What should foreigners know about purchasing a vacation home in Orlando
By: Márcio Lima •
This is a very recurring question for anyone who is thinking about investing in real estate in the United States, and the answer is yes! Any foreigner can purchase a property in Orlando or in other American cities, provided that they have a visa to enter the country and make the purchase.
You can even purchase a property with your tourist visa, that is, the American citizenship is not required. However, the acquisition of an American home does not guarantee the Green Card to its buyer. We highly recommend talking to a certified real estate broker, as they are trained to ensure that the process of buying a property abroad happens less bureaucratically.
In addition to the passport with a valid American visa, it is important to present proof of income, residence proof, even if it is in another country - and other documents that allow possible financing. If all the documents are handed in correctly, it is possible to make the financing in American or international banks that are US-based quickly and simply; however, many international buyers prefer to buy cash a property in Orlando.
Those who usually choose to pay cash are those people who have sold a property in another country and want to invest in a property in the United States, as it is a safe way to make their money grow, with the return on their investment on vacation homes in dollars.
Those who opt for the financing should guarantee at least a 30% deposit, besides proving that it will be possible to pay the monthly installments of the property in the coming years.
The conventional financing of 70% of the value of the property can be paid in up to 30 years, with fixed annual interest of approximately 5.5%. However, there is a fixed interest rate program for five years, with lower interest rates, around 4% per year, after which the rate is adjustable. If you are looking for homes for sale in Orlando for financing, it is worth taking into account that three proof letters of income are required, which are:
• Letter from your bank, proving that you have a strong positive relationship with the financial institution;
• Letter written by an accounting firm in your country describing your income in the last years and the forecast for the current year;
• Credit history, proving that you paid up on time some negotiation in installments or other financing.
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