Manhattan Condo Living

Eileen Hsu (許小姐) and Morgan Evans, the new generation of Real Estate Professionals. We specialize in Manhattan Condos, including: Resales, New Construction, Pre-Construction and Foreign Nationals buying Manhattan New York Condos. Contact us at (917)837-8869 or (646)644-6929 Today.

Foreigner buying in Manhattan NYC Part 3 - financing options for foreign buyers

This is Part III of the series Foreigner buying in Manhattan NYC. We are Manhattan Condo Specialists, we help finding suitable condos for first time investors, first time home buyers, parent buying for children and foreigner buying in Manhattan New York.

We work with many Foreigners buying in Manhattan NYC, besides knowing the market but we also understand the specific needs of each type of buyers. In today's market place, lending guidelines are changing in almost daily basis. As a foreigner buying in Manhattan, there are some financing options available, although there are specific qualification guidelines that each foreigner buyers must fit into. Below are some of the guidelines, please note that we are NOT a bank, we are NOT mortgage bankers, these are the information provided by our preferred banker that specialized in foreigner financing in Manhattan New York as a general foreigner lending outline.

  • Minimum Loan amount = $500K
  • Maximum Financing = 60% (slightly lower than what we discussed - the majority of lenders are @ 50%)
  • @ the min loan amount, purchase price would be $833K ($500K/ .60)
  • Licensed attorney must be designated to act as your agent upon whom process may be served in the event of a default
  • Account must be established from which monthly payments are auto-deducted
  • Escrow account equal to 9 months of monthly principal, interest and carrying costs must be maintained for the life of the loan, (approximately $32K using #s above.)
  • Passport must be presented for ID @ time of loan commitment
  • Completion of Government form W8 Ben (Certificate of foreign status of beneficial owner)
  • Attorney can establish accounts on your behalf with power of attorney if necessary.
  • Fixed and ARM products available rate on a 5/1 Interest Only loan:  5.5% monthly payment = $2,291.67

This information below is provided on 4/2010, guidelines may change by the time you read this, contact us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com and we will forward you our banker's contact to receive most up to date foreigner lending information.

CALL US TODAY at (917)837-8869 or (646)644-6929 to discuss your specific Real Estate needs.  

 ____________________________________________________________________________

 

Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

Comment balloon 2 commentsEileen Hsu • May 04 2010 10:28AM
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