Posted by Chris in Southern CA on October 17, 2003 at 23:33:22:
Phantastic! But times are tought and even secured credit cards demand a SSN (and I wasted a few cashiers’ checks after being assured that would work).
No FICO score is another matter - although I’ve worked in banking & finance. But UK and German credit doesn’t cut it. - Thanks again! Chris
financing for foreigners? - Posted by Chris, 29 Palms, CA 92277
Posted by Chris, 29 Palms, CA 92277 on October 15, 2003 at 24:34:36:
I found a 6-Plex bringing $ 1,500 rent per month for about $ 75k. Despite owning 20+ units free and clear, no bank would offer a mortgage. Q1: Does anyone know a program for foreigners without SSN or U.S. credit history but impeccable standing? Q2: Can someone please recommend a HML in the area of Southern CA? Q3: If the deal is financially viable, even 10% interest, appraisal and other fees won’t matter. Has someone used a long-term HM loan? I heard of one at nearly 9% with 3 points and the usual fees for the loan escrow & appraisal, title insurance etc. SPEED IS OF THE ESSENCE AS THERE IS A 30-DAYS-ESCROW! Thanks! Chris
Re: financing for foreigners? - Posted by DanFerrera
Posted by DanFerrera on October 17, 2003 at 19:41:56:
With30%downthisinstitutionIknowwillnotneedcredithistorynorsocial
Re: financing for foreigners? - Posted by acw
Posted by acw on October 16, 2003 at 20:49:37:
Eka is correct!
Banks don’t like to take back property. If you don’t have a SS#, then you may want to consider putting down 50%. Otherwize, a HML in your area may consider the deal if there is enough equity AFV.
Drop me an email if you need more help…
…Tony
Re: financing for foreigners? - Posted by E.Eka
Posted by E.Eka on October 16, 2003 at 17:34:03:
You might have to contact a hard money lender.
If the deal is good enough, they’d consider it.
You have to understand, ALMOST no one will lend to someone who has the ability to leave at any time. Either through the INS or on their own.