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
The pricing on Las Vegas new homes has been drastically reduced over the past few years (along with the rest of the inventory in the Las Vegas real estate market), and it is amazing how affordable some of the luxury new home developments have become. Dunhill Homes has two gorgeous neighborhoods in lush guard gated golf...
Home price data for April shows another record high, the fifth consecutive month of new peaks. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index which covers all 9 US census areas hit its highest reading (188.50), rising 5.5% from a year earlier, but easing from the 5.6% gain for March.The 10-C...
The Nevada Partners & Culinary and Bartenders Housing Partnership has placed over 560 union families into homeownership since it was created in 2008 and provided approximately $4,000,000 in down payment assistance and closing costs. Key Elements of the Program Include: 1. The down payment assistance loan up...
Having lived in Las Vegas for more than 30 years, we are pretty darned spoiled when it comes to quality world-class entertainment. Whenever we go on a cruise, we seldom go to the “shows” because they don’t even come close to what we have on the Vegas Strip. We are true “show snobs.” So when my husband asked a...
by Patty Annis Yes, Las Vegas certainly has a reputation of being pretty wild! And with the ever popular marketing slogan of “What happens in Vegas - Stays in Vegas” it certainly gives someone much to think about….. What really does go on in this town? I have lived here since October of 1984 and through these...