6 easy steps for you as a foreign national to get a mortgage in Miami

Many people, mostly foreign nationals, have been asking us lately what they have to do to get a mortgage in Miami. So we asked the experts at Southeast Bankers Mortgage Corporation for their perspective on the issue. After they gave us a full explanation we broke it down in what we believe are 6 easy steps.Euro

Step#1

A valid visa and passport. If you’re from a country that doesn’t require a visa, you can use a document with a photo id.

Step#2

Copies of id’s for all borrowers appearing on title and for spouse even when not on title.

Step#3

Document providing proof of borrowers address in country of origin.

Step#4

Original CPA (accountant) letter (if self-employed) showing income for the past 2 years and YTD income of both the borrower and the business, % of the business owned, along with a copy of the CPA’s current license. Letter must be on letterhead showing CPA’s address and phone number plus it be an original, with original signature. The CPA must be an independent CPA, cannot be an employee of the borrower’s company. If the borrower is not self-employed, an employment letter is acceptable stating income for the past two years, YTD income, position and time on the job as long as the company appears on the web and can be verified CPA letter or employment letter must be in English.

Step#5

Two original bank reference letters addressed “To whom it may concern”. The reference can only be based on a depository relationship and not a credit card. The relationship must be for a period of two years. The borrower must be mentioned by name and the letter can be a joint letter referencing more than one borrower (spouse etc..). If used to document liquid assets it must have current balance and an average balance for the past two months. It must be on the bank’s letterhead containing date issued, address and phone number for bank and original signature of signing officer. Bank letter reference must be in English.

Step#6

Documentation of funds necessary to close plus 12 months of reserves must be documented in on of the following ways: All funds must be sourced (1) Verification of deposit (2) Banking reference letter showing account number, name of account holder, current balance and average balance for past 2 months, date account opened (same information normally found on verification of deposit) (3) Most current two consecutive months of bank statements. All cash to close to be on deposit in a U.S. bank prior to closing.

Reasons for these steps

Foreign national loans most of the time require a 35% down payment and have a minimum loan amount of $100,000.00. You’ll need to reflect a minimum of 24 months of mortgage payments in your bank account. These funds can be reflected in several accounts and they do not have to be “liquid” nor transferred to the U.S. The bank is only interested in seeing that you have the capability of making the payments. Keep in mind that because you have no credit history in the U.S. there must be other compensating factors to prove that you’re credit worthy. Large assets is one criteria that is given serious consideration when a loan is being approved.

Additional documentation may be required at the Underwriter’s discretion.

Contact us

For further information contact us or call us at 305 609-5095/305 244-4333

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