Mortgage

A citizen of any country may obtain financing for the purchase of real estate worth up to US $ 1 million. The additional condition for funding - the presence of any kind of buyer visa to enter the US (you can even guest). A copy of this visa is needed to process loans. Because this program is called without verification of income and savings check the buyer, eliminating any need to transfer money in advance to the American bank account. The money for the down payment can be brought to the closing of the transaction from any source.

In order to buy property in the US in credit to non-residents need to have 40-50% of the project cost, and the presence of a US bank the amount of not less than 12 monthly payments. The procedure is quite simple. For the remainder of the external financing can be obtained for a period of one to 30 years. Also, when buying on credit the bank will check carefully selected accommodation, to hold its own assessment of the value of the object. Thus, the buyer is less likely to overpay for future property. The only difference in obtaining mortgages for non-residents is that - unlike Americans - an initial payment when purchasing property is for them 10% and 40%.

The buyer submits an application to the US bank (with contract), which has a license to conduct business in the state of property location. Depending on the selected bank and the buyer of the program the interest rate can range from 8.75% to 9.87% per annum at the rate of 15 or 30 years of payments.

Documents considered by the bank from 7 to 45 days. Due to problems in the financial markets and banks issuing mortgage for foreigners buying property in the US, claims to buyers change almost every week, and of course, with more stringent requirements (increase of down payment and the availability at the time of purchase entry visa). Loans for the purchase of commercial real estate and business for foreign buyers are not yet available.

Following the approval of the bank loan title company or lawyer is preparing a full estimation of costs associated with the purchase of residential property. This document is defined by federal law and is required if the house is purchased on credit. If the buyer can not be in the United States pending a decision on lending, he could sign all of the documents at home. The package of documents will be sent by express mail and the buyer in the presence of the Consul to sign the documents on the pledge of real estate. If the property is sold without credit, notarization of signatures consul is not required. The signed documents are returned by express mail title company (a lawyer). Payment is made by check or interbank transfer. From the moment of receipt of the documents and payment title company acquires the right of ownership. In Ohio, the right of ownership may occur (this should be clarified with a lawyer) after registering "Deed" in the district court. Title company will provide a document of title to the clerk of the District Court for the registration and return the registered buyer "Deed".