International Real Estate
Spain Finance & Mortgage Procedures
Foreign National finance programs are available for qualified non-U.S. citizens who are purchasing or refinancing a residence or investment property in the United States.
Foreign Currency Conversion Tables
Over the last six months, the U.S. Dollar has been on a steady slide versus the Euro, raising the purchasing power of the Irish and other EU citizens against all-things American. This includes U.S. real estate.
The following list is a general idea on the items required when obtaining financing:
- Domestic credit score or foreign credit report - can be used but not required.
- Three letters of reference from financial institutions in your home country that shows you are in good standing. Or you can sometimes show one credit reference letter from a large internationally known banking institution that also attests you are a good client.
- A valid unexpired passport or visa. If the visa will expire within six months from the date of the loan application, you will likely have to provide a copy of their extension.
- Many banks want the borrower to have opened an account in a U.S. based bank and have at least a two month history there.
- Employment verification. This can be a very short, simple letter from a CPA or other third party in the borrower’s home country verifying the employment and line of work.
- If the property is being purchased as a second home, plan on a down payment of 20-25%. If it’s a primary residence, and he has lived here less than two years, plan on 20% down. If the he has already been living in the U.S. for at least two years, he may be able to qualify for up to 95% financing, regardless of country of origin. If he has lived in the U.S. less than two years and he is a citizen of Spain, UK or Mexico, he may be able to qualify for 90% financing.