Expanding Horizons: Financing Options for International Buyers in the US
Saturday, July 20, 2024
In the past five years, the landscape of loan products for international buyers in the United States has significantly evolved. While some restrictions remain, such as the unavailability of conventional investment property loans provided by Fannie Mae or Freddie Mac for international buyers, there have been considerable improvements in other areas.
A New Era of Financing
A New Era of Financing
Wall Street's big bank investors are now offering better mortgage products to US lenders, including Cross Country Mortgage (CCM) and JMLends. These improvements have made financing for international buyers much more accessible compared to previous years.
Old vs. New: A Comparison
Old vs. New: A Comparison
Previously, international buyers faced stringent requirements:
- They could only purchase one property, which had to be a second home.
- An international credit report was necessary.
- Full documentation of income and assets was required.
- Funds had to be seasoned in a US bank account for 12 months.
Today, the requirements are much more relaxed:
- No credit report is needed, whether domestic or international.
- Personal borrower income documentation is not required.
- Buyers can purchase multiple investment properties.
- Properties can be purchased in the buyer's own name or through an LLC entity.
Current Requirements
Current Requirements
While financing is more accessible, there are still some requirements to be met:
- Documentation of assets for down payment, closing costs, and reserves is necessary.
- Funds to close must be in a liquid bank account, transferred to a US-based bank account, and seasoned for 60 days.
- Documentation of 12 months of reserves, equivalent to 12 times the monthly payment, is required. These reserves can be in various forms such as a stock account, retirement account, or cash value life insurance account but do not need to be liquid or transferred to the US account or seasoned.
- For Canadian borrowers, no visa is needed to travel to the US, but documentation of your passport and any properties you may already own in the US is required.
Nationwide Licensing and Partnerships
Nationwide Licensing and Partnerships
JMlends and CCM are licensed in all 50 states and are partnering with US-based builders to provide readily accessible financing to international and Canadian buyers like you.
Get in Touch
Get in Touch
For more information, please reach out to Joe McBreen or Maggie Mikaitis using the contact information on this page. You can also click or scan the QR code below for additional details:
By offering more flexible and accessible financing options, JMLends and Cross Country Mortgage are opening up new opportunities for international buyers in the US real estate market.
Don't miss out on the chance to invest in your future today. Contact JMLends now and receive a $100 Hotel Savings Card!
Elevate Your Experience To A Whole New Level
Elevate Your Experience To A Whole New Level
If you're dreaming of owning your own piece of Florida paradise and are committed to making that dream a reality, I have an amazing opportunity for you. Discover a ground-breaking approach to vacationing in Florida, complete with integrated in-house financing.
Download my FREE book, "From Dream to Reality: Your Path to Affordable Luxury Living in Florida for Canadians," and discover vacation homeownership hacks that can make enjoying your multi-million dollar beach home both hassle-free and surprisingly affordable.
Read my book and prepare yourself for the surprises that await! It’ll be an eye-opener, I promise!
No strings attached; just valuable knowledge to help you on your journey.
Download my free book now and get a $200 Hotel Savings Card plus four other bonuses.
Learn How
Co-Ownership Can Forever Change The Way You Vacation
Learn How
Co-Ownership Can Forever Change The Way You Vacation
Hi, I'm Eugene
Founder of FloridianHome.ca
Hi, I'm Eugene
Founder of FloridianHome.ca
My partners and I have come up with smart strategies that can enhance your second home ownership experience and open up possibilities you may not have considered before.
If you're curious to learn more, grab my Book, which includes
FREE bonuses and a $200 Hotel Savings Gift Card. Don't miss out!
All Rights Reserved 2024 | Terms & Conditions | 7131 Bathurst Street, Unit 306, Thornhill, ON L4J 7Z1 | FloridianHome.ca