On behalf of a husband and wife (permanent residents from Ecuador and Peru, respectively), we obtained a purchase loan for their second home — a luxury high-rise condominium in Miami, Florida.
Our clients had good credit, low debt, and had no problems showing income through tax returns. However, the main challenge of this loan was the property itself. Specifically, there were two issues that we had to overcome.
First, the condominium association’s budget revealed that not enough proceeds were being set aside for reserves.
Second, the condominium association’s master flood insurance policy was not part of FEMA’s National Flood Insurance Program.
As a result, to offset those risks posed by the condominium association, the lender lowered the loan-to-value from 80% to 70%.
Ultimately, we were able to get our clients approved for a conventional, 30-year fixed program, at a 2.875% fixed interest rate.
Our clients are now proud owners of a gorgeous condominium in a desirable and convenient location.
Are you a non-U.S.-citizen looking to purchase or refinance a condominium? We can help. Contact us today to discuss our loan programs for non-U.S citizens.