Posted on: 20th Apr, 2007 11:19 am
My sister is in Scotland and wants to buy condo in Florida. Can she get mortgage with no income verification but asset verification and no down payment. How about an option ARM with a starting rate of 2% or lower? Will a bank offer such loan or should I go for a broker. Any other option that I may go for?
It is posible to buy porperty in Flrida with a home loan. But for that, you should have established good credit in Fla or else, if you can show a work Visa, then you can get a loan using your Scotland payment history itself.
However, an option ARM at a lower rate will only lead you into trouble on account of negative amortization. Discuss your loan options with a number of lender/brokers and then chopse the right one.
However, an option ARM at a lower rate will only lead you into trouble on account of negative amortization. Discuss your loan options with a number of lender/brokers and then chopse the right one.
Neon, contacting any broker will be much better as they have more contacts and would be able to provide you more options to choose from.
Hi Neon,
You are looking for a siva loan (state income verified assets), and 100% financing certainly exist where she will not have to make a downpayment.
But you are looking for option arms only is there any specific reason? There are many other loan options also available which you should also explore before selecting any particular loan type.
Miller
You are looking for a siva loan (state income verified assets), and 100% financing certainly exist where she will not have to make a downpayment.
But you are looking for option arms only is there any specific reason? There are many other loan options also available which you should also explore before selecting any particular loan type.
Miller
The Option ARM is available to Foreign Nationals, as are many other loan options, with a 20% down payment.
Helm Bank in Miami at one time offered an 80/10/10; but few closed.
MNoel
Helm Bank in Miami at one time offered an 80/10/10; but few closed.
MNoel
You are correct MNoel, the Option ARM is available to foreign nationals with a 20% down payment preferably.
Even if Neon's sister is residing in Scotland, she can qualify for a Florida option ARM. For some lenders, she will have to pay 20% of the purchase price as down payment if she is on a Work Visa or else she has to establish credit in the US.
However, there are some companies who agree to offer option ARMs to foreign nationals if they do not have credit in US but can submit proofs that she has applied for credit in Scotland and made regular payments. Some lenders require at least 2 such proofs of taking credit. Neon's sister should also submit proof of her income from the foreign country and for this, a letter from the accountant or a bank in Scotland will be enough. Finally, she should be able to show her Visa and Passport.
Hope I could help you.
Regards,
Jessica
Even if Neon's sister is residing in Scotland, she can qualify for a Florida option ARM. For some lenders, she will have to pay 20% of the purchase price as down payment if she is on a Work Visa or else she has to establish credit in the US.
However, there are some companies who agree to offer option ARMs to foreign nationals if they do not have credit in US but can submit proofs that she has applied for credit in Scotland and made regular payments. Some lenders require at least 2 such proofs of taking credit. Neon's sister should also submit proof of her income from the foreign country and for this, a letter from the accountant or a bank in Scotland will be enough. Finally, she should be able to show her Visa and Passport.
Hope I could help you.
Regards,
Jessica
Hi Neon,
Being a foreign national, your sister can still apply for a loan here in the US. Just refer to http://www.mortgagefit.com/credit-rating/about7002.html where the community has discussed on getting home loan in US in spite of being a foreign national.
Thanks,
Jerry
Being a foreign national, your sister can still apply for a loan here in the US. Just refer to http://www.mortgagefit.com/credit-rating/about7002.html where the community has discussed on getting home loan in US in spite of being a foreign national.
Thanks,
Jerry
There are 2 things involved in this case :
the 1st is that find out a lender who is giving Option ARM deals for
SIVA ( Stated Income Verified Assets ) or I-ND A-V E-D ( Income Not Disclosed Assets Verified and Employment Disclosed )
The next important step is whether that Lender allows NPRA as borrower status and if they do then wht VISA types are involved in it.
Regards
Sagar
the 1st is that find out a lender who is giving Option ARM deals for
SIVA ( Stated Income Verified Assets ) or I-ND A-V E-D ( Income Not Disclosed Assets Verified and Employment Disclosed )
The next important step is whether that Lender allows NPRA as borrower status and if they do then wht VISA types are involved in it.
Regards
Sagar
what is npra?
Hi Anaida,
NPRA means Non-Permanent Resident Alien
NPRA's are citizens of some other country who reside in U.S. on a temporary basis under Temporary Resident Card, Work Visa, Conditional Resident Alien Card, Student Visa or similar type of permit for a specific time period.
Miller
NPRA means Non-Permanent Resident Alien
NPRA's are citizens of some other country who reside in U.S. on a temporary basis under Temporary Resident Card, Work Visa, Conditional Resident Alien Card, Student Visa or similar type of permit for a specific time period.
Miller