GUIDELINES TO FOREIGN NATIONAL LOAN PROGRAM B:
Loan purpose: Purchase or Refinance
Loan amount: Minimum – $75,000 USD
Maximum loan amount – $750,000 USD
Loan to Value: Maximum 50%
Property Types: Single Family Residence, Condominium, Town home, 2-family, 3-family, 4-family
Lending Area: Florida only (Miami-Dade county, Broward County and West Palm beach county)
Loan terms available: 3 & 5 yr Arms
Interest Rates: Call or Email us for today’s Interest Rates at info@royalcapitalgroup.com
Occupancy 2nd home, Vacation home, Investment property, property to let, real estate investment
Amortization: 30 years
FOR APPLICANTS WHO ARE SELF-EMPLOYED, ENTREPRENEURS or BUSINESSMEN (with Significant Shares in Company) and/or SALARIED:
2 months banks statements from source account – Verification of 6 months reserves + 3 months income (Must be in US account prior to closing)
CPA letter declaring 2 previous years income + yr to date income
Appraisal to be order by bank – Must submit loan package with appraisal fee of $400
Foreign nationals require 3 credit reference letters (1 must be from banking) – all reference letters should refer to a minimum of 24 months history.
– A letter of reference from US or country of origin financial institution; dated, on bank or company letterhead, address and contact information as well as full name and telephone of issuing person, signed.
– 2 x Credit reference letters from country of origin; dated and on bank or company letterhead, address and contact information as well as full name and telephone of issuing person, signed.
– Alternatively; a foreign factual credit report is acceptable with equal tradelines and history
3 months credit card statements
Other loan qualification parameters:
Max DTI = 42%
Index is the 1 year LIBOR
Margin is 3.50%
Corporate title not allowed
Copy of passport + 1 other gov. issued ID
Max investment properties allowed = 5
No power of attorney allowed
Condos to be reviewed before final approval – New construction – 40% of units must be sold and closed (must complete questionnaire)
Documents can be delivered to Royal Capital Group via fax or e-mail. Please do not hesitate to contact us with any additional questions.
Fax: 888 748 2719 or Email: info@royalcapitalgroup.com
