Mortgages

भिडियो हेर्न तलको बक्स भित्र क्लिक गर्नुहोस

Mortgages are normally available to a maximum of 70% loan to value and for up to 30 years. There are not normally age restrictions on mortgages on US property (see Fair Housing download). Mortgages are normally based on affordability and suitable proof of income will be required. As a rule, the debt to income ratio should not exceed 36%, although there are exceptions to this. For some loans, limited documentation is required. To see what is currently available, please go to our Mortgage Programs page.

The mortgage secured against the US property, can be in either US Dollars or other currency. The currency in which the mortgage is arranged would normally be determined by the currency of the income being used to fund it. A qualified representative will go through the options and advise which was most suitable from the Mortgage Programs available. A US Dollar Bank Account will need to be opened, to enable the payment of local, taxes, utility bills etc. Some lenders also require six to twelve months mortgage payments to be held in your account before closing. You may also require to have your deposit and closing costs seasoned. This means that you will need to show where the funds have come from, usually covering the last 60 day period.

Exchange rates can greatly affect the cost of an overseas property purchase. Deposits and closing fees would normally be converted from your home currency to US Dollars. Registration with a Currency Exchange company would be prudent, as funds can be booked up to 18 months in advance. This is particularly useful should the purchase be off-plan, as it allows these cost to be “fixed”.

Closing fees are costs associated with the purchase, such as taxes and insurances, and would initially be listed on a good faith estimate and at closing on a HUD1. As a rule these would be approximately five percent of the purchase price for a newly built property and four percent for a re-sale.

It is possible to purchase a property in certain States without a lawyer, by using the services of a title agent. A lawyer would normally cost around one percent of the purchase price and should be seriously considered, especially if the purchase involves a number of parties, such as other family members. There is booklet HUD Settlement Costs available for download, which gives comprehensive information on these costs.