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Buyer's Market...
It is the best time for investors to have the choice...!
Important things to think about on your holiday in Florida:
More than 275,000 Foreign Nationals - Tourists are visiting the attractions of Orlando in an average month. Every one and every family has a good reasons to buy real estate in Florida. I will point out some of the reasons.
Favorable Exchange Rates : For visitors from the United Kingdom, Ireland, Canada and most of Western Europe countries, the currency exchange rate couldn't be better. Your buying Power in the US is simply excellent. you need to buy now... don't wait for times that the exchange rates become less favorable !
UK customers: One Pound now (July 2007) is more than $2 Dollars!!! That is Favorable rate, no doubt. Use it to buy an inexpensive real estate investment anywhere in Florida...I can help you with Finding the right property and with the Financing...!
Visit www.AbsoluteFloridaMortgage.com/CurrencyExchange to save money on the exchange itself...!!!
Unprecedented Appreciation : Foreign visitors to Florida will enjoy the opportunity to make a substantial return on their American investment.
Income Opportunities :With the right mortgage, and the different mortgage Programs that are recommended now, Properties can pay for themselves and generate income for foreign buyers, not only on long term rentals, but especially on short term rentals. It is up to you, the investor, how much income your investment may generate, and its up to the volume of your renting activity. I may be able also to provide you with few management companies contacts and information, however it will be your decision of whom to choose, in order to maximize your returns on your investment.
U.S. Credit Opportunities : It Is very important to establish U.S. Credit ! Buying real estate in Florida with a mortgage will accomplish this.
Absolute Florida Mortgage LLC Specializes in residential mortgages for foreign nationals. Our loans are easy to get and the terms/rates are very attractive. You don't need Social Security numbers or US credit to finance a purchase of a property. We specialize in helping UK residents and other foreign nationals to find Real Estate & finance in the state of Florida.
Down Payment (Deposit) starting at 20% only. A 30% down payment will save you some paper-work and may slightly improve your Interest rate.
10% down payment still available (as of August 31, 2007),with one of my FN's lenders, and only for financialy strong customers purchasing Condos, SFR's or Townhomes in Florida, from the following countries: UK, Canada and Mexico. (No lots, No CP's). (mortgage product PAL-90).
Documents : 1. A copy of the I.D. page of your passport.
2. A copy of your I-94 card if you are in the United States.
3. A copy of your visa if you are in the US pursuant to a visa.
4. A letter of reference from your bank, in English, dated, with bank name,on bank letter-head, bank address, signed with a full name and officer's title, stating at least the last 2 years of banking relationship, and the bank's relationship with you has been satisfactory, the number of your accounts and the current balance in the accounts expressed in US dollars. please note that all lenders requires 60 days of seasoning with loans-to-values greater then 75% !
5. Last 2 months bank statements.
6. If you plan to take title in the name of a corporation, you will need evidence of the good standing of the corporation, and an evidence that you are the owner of this corporation.
7. You need to have a bank account in the US, so take the time to obtain an account on your next visit, so it is up and running for you. I will recommend to have an account with "Washington Mutual" bank as your first priority.
8. Some lenders requires me to pull your International credit report.
Evidence of sufficient funds to close : The foreign buyers must show they have enough funds to cover the down payment, the closing costs, and six (6) months of mortgage payments (PITI) - Principal, Interest, Tax, Insurance. (6 months of PITI are for show only, in your account. Lenders usually want you to show your financial strength).
The Best Investment in Central Florida is Real Estate !!
The Real Estate system in the US:
It is different than the UK system, in a sense that here we have the MLS (Multiple Listing Service), so you can have a local Real Estate agent (chartered surveyor) helping you with every aspect of finding a home, able to show you every property you'd like to see, and you do not need to go to different agents or companies to view properties...as it is done in the UK, this fact will save you a lot of time, since you do not need to go company to company to view the listings of each.
Some Facts & Numbers issued by the Association of British Travel Agents & Florida Trend Magazine :
In 2004-2005 one in 12 British citizens traveled to the U.S.
The number of British visitors to Florida in 2006 is expected to approach the pre-9/11 record of 1,650,000.
Foreign Buyers bought 15 out of every 100 homes sold in Florida in 2004-2005.
British Buyers bought 5 out of every 100 homes sold in Florida in 2004-2005.
33% of all homes bought in Florida by Foreign Buyers were bought by British Nationals.
59% of all homes bought by Europeans in 2004-2005 were bought in ORLANDO, Tampa-St.Petersburg and Naples - Ft, Myers.
Some programs highlights *:
* Non-warrantable & condo Conversions, SFR & townhomes with 20% down payment on 2nd homes & investment properties.
* 30% down payment for 2nd home with "No Documentations" !
* Interest Only feature available. Gifts allowed.
* Cash-out up to 80% loan to value on 2nd homes.
* Up to 80% on Option Arm or 30 years fixed allowing the first home in Florida to be considered as an owner occupied home.
* Programs, requirements and/or rates are subject to change on a daily basis.*
* Please email me with any questions. Eli@AbsoluteFloridaMortgage.com .
When you succeed I succeed
and that is my #1 priority!!!
Your referrals are the heart of my business!
Enjoy your holiday and invest wise,
Eli.
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