Foreigner Nationals Financing in Manhattan New York City Requirements

By
Real Estate Agent with Douglas Elliman Real Estate

Facts about True Foreigners who want mortgages in Manhattan New York city.

We work with many foreign nationals buying Manhattan New York city Condominiums and often asked about what to buy in Manhattan and  financing requirements for true foreigners. For foreigners that may need financing, the mortgage industry has been changing their guidelines and policy on almost weekly some daily basis. since September 2008 and the subprime crisis. 

True foreigners (who do not hold working visas) will need to follow the parameters listed below to qualify a loan in Manhattan New York city: (source: Debra D. Bedell from Preferred Empired Mortgage)

  • We will need a copy of their passport.
  • The bank will escrow for the life of the loan 6 months of mortgage payments, real estate taxes and common charges.
  • The borrower will designate a licensed attorney at law as their agent upon whom process may be served in the event of a default.
  • The borrower will set up a small account with the bank so that the monthly mortgage payments can be automatically deducted.
  • Loan size:  60% of the purchase price.  The largest loan, without an exception would be $1,000,000. If a borrower wants a larger loan amount an exception would have to be requested.  Minimum loan amount is $500,000.
  • Application:  the employment would be a no document where no information is requested.  The assets would have to be verified and transferred to a US account.  The bank would look at their statements for the last two months.
  • Title can be in a Corporation name if desired.
  • Normally the bank only wants the borrower to own one property in the area. This will be case by case if they own more than one property.

  1. To Read More on Foreign Nationals buying Manhattan New York city Real Estate Click below links:
  2. Manhattan Real Estate Condominiums and Co-Ops
  3. Foreign National Buyers Buying in Manhattan New York city Must Read.
  4. Foreign National Buyers Friendly Buildings.
  5. Purchase procedure of Manhattan Real Estate.

If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (212)321-7122 or email us at: ehsu@elliman.com

  1. disclaimer: We are not a bank and we cannot loan you or your broker any financing. We work with the top banks and borkerages in the country and can put in front of the best loan officers in New York. These requirements listed above is merely to give you an idea of your financing options; not to market our services.

Copyright © 2009 by Eileen Hsu: Foreigner Nationals Financing in Manhattan New York City Requirements.

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 ____________________________________________________________________________

 

Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Rainmaker
175,133
Svetlana Stolyarova
Local-n-Global Realty, Cleveland and International Real Estate Solution - Mayfield Heights, OH
Local-n-Global Realty, Broker 216-548-4663

Eileen, what a useful information. Is it true for Manhatten NY only? Can I refer my overseas partners to this information?

Feb 14, 2009 07:01 PM #1
Rainmaker
663,437
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Svetlana - This is true for investors who are interested in buying in United States based on several banks according to my mortgage partner. However, nowdays all the lending policy change on the consistent basis, I would suggest to use this as a guideline but needs to double check with the lender for specifics when you have the right client again.

Feb 14, 2009 07:42 PM #2
Ambassador
667,572
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

What thorough information Eileen ! This is fabulous ! Very nicely done with a truly in depth post. Good job !

..hope you had a great weekend :o)

Cheers !

Sheldon

Feb 15, 2009 09:14 PM #3
Rainmaker
121,327
Sonny Kwan
Quantum Group Commercial - Residential - Lease Seattle, WA - Mercer Island, WA
206-819-8228

Very good informative infomation for foreigners buying in the United States as Eileen Hsu puts it.

Feb 16, 2009 01:22 AM #4
Rainmaker
135,389
Luke Constantino
Brooklyn, NY
Remax New York

Very nicely written Eileen!

I usually ask my buyers if they have an LLP or send them to a lawyer immediately.

Working with foreign buyers is a must these days.

Feb 16, 2009 08:29 AM #5
Ambassador
1,973,018
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale

Eileen- We have the same program here. Most of our foreign nationals pay cash for their real estate. We did just do one with a family from Thailand. That was really tough because Thailand is NOT on the list of approved countries to give loans to. The seller carried a note for them until they can finish coming up with their cash.

Feb 16, 2009 11:17 PM #6
Rainmaker
663,437
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Katerina - You are right, foreign nationals are very hard to receive financing but there are creative options.  Most of the foreign nationals do buy everything in cash or with very little financing needed. It is good to have options and alternatives for them in case they needed.

Feb 16, 2009 11:21 PM #7
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Rainmaker
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Eileen Hsu

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