GUIDE FOR FOREIGNERS
For financing when buying in Florida
Florida real estate has always been attractive to foreign buyers, even before the housing crash that depressed prices for both residential and commercial real estate and made foreign investment in Florida real estate a bargain for many buyers.
According to the National Association of Realtors, Florida has the largest number of foreign real estate investors in the U.S., with 41% purchasing vacation homes, 25% making a dual use purchase (vacation home/rental property) and 23% investing in rental property.
Qualified foreign buyers with a 30 to 40 percent down payment can often obtain financing for their U.S. real estate purchases. You may also be required to present a minimum of three months of bank statements.
Before applying for a U.S. mortgage, you must first establish credit and earn a good credit score. You can start building your credit score by opening U.S. bank and credit card accounts. You’ll also want to be sure to report all income on your tax returns. Lenders use this income information to determine how much money they’re willing to loan you to buy a home.
When the time comes to apply for a mortgage, consider major banks with global operations. These lenders will have the experience necessary to verify credit established in other countries and to guide you through the U.S. home-buying process.