What kind of mortgage can Chinese foreign international buyers have to buy NYC condos?
Many of our buyers are Chinese foreign international buyers from Asia (Hong Kong, Taiwan, Mainland China, Singapore and other countries). Many Chinese buyers decide to buy so they have a place to stay when they come visit New York city, owning a condo is much comfortable instead of staying at different hotels. For many of our Chinese Foreign International buyers, it is a good way for these buyers to diversify their assets and investments by purchasing a Manhattan New York condo. Our Chinese buyers rely on our expertise in finding them the perfect New York city investment.
For Chinese Foreign international buyers asks us if they are able to obtain a U.S. mortgage, this will really depend on several items. (We are NOT mortgage brokers or mortgage bankers, this is for informational purpose only, it can change anytime per new lending guideline and regulation.)
- Status and/or Visa do they have any work visa or residence status in US? Or if they are true foreigner without any US credit history or records.
- Down payment amount: there are few bank will have some lending program for foreigners that do not have any United States Credit history, though the bank will likely to require a higher down payment of 40% up to 60% on case by case scenarios.
- Prior relationship with the bank, many of our Chinese buyers have prior relationship with different banks, if the bank has an office in New York, it may be possible for the buyer to obtain mortgage if there are other investments with this bank.
Please note that we are NOT mortgage professionals, we are experienced Chinese Speaking Real Estate agents that specialized in Chinese and foreign international buyers, we work with a team of mortgage professionals that specialize in foreign international lending.
Majority of our Chinese Foreign International buyers decide to find financing in their home country once they learn about all the lending criteria and requirements set by U.S. banks. The main reason being all the extensive paperwork and documentation required, hefty fees and mortgage closing cost if buyer decides to obtain US financing. Chinese Foreign International home country lending process may be more streamlined and less costly.
If you are a Chinese and/or foreign international buyer looking to purchase a NYC condo email us (https://chinesespeakingagent.com/contact/). We can discuss in details of your options and best way to find the right investment for you.