reference letters or documentation from your creditors in your home country.