1. Can I get a loan even if I do not expect to reside in the US but only plan to invest in real estate?
Yes! Foreigners can get loans for commercial or residential properties. However, usually, availability to come in and out the U.S. is required.
2. Am I still eligible for a loan even if I cannot provide US Income documentation or US tax returns?
Of course! Financial Triangle has created & sponsored programs to help NON-US residents or foreigners obtain real estate loans in a easy process with simple documentation.
3. Can I own more than one property in the states?
Yes! A foreigner can own and mortgage as many Properties that he/she/they can be qualified for.
4. Do I have to be in the US to close the transaction?
No, Financial Triangle with the affiliation of international couriers can deliver the final documents anywhere in the world the borrower(s) is as long as there is a consulate or US embassy to notarize the final documents.
5. At what time do I have to transfer the down payment?
It all depends on the real estate contract but typically most of the down payment could be transferred a couple days before the transaction is about to close from your American bank account. Your loan agent or title agent will let you know when to do so.
6. Who can choose a closing agent? And who are the closing agents?
Financial Triangle has a list of closing agents registered with our banks that speak multiple languages that borrower(s) can choose from. The closing agents, and occasionally lawyers, will be responsible to check all the documents and guaranty that transactions will be close free of liens, old taxes, or any liabilities that the previous owner had.
7. How much will the closing costs be and can I finance them?
Typically in the US, and depending the state, the closing costs are around about 3 to 5% of the loan amount: This will include all the documentary taxes, lawyer/closer fees, transfer taxes, recording, and a few more fees. A loan estimate will be provided before a commitment to any transaction.
Closing costs cannot be financed(unless is a refinance), this amount is in addition to the down payment, again the loan estimate will clearly show the details of the transaction.
8. Will I have an automatic payment including my monthly mortgage, property taxes and insurance?
Yes it's mandatory, the bank that it will be debited from must be a US bank.
9. Can I buy my properties under the name of corporations, LLCs or any other legal entities?
Yes! Either under a US domestic corporation (newly formed for that purpose only) and it can even be owned by a off shore corporation. The laws and requirements can be explained more clearly by contacting a lawyer specializing in this area.
10. How much taxes or any implications will I be held responsible for on the future sale of my property ?
Financial Triangle cannot give any legal or accounting advice. For more information about immigration law we recommend that you contact a law firm specializing in immigration and any questions regarding tax rules regulations and payment of taxes should be addressed to a certified public accountant.
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Licensed in the state of Florida NMLS # 303125 | Licensed in California D.R.E. # 01135620