Our services go beyond just helping you find a home.  We can address any concerns or reservations that you may have such as:  What are the costs of home ownership?, Can I find financing and what are the costs involved?, What are the advantages and disadvantages of different types of housing and different communities?

Florida Rebate Realty, Inc. and its' agents are members of the Board of Realtors and provide service throughout Broward and Palm Beach counties.  

Visa Information For Foreign Nationals

For those who just wish to vacation in the U.S. a simple Tourist Visa (B-2) is all you will need. This type of Visa allows a visitor to stay up to six (6)months at a time. Many who wish to stay longer will take a short trip out of the U.S. to Canada, Mexico or one of the Caribbean Islands and then re-enter the U.S. for another six (6)months. Any foreign national may purchase real estate in the United States regardless of the type of Visa they hold. Clients who are interested in more detailed information about living and working in the United States should contact us and we will be happy to arrange a meeting with an attorney who specializes in this area of the law.

For more detailed Visa information click on the Visa links below to read two separate articles on this subject. Although the two articles overlap to a great degree both have some unique points.

Visa I      Visa II

Buying & Selling Considerations

Just a few things to consider when making your purchase are how to hold title to your property. As a foreign national there may be tax and other considerations to factor in your decision on how to hold title. We recommend speaking with an attorney in regards to this matter.

As of November 2003 all foreign nationals are required to have a tax payer id number (TIN) when buying or selling a home. When selling homes valued over $300,000 a portion of the proceeds are withheld pending your filing of a tax return.

Guidelines & Documentation for Mortgage Loans to Foreign Nationals

Please be advised the conditions below are a general guideline and all of the conditions may not be required by each lender. We can arrange for loans requiring very minimal documentation, however be advised interest rates may be higher than prevailing interest rates. Please consult with your Loan Officer to determine the best program for your particular needs and circumstances.

• Property must be non-income producing and available to borrower year-round.

• Borrowers with diplomatic immunity are not eligible.

• Borrower’s visa status must be documented to determine eligibility by providing a copy of the passport and visa. The borrower must live and work abroad.

• A credit report from a US reporting agency is required, if available. If this report is not available or deemed to be insufficient, a minimum of 3 original letters of reference (trade) and credit (bank) from the country of origin will be required covering a 2 year period.. Additionally, the borrower must provide the past 3 months credit card statements, and all outstanding credit obligations must be verified in writing, or through a credit report.

• Verification of income over a minimum of the past 2 years must be documented by providing copies of paycheck stubs, personal tax returns and/or a letter from an employer, a letter from an accountant and/or income statements.

• The down payment, closing costs, and 6 to 9 months PITI (principal, interest, taxes and insurance) reserves must be verified by a bank or computer bank statement as deposited in a United States bank prior to closing. This cash reserve must be available in the account at all times.

• The borrower must provide the most recent 3 months bank statements together with a copy of the Wall Street Journal’s conversion table as of the same date as the bank statements, for the purpose of converting the borrower’s foreign currency to US dollars.

• Three months Real Estate Taxes and Homeowners Insurance must be escrowed.

• The maximum LTV (Loan To Value), in general, will vary from 55 - 80%. The LTV ratio depends on the level of documentation (the greater the documentation the greater the LTV) and the loan amount (the greater the loan amount, usually $400,000 and up, the lower the LTV allowed).

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