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Great news!
We now are offering a foreign national loans for areas of South Florida.
Primary areas of lending (max 70% LTV):
Counties: Miami Dade, Broward, Palm Beach & Monroe
Secondary areas of lending (max 65% LTV):
Naples, Marco Island, Bonita Springs, Bonita Beach, Stuart, Juniter Island & Vero Beach
Key program features:
- All loans are either 1/1, 3/1 or 5/1 ARM with a three year prepayment penalty
- Rates are tied to 1 Yr Libor Index
- 6% Seller contributions allowed towards buyers closing costs (excluding prepaid and escrows)
- Primary Residences, Second Homes & Investment Properties
- Condo’s and Townhomes – Unit Owners (max 70% LTV) Or Developer (max 65% LTV) can control HOA
- New condo buildings must be 50% closed or FNMA approved. If so, they qualify for LTV’s of 65%. If the building is not 50% closed nor FNMA approved, the maximum LTV is 50%
- Condo Questionnaire required on all condo loans
- Alternate income documentation for foreign nationals. Self-employed foreign nationals require an accountant’s letter with 2 years of income and a YTD figure
- Domestic borrowers require full income documentation (4506 required)
- Minimum U.S. credit score for domestic borrowers is 680
- Corporate title acceptable (Shell Corps only)
- No escrow waiver allowed
- Cash to close must be on deposit in a US bank prior to closing
Call me for scenarios and questions!
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U.S. Immigration & Visas
Foreign Nationals Investing in U.S. Real Estate ar often concerned about U.S. Immigration and Visa laws. Clearly, their residency status is also relevant to their tax situation. The Immigration laws are under constant changes. This web page was created in order to help out with the understanding of the basics of the law. Please consult an immigration attorney for more detailed assistance.
Visas
Most individuals who want to live permanently in the US must first enter with a temporary visa. Types of such visas are briefly described below:
B-1 "Business Visitor" : This visa allows an individual to incorporate in the US, acquire property, sign contracts and perform certain other business activities, but it does not allow the individual to directly manage a US business or receive US-sourced wages.
L-1 "Intracompany Transferee" : This visa pertains to individuals who own or work for a foreign corporation that is directly related to a US corporation that employs the individual in an executive, managerial or special-knowledge capacity.
E-1 "Treaty Trader" : This visa is available to individuals from nations that have a treaty of trade and commerce with the United States. The visa allows the holder, spouse and minor dependents to live in the United States for an indefinite number of years.
E-2 "Treaty Investor" : This visa allows a foreign individual or corporation to live in the U.S. while actively investing in, operating and managing a U.S. business.
EB-5 "Million Dollar Investor" : This visa is available for individuals who plan to make a capital contribution of $1 million to an enterprise.
H1-B "Temporary Professional Worker" : This visa allows an individual with a bachelor's degree from the US or abroad to remain in the US for 6 years while employed in a professional position with a United States employer.
O and P "Extraordinary" : These visas are available for aliens of "extraordinary" ability in the sciences, education, business or athletics.
Becoming Permanent
The alien investor or professional worker may become a permanent resident according to the following general process :
Step 1 - Establish a US business enterprise and begin trade with the United States (L-1) or begin (H-1B) employment.
Step 2 - Obtain an L-1 or H-1B visa.
Step 3 - Travel to the United States on an as-needed basis, maintaining non-residence status in the United States for tax purposes.
Step 4 - Obtain permanent residency after a year in the business, if the business is viable and the investor and corporation meet certain requirements. In the case of H-1B professionals, the individual and his/her family can remain in the United States only for seven (7) years unless they obtain permanent alien labor certification by obtaining a bona fide job offer from a US employer in which the foreign worker and family are not directly involved.
Step 5 - Obtain U.S. citizenship after five (5) years from granting of resident status.
Sites that may assist you further on :
www.immigration-usa.com
www.immigrationguide.com
www.usvisanews.com
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