Florida continues to be a magnet for foreign investors. According to the latest statistics from the National Association of Realtors, 21 percent of sales in the State measured in dollars came from international buyers. However, only 27 percent of these operations were carried out with credit.
Buying a property in the United States with a mortgage or loan while being a foreigner is possible, to achieve this the investor must have a bank account open and meet certain requirements established by banks, capital brokers and local regulations.
Banks normally finance a minimum of $ 100,000 with rates ranging from 4% to 8% and terms of 15 to 30 years . According to their profile, foreigners can access a loan by paying 30% to 50% of the value of the home at the time of purchase and financing the remaining capital.
Many investors are unaware that, even without a visa to reside in the United States, they can finance the purchase of one or more properties. United States banks require a significant percentage to be advanced as a down payment.
The financing entity requires a mortgage application with the applicant’s details, bank and income reference letters, the purchase contract, and the bank statement. The client must have or open an account in a United States bank since the fee is deducted monthly from there.
There are four tax aspects to take into account: the inheritance tax, the dividend tariff, the income tax and the withholding tax on foreigners. Based on these factors, it is necessary to determine the best legal structure, and not being well advised on the subject is one of the main mistakes when buying properties in Miami.
At FLIPEX MIAMI we accompany and advise our clients in the management of mortgage credits or loans in the main banks or capital brokers in the USA so that they can acquire the property they want with the best financing available.
If you were interested in the content of this note and want to know more about the benefits of investing, living or buying a property in Miami, write to us at [email protected] or visit our website www.flipexmiami.com.