Our 65% Loan to Value mortgage for Citizens from
European Union Countries
Canada
Australia
Fixed for either 3/5/7 years with NO prepayment penalty!
It also allows up to a 6% seller consession towards closing costs.
We have already begun taking applications and ordering international credit reports.
2011 is a whole new year, no longer is Florida just the playground for our foreign national investors with cash only, now there is funding available to assist many with jumping into to the best real estate deals in recent history.
http://www.floridavillamortgage.com/
http://www.mortgageforeignnational.com/
info@FloridaVillaMortgage.com
Wednesday, January 26, 2011
Tuesday, January 25, 2011
A Place in the Sun Florida Pavilion
The buzz is growing around this March 11-13's A Place In The Sun overseas property show in Earl's Court, London.
The Florida pavilion has sold out and has just been expanded to include the many new Florida Real estate and related companies looking to join and the speakers are all ready to inform prospective buyers why NOW is the time to buy.
This obviously is propelled in part due to the new announcement by ACM Financial that a 65% mortgage for Non US residents is once again available to many buyers looking to purchase holiday homes. Information can be found at http://www.floridavillamortgage.com/
The Florida pavilion within A Place In The Sun is hosted by FloridaLink, an International consultancy http://www.floridalinkcorp.com/ or visit the pavilion site at http://www.aplaceinthesun.com/exhibition/visitorfloridapavilion.aspx
The Florida pavilion has sold out and has just been expanded to include the many new Florida Real estate and related companies looking to join and the speakers are all ready to inform prospective buyers why NOW is the time to buy.
This obviously is propelled in part due to the new announcement by ACM Financial that a 65% mortgage for Non US residents is once again available to many buyers looking to purchase holiday homes. Information can be found at http://www.floridavillamortgage.com/
The Florida pavilion within A Place In The Sun is hosted by FloridaLink, an International consultancy http://www.floridalinkcorp.com/ or visit the pavilion site at http://www.aplaceinthesun.com/exhibition/visitorfloridapavilion.aspx
Monday, January 24, 2011
Foreign National Mortgages available
We finally have a reliable foreign national program again! It seems like a lifetime since we could properly service our borrowers from abroad but now as buyers are swarming to the Sunshine State to purchase very attractively priced real estate, we are finally able to offer 65% financing on single family homes and attached townhouses.
Please visit us on the above links to view more information
Friday, April 2, 2010
Monday, January 18, 2010
Finding a Niche in Foreign Investors
Finding a Niche in Foreign Investors
Overseas buyers could help many hard-hit resort areas rebound
Justine Assal, owner, ACM Financial
As published in Scotsman Guide's Residential Edition, January 2010.
Foreign investors will play an integral part in the real estate recovery in many regions of the U.S., particularly in hard-hit resort areas. Mortgage brokers looking to pad their business during the ongoing market slump can work with these investors, many of whom also can turn into important referral sources when the market turns.
For numerous overseas investors, U.S. housing prices in today's market are too good to pass up. The problem, however, is that lenders often require investor financing to carry loan-to-value ratios (LTVs) as low as 50 percent. Required LTVs can depend on the region in which a property is located. Moreover, many lenders quit lending to foreign nationals altogether. This leaves an opening for brokers to build these relationships.
Middle-class buyers
Today's U.S. housing market includes huge inventories in many popular resort areas nationwide. Popular states for foreign national investment include Florida, California, Arizona, Texas, New York, Washington and Nevada. Each of these states hosts strong vacation-home markets, and many are among the most-damaged locales of the recent real estate collapse.
Many foreigner investors see a prime opportunity to buy at what could be rock-bottom prices. In some cases, the deals are so good that buyers can afford 50-percent downpayments, especially in places where properties are selling for nearly half the asking price of three to five years ago.
Although a large number of foreign investors who make U.S. property purchases pay with cash, many others require funding solutions. This is especially true of middle-class buyers who seek vacation homes in markets once far outside their price range.
Lenders who work with foreign nationals, meanwhile, often give more importance to a property's value than borrowers' financial strength. Brokers looking to work in this niche should consider establishing relationships with foreign banks and community banks willing to work with brokers and foreign buyers. While foreign banks might be interested in lending to consumers from the same country in which the bank is located, U.S. community banks often only will make loans in their region of operation.
Brokers can research lenders that offer wholesale channels for foreign investors. It's important to do your homework and to understand the programs, which you'll need to explain to your clients. Often, the information you fail to uncover before it's too late comes back to kill a deal after you've invested time and energy.
Network and referrals
A good way to find foreign investors and lenders willing to work with them is to join your local International Council of Realtors. These groups include many international real estate practitioners and offer education and support. They also can be a great way to meet industry service-providers who can offer important insights into working with foreign investors.
Your ability to build relationships with important players in your regional market can go a long way toward determining your success. For many lenders, it can be worth the risk to offer foreign-investment loans at LTVs of as much as 75 percent. Even if buyers default, property prices in many resort locations aren't likely to drop further.
Brokers who find these lenders can market themselves to foreign buyers and may quickly find clients referring them to overseas friends and family who also hope to cash in on U.S.-property deals before it's too late.
Working with foreign investors isn't for everyone. But brokers who do it well can fill their business and referral pipelines while also helping lead regional recoveries in some of the most-depressed markets in the U.S.
Justine Assal has been the owner of ACM Financial since 1999 and a top originator in volume. She has obtained the National Association of Mortgage Brokers' highest designation, Certified Mortgage Consultant, and served on its certification committee. She also is a finance instructor for the Florida Association of Realtors and vice chairwoman of the Orlando Regional International Council. Assal speaks frequently about mortgage-industry matters, international financing and international relations. Contact: (407) 397-7300 or justine@acmhomeloans.com.
http://www.scotsmanguide.com/default.asp?ID=3910
Overseas buyers could help many hard-hit resort areas rebound
Justine Assal, owner, ACM Financial
As published in Scotsman Guide's Residential Edition, January 2010.
