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
5 Listing Price Considerations to Keep in Mind If you’re planning on selling your home or you’re thinking about buying a new home, the listing price is one of the most important factors for success in either case. For the buyer, the listing price matters because a buyer wants to get the best home a...
When Linda and Todd Pendleton heard that their friends, Margie and Bill Frederick were thinking of selling their townhome in Sun City Summerlin, Linda suggested that they meet with me. They claimed to already have two agents in mind for the job. Reluctantly they met with me last Wednesday. After showing them what I and...
The results from the FBI crime statistics are in, and Henderson Nevada made the 2012 list of the top 20 safest cities to live in the United States. Statistics took into account the size of the population vs the number of violent crimes, including rape and murder. Ironically, in 2008 Henderson also mad...
Tired of losing out to cash buyers on the Las Vegas homes of your dreams? You must get completely pre-approved for a loan before submitting an offer, and you must be able to close quickly once that offer has been submitted. So we found a mortgage lender who could help our clients compete in multiple offer situations.So...
There is no denying that when you're house hunting, the allure of new construction in Las Vegas is undeniable. The Las Vegas Valley currently boasts dozens of builders with over 1079 floor plans to choose from. While the average price range runs in the mid $300Ks there are Las Vegas New Construction houses available...