Naples Foreign National mortgage

Naples Foreign National mortgage

Too often, foreign nationals think that purchasing a home is out of reach for them. This is simply an oversimplification of the mortgage market and blatantly false in most cases. If you are a UK or Canadian foreign national and you are considering purchasing a property in Naples, Core Mortgage Financial can help.

What you need to know

Purchase mortgages for foreign nationals come with some unusual terms that are not common for most US citizens. While most borrowers can obtain a mortgage for as little as three percent down, those who are foreign nationals current down payment between 20 and 30 percent of the purchase price. The reasons for this are multi-faceted and include some things that you might not have considered:

  • Non-US Credit reporting – Unlike the United States, most foreign nationals do not have access to a “merged” credit file that is scored. Therefore, lenders are going to have to depend on a “cobbling” together of information to create a credit picture of the borrower;
  • Risk of default – Because foreign nationals are not citizens, there may be a higher probability of default. Once a foreign national leaves the country, it may be next to impossible for a lender to collect funds that would be owed to them as a result of sale that would not cover the amount owed on the loan.

Costs of borrowing

In addition to higher closing costs, in large due to the higher cost of obtaining a good credit report, foreign nationals may also have to pay a slightly higher interest rate. Fortunately, this shouldn’t be a problem since overall, mortgage rates are still quite low and this offers a number of great opportunities. None of these problems should be enough to stop you if you are considering purchasing a primary residence or a second home. In fact, this is a great time for foreign nationals to take advantage of single family homes and condos in the Naples area. At Core Mortgage Financial, we take pride in the fact that we are specialists in loans for UK and Canadian foreign nationals.

If you are considering purchasing a Naples property or a property anywhere in Florida, Core Mortgage Financial can help you find the funding that is needed to secure a foreign national mortgage. Our extensive list of approved lenders is standing by and willing to help. Don’t get discouraged by being turned down again and again, contact us today and let us help.

This blog is for informational purposes only. The blog content is our opinion, please contact our office with any questions.  Rates, Programs, Guidelines are subject to change without notice. We are not affiliated with any government agencies.

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