Foreign investors will play an integral part in the real estate recovery in many regions of the U.S., particularly in hard-hit resort areas. Mortgage brokers looking to pad their business during the ongoing market slump can work with these investors, many of whom also can turn into important referral sources when the market turns.
For numerous overseas investors, U.S. housing prices in today's market are too good to pass up. The problem, however, is that lenders often require investor financing to carry loan-to-value ratios (LTVs) as low as 50 percent. Required LTVs can depend on the region in which a property is located. Moreover, many lenders quit lending to foreign nationals altogether. This leaves an opening for brokers to build these relationships.
Middle-class buyers
Today's U.S. housing market includes huge inventories in many popular resort areas nationwide. Popular states for foreign national investment include Florida, California, Arizona, Texas, New York, Washington and Nevada. Each of these states hosts strong vacation-home markets, and many are among the most-damaged locales of the recent real estate collapse.
Many foreigner investors see a prime opportunity to buy at what could be rock-bottom prices. In some cases, the deals are so good that buyers can afford 50-percent downpayments, especially in places where properties are selling for nearly half the asking price of three to five years ago.
Although a large number of foreign investors who make U.S. property purchases pay with cash, many others require funding solutions. This is especially true of middle-class buyers who seek vacation homes in markets once far outside their price range.
Lenders who work with foreign nationals, meanwhile, often give more importance to a property's value than borrowers' financial strength. Brokers looking to work in this niche should consider establishing relationships with foreign banks and community banks willing to work with brokers and foreign buyers. While foreign banks might be interested in lending to consumers from the same country in which the bank is located, U.S. community banks often only will make loans in their region of operation.
Brokers can research lenders that offer wholesale channels for foreign investors. It's important to do your homework and to understand the programs, which you'll need to explain to your clients. Often, the information you fail to uncover before it's too late comes back to kill a deal after you've invested time and energy.
Network and referrals
A good way to find foreign investors and lenders willing to work with them is to join your local International Council of Realtors. These groups include many international real estate practitioners and offer education and support. They also can be a great way to meet industry service-providers who can offer important insights into working with foreign investors.
Your ability to build relationships with important players in your regional market can go a long way toward determining your success. For many lenders, it can be worth the risk to offer foreign-investment loans at LTVs of as much as 75 percent. Even if buyers default, property prices in many resort locations aren't likely to drop further.
Brokers who find these lenders can market themselves to foreign buyers and may quickly find clients referring them to overseas friends and family who also hope to cash in on U.S.-property deals before it's too late.
Working with foreign investors isn't for everyone. But brokers who do it well can fill their business and referral pipelines while also helping lead regional recoveries in some of the most-depressed markets in the U.S.
Justine Assal has been the owner of ACM Financial since 1999 and a top originator in volume. She has obtained the National Association of Mortgage Brokers' highest designation, Certified Mortgage Consultant, and served on its certification committee. She also is a finance instructor for the Florida Association of Realtors and vice chairwoman of the Orlando Regional International Council. Assal speaks frequently about mortgage-industry matters, international financing and international relations. Contact: (407) 397-7300 or justine@acmhomeloans.com.
http://www.scotsmanguide.com/default.asp?ID=3910
Friday, June 12, 2009
mortgages on Florida homes - Where are the mortgages?
Mortgages on Florida Homes- where are the mortgages?
Prices are too good to be true but mortgages are few and far between at the moment. As I write this, we are offering 50% financing on the purchase price right now for a detached villa in Central Florida and 70% in South Florida. By the time you are reading this, we may be back to 70% financing but lenders are still not handing out money for Non US resident mortgages.
I can hear you asking why and if it’s because lenders believe that property values are still dropping. Actually there is quite a bit of evidence that the prices have stabilized and in many areas, are back on a slow rise. If we consider that there were only 3-5 banks buying “foreign national” mortgages in Central Florida (many brokers but few actual lenders holding the mortgages), you will realize that they are still sitting on tremendous numbers of loans that they cannot liquidate. Some of these loans are not performing well and will ultimately go to foreclosure, but many are paying on time and should not be a liability. As we all know however, liquidity is key in times like this and nobody wants assets on their books that they cannot sell.
Foreign national mortgages have always been equity based with more weight being given to the property’s value as opposed to the borrowers’ strength. That is no longer true as both are heavily scrutinized now.
If you are interested in obtaining a mortgage, please be prepared to show very good reserves in the bank, the documentation required for a 50% mortgage is currently as follows:
· 2 years P-60 or 2 year Certified trading accounts if self employed
· A letter from your employer (acct if self employed) stating 2 years income and probability of continuation
· 2 months bank statement
· A copy of your passport
· Detached Villas are the only property type that is currently compatible for a mortgage
If you can pay cash, there are fabulous deals to be found (I can’t believe that came out of my mouth as a true supporter of leverage!) Alternatively, raise the money at home and come with cash.
The situation with lending will improve and I believe soon, but for now… please do your homework before finding the deal of a lifetime and realizing that you can’t have it!
Example 2005 2009
Purchase price $400,000 $280,000
Mortgage $320,000 (at 80%) $140,000Deposit $80,000 $140,000
Monday, March 30, 2009
We are still arranging mortgages for foreign national clients. It is a long a tedious process but I can't imagine that a long and annoying mortgage process should hinder anyone from wanting to purchase a property at such admittedly bargain basement prices.
We are financing up to 70% and happy to answer any questions from anyone who may be looking for a mortgage.
We are financing up to 70% and happy to answer any questions from anyone who may be looking for a mortgage.
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