Foreign National - NO DOC
Florida Mortgage Corporation offers the perfect mortgage for Foreign Nationals buying a home in Florida. Our NO DOC mortgage program is basically a "BLANK" mortgage application. This means the applicant or borrower does NOT disclose personal financial information on the mortgage application.
Not yet found a home? No Problem. With a completed mortgage application, you will receive a letter of pre-approval and go shopping to buy a home. It's a loan waiting for you!
Up to 60% LTV financing - 40% Down Payment
NO DOC mortgage
NO Supporting documentation
NO Credit report - None required
NO Employment (Job) disclosed - None required
NO Employment Income disclosed - None required
NO Bank statements and letters - None required
Corporate, partnership and trust permitted
Must provide a copy of a valid FOREIGN passport
Condos (Residential): Up to 55% LTV or 90% CLTV financing (Built prior to 2004)
One year pre-payment penalty
Cash-Out Refinance: Considered on a case-by-case basis only, under the NO DOC Foreign National mortgage program
NO USA Bank account required
If you are UNABLE to meet the above "down payment" requirements, we offer a combination mortgage program that only requires a minimum 10% down payment. Please visit: http://www.floridamortgagecorp.com/foreign_national_nodoc-combo.htm
Restrictions: Condo-Hotels NOT eligible for financing under this NO DOC mortgage program. Established residential condo projects/developments must meet be built prior to 2004. None acceptable after 2004. Condos NOT financed in Dade, Broward, Palm Beach counties.
A condo hotel investment income property is for commercial use as hotels, that require special licensing from the State of Florida.
Unfortunately, the Orlando & Miami real estate market is currently "saturated" with this type of investment income property, with many being sold at "distressed" prices. Furthermore, the Orlando & Miami real estate market is experiencing serious declining market values due to a high number of foreclosures.
The investment property's use is determined by local county zoning laws, Homeowner's Association community guidelines, etc. A Condo-Hotel home can only be located in a community that is legally zoned and allows the investment income property to be used for commercial use.
Please visit the following links for additional detailed information: