Joseph Sloboda

• Manage |RSSREO / Foreclosure Marketing and Management Professionals

I have been providing financing to foreign nationals in South Florida for a little more than 10yrs and my how things have changed in this time. When we started it was very difficult, then it became almost too easy and now we are back at difficult. Yes - while Europeans and South Americans (especially Venezuelans) are increasingly buying properties in South Florida the availability of credit to these buyers is significantly difficult to obtain. There are a limited # of banks that will even entertain a foreign national buyers and then when you have a lender that will underwrite a NRA file then you have to be sure of what you are getting. The big banks like BOA, Citi and others are either pulling out al together or they are charging up to 4 points up front to get rates like 7.5% - additionally you need to make sure you NRA buyer is prepared to put 35% - 40% down payment. Our office is working with several Regional Banks and Community Banks in South Florida that are providing very competitive rates and terms provided the borrower is willing to have that minimum 35% down payment and in most cases will be required to open an account with a depository relationship. These deals CAN be done, but by no means are they easy. Make sure your loan officer or mortgage broker is experienced in this field. Joe Sloboda HG Mortgage