Financing

FloridaDoc partners with a team specializing (EASTERN FINANCIAL MORTGAGE CORP., Licensed Mortgage Lender NMLS # 328,297) in financing real estate purchases by foreigners. They aim to provide a customized financing program based on the property type and buyer.

Working with several specialized mortgage banks abroad allows us to choose the best option for our foreign customers based on the market, mode of payment, preliminary expenses and interest rate.

The 2007 crisis has destabilized the US economy for several years but Miami hasn’t suffered as badly as other big cities. The local economy recovered quickly in part because of the inflow of foreign capital. Due to this mortgage banks are very cooperative with foreign customers looking to buy an investment property.

 

The process is very simple.

  • Pre-qualify to determine the maximum mortgage amount you are eligible for and what your approximate monthly installment would be.
  • Pick the right bank based on the loan and interest rate offered. Prepare and submit all documents needed to process the loan.
  • We will provide you with a personal agent to guide you through this process, explaining each step fully up until the deal is closed.

Requirements.

  1. Advance payment of 40-50% of the property purchase price.
  2. Demonstration that you have that amount and the sum equal to 3 monthly installments in your account, in addition to a 5% of the property value to cover closing costs and taxes. Sometimes you are asked to explain the source of the funds. For example, inheritance, the sale of a business, the sale of a property etc.
  3. Letters of credit references (e.g. lines of credit, Visa, MasterCard, etc.). Our professionals will be responsible for managing all communication, requests and delivery of documents between you and the bank.
  4. Letter from your employer if employed. If self-employed you must provide your latest tax return.
  5. Two months of bank statements which indicate the deposit of money used to make the down payment.
  6. Must prove to the bank that you have funds in excess of just the closing costs.

Documents needed by foreigners for the loan application.

When you request a mortgage, it is important to provide the following documents for approval:

  • Passport copy.
  • Letter from your employer or latest tax returns if self-employed.
  • Proof that the company you works for exists (yellow page listing, website).
  • Proof that you are the owner of your own company if self employed (Incorporation certificate copy).
  • Letter presenting the company that you work for.
  • Letters of credit references (these letters should include an account that was opened in the last 24 months with proof that you are in good standing. Two letters from your country of origin and one from an account held in the United States).
  • Three months of personal bank statements.
  • Three letters of personal (accompanied by proof of identify) or business references (must have been employed with the business for a minimum of 24 months).
  • Bank statement for a personal account held in the buyer’s country of origin.
  • Copy of check or money order used to pay to the deposit for the property in question. Copy of the account statement which shows the transaction.
  • Proof of residence in the buyer’s country of origin (e.g. utility bills) indicating the property name and address.

After collecting these and a few other documents we will be ready to submit the loan application for your mortgage loan needed to buy your investment property in Miami.