Mortgage for property in the US?

R

riviera

Registered User
Messages
95
I was talking to a mortgage broker from California who told me that if foreign buyers give at least 30% up front when buying property, banks will not ask for any proof of income/earnings and will automatically finance the rest.

Anyone heard of this?
 
You mean US banks - i.e. getting a US bank (US$?) loan for a US property purchase?
 
The word on the street is that global credit is tightening. This sounds suspiciously like the sort of behaviour which has caused the recent sub prime loan crisis.
Either that or the 30% is advance fee fraud.

Do you have any more information ?
 
The broker told me its common practise and has been common practice long before the recent sub-prime issues arose.
 
no income verification loans are common in america,they are not sub-prime loans,they usually require 25% down and are also slightly higher than prime. you can also pay points to reduce the rate,1 point being equal to 1% of the morgage.self-empolyed people usually avail of these morgages as income verification is not possible. Most lenders shall require asset verification.
 
You must log in or register to reply here.
Back
Top