It has finally began to loosen up for international buyers looking to finance a property in the USA. After the market crash and the subsequent fallout with lenders and foreign national financing for a while it was impossible to seek financing in the USA if you were not a resident.

With the new market and the property market heating back up we have slowly seen a return of lenders willing to write loans to foreign buyers. They are still very cautions and require a lot of information and a considerable down payment but they are lending – and that’s what matters.

Financing your Purchase as a Foreign National or a Domestic Buyer.
Financing a vacation home in the USA as a foreign national requires what is called “Foreign National Financing”. Foreign National Financing is possible if you know who the correct lenders are and put yourself in the hands of an experienced mortgage broker or Vacation Home Specialist that has experience of foreign buyer financing.

Foreign National Financing may have higher down payments (expect around 30%) and can take as long at 60 days to close so be prepared for red tape. Make sure the lender understands what they are lending on!

Domestic buyers may be able to get a better rate and lower down payment but it is of paramount importance that you understand you need to work with a lender who understands vacation home financing.
Many lenders do not understand the vacation home market and will walk you through the lending process only to decline your loan at the final underwriting stage because the property criteria does not fit the lenders profile.
What can be additionally frustrating is that you can explain to them in great detail what you intend to buy only to be turned down days before closing.

This is very easily avoided by using a lender who is familiar with lending on the vacation home product. There are many excellent banks who do – so make sure you use one who does.

Please let us know if  you would like us to send you a mortgage associate that can help you with foreign National Financing.

Please keep us in the loop with your application, they will require many items from you. Please deliver in a timely manner.
Foreign financing can be complicated, this is something you need to address quickly and efficiently. Do it sooner rather than later.

All vendors are independent and are not directly associated with The Jerry Barker Group. Although we make every effort to ensure we recommend the best options for you we have no direct control over any of these businesses and your decision to utilize their services is at your own discretion and any items should be addressed with them directly. We do however appreciate your feedback while dealing with any associate we refer.

We do not receive compensation or any financial gain from any lender we recommend. if we recommend a vendor it is because we believe they are very good at what they do and will take very good care of you as our client.