NON-RESIDENT VACATION HOME PROGRAM
- Financing up to 70% of the lower value between appraisal and purchase price.
- Up to 25 years amortization.
- Excellent Interest Rate 8.25% Fixed for 1 year, 8.75%, Fixed for 3 years and 9.00%. Fixed for 5 years. After the fixed rate period, rates are market driven.
- Loan amount must be in USD currency only.
- Only acquisition of completed homes, to be transferred to personal name of customer.
Process:
Step 1 –
- Prequalification. Determines if the client apply for a mortgage, based on indebtedness (Debt Ratio), credit score and positive Net Worth.
Step 2 –
- Final Approval: You should have already selected the property and provided an appraisal and promise or contract of sale.
- Update the prequalification documents and provide others documents required.
Other informations:
- The cost of the appraisal will be assumed by the buyer, regardless of whether the case is approved or not.
- Closing costs are approximately 5% of the sale price, includes: 3% tax for transferring the property to the name of the buyer, 0.15% Tax by check issuance, legal and administrative expenses, and property insurance for 1 year. This amount must be available before the signatures day.
Documents Requirement:
What Is a Credit Score?
A credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors. Lenders use credit scores to evaluate the probability that an individual will repay loans in a timely manner.
What is Loan to Value?
Loan-to-value (LTV) is an often used ratio in mortgage lending to determine the amount necessary to put in a down-payment and whether a lender will extend credit to a borrower.
What is Net Worth?
Net worth is the value of the assets a person or corporation owns, minus the liabilities they owe. It is an important metric to gauge a company’s health, providing a useful snapshot of its current financial position.
What is Debt Ratio?
The debt ratio measures the amount of leverage used by a company in terms of total debt to total assets. A debt ratio greater than 1.0 (100%) tells you that a company has more debt than assets. Meanwhile, a debt ratio less than 100% indicates that a company has more assets than debt.
