What kind of mortgage can foreign international buyers get to buy NYC condos?
A good majority of our buyers are foreign international buyers from either Asia or Europe. Many buyers decide to buy so they have a place to stay when they come visit New York city, owning a place is much nicer and comfortable instead of staying at hotels. Buying a condo in NYC also it is a good way for these buyers to diversify their assets and investments, oversea buyers rely on our expertise in finding them the best Manhattan NY condo that will suit their needs.
Foreign international buyers often asks us if they are able to obtain a U.S. mortgage, this will really depend on several items.
- Status/Visa do they have any work visa or residence status in US? Or if they are true foreigner without any US credit history or records.
- Down payment amount, some bank will have some lending program for foreigners that do not have any US history, though the bank will likely to require a higher down payment of 30% up to 60% depending on individual.
- Prior relationship with the bank, many buyers have prior relationship with different banks, if the bank has an office in New York, it may be possible for the buyer to obtain mortgage if there are other investments with this bank.
Please note that we are not mortgage professionals, we are experienced Real Estate agents that specialized in foreign international buyers, we work with a team of mortgage professionals that specialize in foreign international lending.
Many of our foreign buyers opt to seek financing in their home country once they learn about all the lending criteria and requirements set by U.S. banks. Keep in mind that there will be other fees and mortgage closing cost if buyer decides to obtain US financing, seeking financing with buyer's home country process may be easier and less costly.
If you are a foreign international buyer, email us today at EHSU@elliman.com or Morgan.Evans@elliman.com and we can refer you a mortgage specialist or other resources that you may find helpful. We have helped many foreign internationals finding their dream NYC condo, contact us and find out how we can work together.
Call today (917)837-8869 or email us at EHSU@elliman.com
Other frequent asked questions on NYC Real Estate:
- Do I have to attend the Closing in Manhattan New York?
- What kind of NYC property can foreign international buyers buy?
- What is an ALL CASH offer?
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.