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Non-US Citizens
Fixed or A.R.M.?
F.H.A. & U.S.D.A.
V.A. Loans

 

 

Foreign Nationals & Non-US citizens Loan Products

Foreign National Lending Pools:

An interesting side effect of the US credit collapse is the banding together of some foreign national citizens to form their own US lending groups. Canadians lending to Canadians. Your best chance for financing may yet come from your own citizens!  These lender pools will be bringing to the Florida market loans that the Canadian consumer really wants: shorter terms (5-7 YR) with longer amortizations (15, 20, 25 YR).  –A Canadian loan product, underwritten to the same guidelines and standards as any 2nd home loan you’d get in Canada . But the property just happens to be located in Florida !

Want more information about setting up your own lending pool? Contact me today!

 

Fixed & Adjustable Rate Loans
What are the advantages of fixed rate versus adjustable rate loans?
            
Short term savings or long term payment security. Click above for more information!
 
F.H.A. & Government Sponsored Loan Programs

FHA loans

 

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).  Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

 

Some of the other benefits of FHA financing:
bulletOnly a 3½ percent down payment is required.
bulletClosing costs can be financed.
bulletLower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
bulletMore flexible underwriting criteria than conventional loans
bulletFHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
bulletLoans are assumable to qualified buyers.

 

 

U.S.D.A 'Rural' Loans

 

 

 

 

Veterans (V.A.) Administration Loans

 

VA guaranteed loans are guaranteed -not issued, by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

 

Key Benefits:

bulletNegotiable interest rates.
bulletClosing costs are comparable and sometimes lower - than other financing types.
bulletNo private mortgage insurance requirement.
bulletRight to prepay loan without penalties
bulletThe Mortgage can be taken over (or assumed) by the buyer when a home is sold.
bulletCounseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.  

- Click the link above for more information!

 

 

 

 

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Copyright © 2009 Jack J. Sandelman, Licensed Mortgage Broker
Last modified: October 2011