As a smart investor you will want to buy a home as soon as you come across the right one. But it’s not always that simple. There are many financial issues that will determine whether you’ll be able to purchase the house, as well as the terms of your mortgage.
Understanding the requirements to buy a house can make the home buying process easier to navigate.
A good real estate agent can also be helpful when finding the right home to buy. Eighty-seven percent of people who bought a home in 2021 did so with the help of a trusted real estate agent.
With the Luvanex Foreign Investors Program, investors who are not citizens of the United State of America can access loans to purchase properties for investment purposes.
For most people, buying a house means getting a mortgage. We have carefully analyzed the market needs regarding getting a property as an investor.
Typically, there are six boxes to check off to qualify as an investor and our lending criteria are listed below;
- Down payment
- Property selection through Luvanex Realty
Read Also: HOW TO BUY INTERNATIONAL PROPERTIES
Requirement #1: Down payment
Most lenders have tightened the requirements since the economic crisis in 2008. As a result, prospective buyers seeking to purchase a home must have some ‘skin in the game’ to qualify for a home.
The first requirement to qualify for our lending is making a down payment. This is the money you pay upfront to offset the amount you need to buy a house. Now easier than ever our investors can now put down 30% of a property’s value instead of the previously required full payment to purchase a home in the US.
Investors now only get to put down 30% equity injection as a down-payment (rates are determined and locked through independent loan officers) while they obtain a conventional loan to purchase the property.The amount you need for a down payment can depend on the type of home you are hoping to buy.
Requirement #2: Documentation
We advise you to have all your documents in a row, this will help the process go much smoother. Insufficient documentation can delay or even stop the process altogether. Here is what is needed to get started.
An international passport bio-data page and proof of funds in an account in the US, or an internationally recognized bank in your home country is all that is needed to be part of this program.
This essentially means that documentation to acquire your investment property is as simple as ABC literally! The Luvanex group through its Foreign Investors Program helps you get rid of bottlenecks.
Requirement #3: Property Selection
During the property selection process, Luvanex Realty becomes your eyes and ears through our trusted agents on the market.
We work with the mindset to help you make a top dollar from your investment property. We have consultations with you and facilitate virtual home tours to carry you along this life-changing process.
On a weekly basis, you also receive emails showing you recently listed homes on the market and you also can make your choices of homes we should view and review on your behalf.
Once you make a selection then an offer is made to the seller.
Requirement #4: ESCROW Agreement with Attorney
This basically means Luvanex Realty does not receive any money from our investors, all funds for the transaction of the home from earnest money to your down payment and the lender’s funds are sent to a closing attorney who disburses the funds to the seller of the house upon closing of the property.
Requirement #6: Closing
Every investor gets to close on their acquired property at the nearest U.S Embassy in their home country or send in their next of kin to close on their behalf in the United States, if they are unable to physically come in for the closing.
The Bottom Line
Before you can think about buying your dream home, you need to be sure that your finances are in order and that you have prepared wisely and thoroughly before the mortgage-approval process even begins.
Going through a checklist of requirements to buy a home can help ensure that you are as prepared as possible when you are ready to buy.
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