Although the prices for homes are quite expensive, there are lots of foreigners who still purchase homes in South Florida and other parts of the country. They take loans and different types of mortgages to have something for the purchases of homes.
According to the National Association of Realtor in 2015, fifty percent of foreign buyers paid cash for a residential purchase in the United States. In Miami’s latest condo boom, there were a huge number of cash deposits. This would indicate a lot of foreign buyers
The Wall Street Journal reported that there were some lenders who offer non-conforming loans to those rich international buyers, which includes the New Jersey based TD Bank, TotalBank for Miami, total Mortgage Services from Connecticut and Mildford.
They allow buyers to buy lots of pricey homes with credit. Many of these loans offer higher interest rates compared to other conventional loans and require the buyer to have a larger down payments. The foreign borrowers might need to provide more documents compared to when they would in their country and they should apply early so that they have enough time.
Although these homes are expensive and the strong dollar affected the real estate market in South Florida, there are still lots of Americans buying their homes.
