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.

In my opinion, HSBC offers an excellent loan program for foreign nationals. They require a lower down payment of 30% in exchange for maintaining a $100,000 balance at their bank. They will give you rates that are competitive with what is offered to US Citizens assuming the loan is for $417,000 or less. However, they do require 4 credit reference letters from US based accounts or accounts in your home country.

If you can't secure a loan from a bank in the US, an alternative is to visit the largest bank in your country and see if they will offer a loan. It is possible. However, many foreign nationals are able to obtain a personal line of credit from their bank provided they have steady and documentable income. They then draw on that personal line of credit to close all cash on a condo in the US.

Even though you may have secured a loan, there is a possibility that the particular condo development may not qualify for financing. Reasons for this include a high number of delinquencies, low owner occupant ratio, or a large number of unsold units. Many new condo developments do not qualify for financing until certain sales thresholds are met, which usually means 50% or more of the units must have been sold by the developer. It is important to know the answers to these questions if you are really intent on getting a loan.

I hope you've found this post to be informative. If you have further questions about foreign national loans for Miami condos, do not hesitate to contact us.

Tags: cash, condo, foreign national loan, foreign nationals, loan, loan options, loan program, miami condo, miami condos, personal line of credit