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A friend recently returned to the US after living in Costa Rica for many years. This person owns a high end home worth at least $300K. I use this figure because I believe they could sell it quickly for this amount. For instance, I would buy the house for this amount and I don’t need it. The house is currently listed for nearly twice this amount. This person needs some approximately $75,000 and has asked me if I can find a way to mortgage the house for this amount. Ideally, the loan would be with a bank in the US but it really doesn’t matter as long as the interest rate was reasonable and they would use the property value to make their decision. Since this person has been living outside the US for over 30 years, they do not have any credit file in the US so a US credit and/or US asset based decision like I have read about won’t work. I have read the threads about Stewart Title and their process of working through a Texas Bank to gather information on the applicant for the underwriting of a loan. My friend has income to support repayment of the loan and may soon have the house in CR under a rental contract that would support repayment of the loan.
Thanks in advance for insight into a solution…
Jerry
Before posting this question, I searched and read information from past posts. So, my question is framed with that in mind.Please visit the US Mortgage Broker we recommend at < https://www.welovecostarica.com/members/1549.cfm .
Scott Oliver – Founder
WeLoveCostaRica.com
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