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Foreign Nationals Financing in New York city

If you are an international buyer, foreign national looking to purchase investment condo or property in New York city, now there may be financing option available to you. The borrower should meet the following requirement in order to qualify. This is offer (updated on October, 2011) through Douglas Elliman Capital Mortgage company.

Below are basic requirements, each borrower will have very specific list based on individual:

  • $450,000 minimum loan amount, $3,000,000+ maximum loan amount 40% minimum down payment
  • 18-60 months post closing reserves are required, depending on loan amount
  • Borrower must establish an escrow account equal to 9 months PITI
  • Borrower must establish a second account designated for automatic loan payments
  • Income documentation required
  • Eligible property types include co-ops, condos, single family homes
  • Title may be held in the name of a corporation
  • 75 day rate lock
This means the minimum sales price of the property will be about $750,000 or more. Most of the Manhattan New York housing products are eligible for this program, and as many of our Foreign international buyers, they prefer to held title in limited liability corporation (LLC) which this is possible too.

**WE ARE NOT MORTGAGE BROKERS**, we are Real Estate agents that are have successful experiences working with foreign international buyers in Manhattan New York. We work with mortgage professionals that can provide financing for you if you are seeking financing. Call us today (917)837-8869 to discuss your Manhattan New York Real Estate purchase.


Here are more helpful articles for Foreign nationals buying in Manhattan New York:

  1. Can Foreign international buyer buy a Manhattan NYC condo?
  2. Foreign Buyer Frequent Asked Questions
  3. Use Local Expert for you Manhattan New York condo purchase
  4. How to determine a good Manhattan New York condo investment


Comments

One Response to “Foreign Nationals Financing in New York city”
  1. C. K. says:

    this is useful information, we will Be in touch when we visit NYC.

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All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions. All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer. The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.