02/03/2010

USA mortgage offer non residents

Up until now, the one sticking point for non resident investors in USA property has been lack of finance. The property P4P offers is fantastic value – way, way under normal market value. But, even though the amount isn’t great, nevertheless, it ties up capital.

Up until now, the one sticking point for non resident investors in USA property has been lack of finance. The property P4P offers is fantastic value – way, way under normal market value. But, even though the amount isn’t great, nevertheless, it ties up capital.

Now we have uncovered a new mortgage deal that should enable you to pull cash out of your American repossession property. Without need for depositing $100,000.

This is great news for investors. Now you can have your cake and eat it! A low purchase price allied to a great mortgage deal – what could be better?

Especially at 6% fixed. If you agree with the many pundits forecasting rising inflation in America due to over spend by the government, then this is a no brainer offer. It could well end up paying back most of your mortgage!

In short, taking advantage of this deal, on top of buying one of P4P foreclosed and refurbished Detroit property and Atlanta properties means you are extracting maximum benefit from the extraordinary situation available in America today. Taking yet more money from the US government: their subsidy to banks to write off big mortgages on these houses, and their provision of liquidity to money markets to enable cheap mortgages.

Below are details on the offer. It follows pretty much the standard residential mortgage rules and offers up to 70% LTV. It has some looser aspects, such as high upper age allowed and no credit report required.

Product Details

Product Name USA Mortgage

Country USA  

Interest rate 6 % fixed rate

Currency Dollar

Maximum LTV (based on lower of the valuation or purchase price) 70 %

Minimum loan amount 25000

Maximum loan amount 417000 (Different product available for higher valued loans

Minimum age 18

Maximum age 80

Maximum applicants 4

Client Debt must not exceed 45 %

Repayment method Repayment

Limited company purchase no but can be transferred into an LLC after closing

Life insurance Required

Arrangement fee 3% of the loan amount (Minimum $3500)

Valuation fee $425

Legal fees 3.5%

Early repayment fee No Early redemption penalties

6 Months of payment reserves

1 unit single family residential property eligible

Condos eligible only if Bank approved or 70% sold and closed and conform to other Bank guidelines

Paperwork required

Copy of a purchase agreement

Copy of passport with a valid US visa if required

4 personal Credit References (Credit card, Mortgage, Car lease, Landlord Letter, Utility bill)

Credit report not required

If self employed accountant (CPA) letter or employer letter

Last 3 months payslips and latest P60.

Last 2 months bank statements showing enough funds for minimum of 30% down payment plus closing cost

Checking account required with the lending bank (need direct debit set up for a mortgage payment) Account is FDIC insured

Property needs to be in good condition, but all properties on P4P website are sold as refurbished, so no problem with that requirement.

Contact us now to take advantage of this. No need to go to USA to buy property or arrange mortgage – we can handle all aspects of process.