Through the years, we have come to realize that the concerns of our clients are similar. In the following list, you can find the most common doubts.
If you are a local buyer you must have at least: a credit of more than 580, the initial to buy and a work history of at least 2 years.
Yes, a foreigner has the possibility of acquiring a mortgage loan.
The bank finances up to 65% to foreigners.
The lender considers your debt-to-income ratio, which is a comparison of your gross income (before taxes) and related and non-housing related expenses.
Currently there are mortgage options that only require a down payment of 3.5% of the purchase price. However, the higher the down payment, the lower the loan amount and the higher your principal. Mortgages with a down payment of less than 20% generally require a mortgage insurance policy to obtain the loan. When considering your down payment amount, keep in mind that you will also need money for closing costs, moving, and possibly repairs and decorations.
The full amount of real estate taxes for the prior year is generally included in a property listing. If not listed, ask the seller for a tax receipt or contact your local assessor’s office. Tax rates can change from year to year, so these figures may be approximate.
It is not required but you must use a title company.
Start by asking your family and friends if they can recommend an agent for you. Compile a list of multiple agents and talk to each of them before choosing one. Find an agent who is a good listener and understands your needs and whose judgment you trust.
The commission is paid by the seller of the home.
There is no definitive answer to this question. Older homes are generally in more stable neighborhoods, offer a better atmosphere, and property taxes are often lower. Newer homes tend to use more modern architecture and systems, are often easier to maintain, and could be more energy efficient. In the beginning, people buying new homes often don’t want to worry about maintenance and repairs.
Calculating your offer should include several factors: how much homes are selling for in the area, the condition of the home, how long it has been on the market, financing terms, and the seller’s status. When you’re ready to bid, you’ll need to know how much your home is really worth and how much you can afford. Also, be prepared to negotiate compromises.
Yes, the United States government requires foreigners to pay US income taxes on the net income (income minus expenses) produced by the property.
No, it is not necessary to be present for the closing. If you are going to buy with a mortgage loan and a document that needs to be notarized, this can be done at the United States Embassy or consulate of your country of origin. Another option is to create a “power of attorney” in which you authorize someone else to sign documents on their behalf.
Yes, a foreigner has the possibility of acquiring a home in the United States.
For foreigners they start from 4.5%
Amortized over 30 years, generally with a fixed rate for 5 years.
Yes. By sending extra money each month or making an additional payment at the end of the year, you can speed up the loan repayment process. When you send additional money, be sure to indicate that the difference in payment should be applied to principal. Most lenders allow early repayment of loans, although they require payment of a prepayment penalty.
In Miami-Dade County they can turn out between 1.75% and 2.00% annually.
For foreigners we recommend buying in the name of a company.
Yes, we always recommend insuring your property.
No, it is not necessary since all real estate agents have access to the same platform (the MLS) where all the properties that are for sale or rent are located.
Select the community that best allows you to live daily life. Many people choose communities on the basis of schools. Do you want access to shops and public transport? Is access to local services like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community?
Home Inspectors have a special focus on the structure, construction, and mechanical systems of your home and will direct you to necessary repairs. Typically, an inspector checks and reports the cost of necessary repairs to: electrical system, plumbing and waste disposal, water heater, insulation and ventilation, heating, ventilation and air conditioning (HVAC) system ), water source and quality, potential pest presence, foundations, doors, windows, ceilings, walls, floors, and roof.
As a foreign buyer can buy in the US directly in their name or through some type of business entity such as a corporation, limited liability company, real estate investment company, etc., it is advisable to consult a lawyer or an accountant With regard to how you should have the property title as different types of property have different tax implications.
Long-term federal capital gains tax (property owned for more than 1 year) is 30% for foreign nationals.
