We recently received a notice from our lending partner that they have expanded their Foreign National Loan Program to include non-resident and non-U.S. citizens borrowing for second homes in the United States. This is great news for our Canadian clients (and other Foreign Nationals) who are looking to purchase a vacation home or first investment home here in Las Vegas.
We have sold a lot of properties lately to Canadian clients who are taking advantage, not only of the historically low prices and available foreclosures in Las Vegas, but also of the unprecedented strength of the Canadian dollar at the current time. This “perfect storm” of buying opportunity will not last forever. If you are a Canadian looking to purchase a great second home for yourself, for income, or both, now is the time to buy. We specialize in helping out of town investors understand all their options in the Las Vegas real estate market and we offer the best buying opportunities possible by taking advantage of Las Vegas foreclosures, REOs and traditionally listed properties.
Michael Lembo, loan officer at iMortgage, has outlined the following major qualifications for the Foreign National Loan:
Maximum Loan Amount of $417,000
30-year Fixed Rate Mortgage
30% Down Payment Required from Borrower’s Own Funds and 6 Month’s Reserve in a US Bank Before Closing
700 Minimum Credit Score with at Least 4 Trade Lines
36/45 DTI
Single Family Homes or Condos Allowed
Must Not Own Any Additional U.S. Property
If you would like more information on this loan product, or to discuss the current purchasing opportunities in the Las Vegas real estate market, please contact Glenn Plantone of Wynn Realty.
Glenn Plantone
Wynn Realty
(702) 656-3264
gsplantone@gmail.com
www.glennplantone.com or www.vegasforeclosures.blogspot.com
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