Cash sales, foreign investors drive down mortgages in Florida

Non-Citizen Guide To Florida Foreign National Mortgage. In addition, the number of properties purchased rose 2.8 percent to 214,885. For the past four consecutive years, approximately 25% of all sales in Florida were to foreign buyers. With more and more non-U.S. citizens seeking home ownership in the Florida area, it’s essential to know what foreign national mortgage route to go down.

Florida, New York and Alabama were considered the top three states with the highest percentage of buyers paying with cash instead of taking out loans or mortgages. Approximately 64% of all 2014 commercial land sales in Florida were cash-only purchases.

In 2012, Florida had the largest number of international buyers at 23 percent, followed by California at 17 percent, Arizona and Texas both at 9 percent and New York at 3 percent. According to the National Association of Realtors, about half of 2012’s foreign buyers purchased homes in suburban areas and 25 percent opted for homes in more urban areas.

How dirty is Miami real estate? Secret home deals dried up when feds started watching Secret home deals dried up when feds started watching A new study may measure just how dirty miami real estate really is. Economists looked at a recent federal crackdown on cash home sales and found evidence of buyers trying to avoid detection.

If you are in the market to buy real estate abroad, chances are you won’t be able to secure a local mortgage to finance the property. Even in places where mortgage lending exists, the terms may.

FOREIGN REAL ESTATE INVESTORS The United States values the entrepreneur spirit and drive above all else, and here at Socotra Capital, we understand foreign interest in the U.S. intimately. Both principals of Socotra are the sons and grandsons of immigrants. The same is true of much of our staff as well.

Stated income loans and loans that are considered "alt doc" (short for alternative documentation) are available through these lenders. Angel Oak Home Loans – Updated Jan, 2016 These programs are specifically designed to drive additional sales in today’s competitive purchase environment.

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1st Florida Lending Corp., a registered Mortgage Lender Orlando servicing all of Florida offering over 48 loans programs including Conventional Loans, Non-Conforming Loans, FHA Loans, VA Loans, USDA Loan, Self-Employed Loans, Bank Statement Loans, No-Doc Loans, Reverse Mortgage Loans, ITIN Loans, Rental Investment Loans, to name a few and specializing in Bank Statement Loans or "stated loans.

"The market as a whole has seen a significant increase in demand for a foreign national product," says James Campanella, residential mortgage manager at City National Bank of Florida in Miami.

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