During the recent mortgage melt down, banks had suspended all foreign national financing except for Canadians buying second homes in the United States. But as of last week, foreign national mortgage financing is once again available for citizens of other countries wanting to buy vacation homes in Las Vegas.
Most Las Vegas mortgage lenders, like Bank of America and Wells Fargo, don’t have these programs available, but there are now a few smaller “rising star” lenders that have foreign national funding for second homes. The basic guidelines of the programs are as follows:
- Can only be for a second home, no investment properties
- Buyer cannot own any other property in the United States
- 30% down payment
- An international credit report with acceptable credit scores – must be paid for in advance (about $200)
- Buyer must have 24 months of credit history
- $417k maximum loan amount
- Debt ratios – housing debt ratio cannot exceed 36% of total income and total debt cannot exceed 45% of income
- Buyers with diplomatic immunity are not eligible
The best news is that the interest rates and closing costs are excellent – very comparable to what a US citizen would pay. Over the past few years we have had hundreds of calls from the UK and Australia from buyers who wanted to purchase Las Vegas real estate because the exchange rates are great and the prices are so low. Most were willing to put up at least 50% for a down payment. But many were unable to come up with all cash for a purchase. Now second home ownership is once again affordable for these buyers with only a 30% down payment.
So call up all your out of the country friends and let them know the good news. (Maybe they’ll let you stay in their new vacation home as a thank you!) So tell them to give us a call at 702-985-7654 so we can get them hooked up with one of these great mortgage loans.
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
Following several weeks of decreases, mortgage rates were back on the rise this week. "The 10-year Treasury yield increased more than 10 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point ju...
School is finally out for the summer, and many families are relocating, both across country and within the same city. But often kids don't want to leave their friends or existing school. If you are relocating to Las Vegas or Henderson, NV , or if you are moving to a new home within Clark County, here are some tips for...
2018 Housing Basics: It’s All About Inventory Inventory will be the major factor shaping the 2018 housing market, but that’s nothing new. For the third year in a row, the nationwide inventory shortage is likely to continue to hinder sales and increase prices. We expect small increases in inventory at the h...
Five Las Vegas Valley communities cracked the top 50 nationally for new-home sales last year, new reports show. Leading the pack locally was Summerlin, where builders sold 1,052 homes, up 37 percent from 2016, according to separate reports this week from two firms, RCLCO and John Burns Real Esta...
Agents can save sellers time, money, liability and hassle Key Takeaways: FSBOs are more costly than homeowners realize -- including lower sales prices and hidden fees. Selling a home is a complicated transaction -- sellers and buyers alike can get burned with FSBOs. Time costs money -- a F...