You can choose either a U.K. or U.S. mortgage to buy your Florida property. There are benefits to both and our U.K. and U.S. associates are perfectly positioned to give the very best up to date advice. Anyone who is over 21 years old can apply for a U.S.dollar mortgage. No matter what your income, the Calabay Homes' Mortgage Team can arrange your mortgage or even locate a more competitive rate on your existing Florida property mortgage. We can help whether you are either employed or self-employed.
The amount you can borrow primarily depends upon the value of the property you wish to buy. Generally, U.S, mortgages are available for all purchases up to a maximum LTV (Loan to Value) of 80%, although there are options for certain applicants to increase that amount up to 95%. When deciding on the total loan amount you require, you should also consider the potential rental income and other costs associated with owning a home in the U.S.
Assuming a 20% downpayment, the borrower will need to provide the following items:
- copy of passport and/or visa (UK applicants)
- social security number or driving licence (US applicants)
- statement from employer indicating preceding two years' gross earnings, or if self-employed a statement from a recognised accountant indicating preceding two years' gross income
- copies of the three most recent bank statements from the account that will be used to pay the mortgage
- details of a U.S. bank account having sufficient funds to pay all closing costs (see later) and at least six months total mortgage, interest, tax and insurance costs
- any existing annual mortgage statement from the applicant’s home country
- reference from applicants' bank
- reference from existing credit source - typically the applicants' credit card company.
Assuming a 25% deposit, the requirements will be the same as above except the obligation to provide the three most recent statements from the mortgage payment source account.
Assuming a 30% deposit or above, the requirements are less stringent with a need to provide little more than details of the applicant having a U.S. bank account that is in credit.
Buyers should budget for the "closing costs" mentioned above which is the total cost associated with the property transfer. These consist of title search fees, insurance charges, survey fees, local taxes, appraisal costs, mortgage broker's fees, legal costs and state recording fees - typically these total costs would equate to approximately 5% of the mortgage amount.
General mortgage information.
All of the mortgage interest can be offset against rental income for income tax purposes, as can all the day-to-day running and maintenance costs. Depreciation of the interior furnishings also provides tax relief.
Mortgage payments are usually monthly, although they may be fortnightly or weekly depending on the type of mortgage and the individual lender.
Mortgages can have a fixed interest rate for all or a specified part of the term, or have a variable rate linked to the prevailing bank interest rate at the time. Our advisors can help you decide which is most appropriate for your circumstances. Most mortgages will allow early repayment of the loan, but there may be early repayment fees if the lender offered a mortgage where the borrower enjoyed a lower than normal interest rate during the early part of the mortgage term.
We can help mortgage applicants with a problematical credit history provided that they can show that they have maintained their credit obligations for at least 12 months prior to the mortgage application.
If a borrower fails to make any payment(s), the lender will impose a late payment fee which must be paid along with any outstanding payments. If the borrower should stop making payments this would result in a defaulted mortgage and the lender would seek foreclosure on the property. Foreclosure would see the lender forcing sale of the property to recover the debt. The borrower would still be liable for all accumulated interest and other costs until the full mortgage amount and foreclosure costs were repaid.
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