You live in the UK. You want a Cape Cod summer house, a Florida winter place or a California mid-century home. US lenders offer foreign national mortgages up to about 70 percent LTV, USD-denominated, at rates typically 1 to 2 percent above headline US resident rates. FIRPTA (Foreign Investment in Real Property Tax Act) applies on eventual sale. Title company handles the closing.
Typical numbers, foreign national
- LTV up to 70 percent.
- Currency USD. Rate typically 1 to 2 percent above US resident equivalent product.
- Closing costs 2 to 5 percent of price plus title insurance.
- FIRPTA 15 percent withholding on eventual sale of price (refundable via IRS).
- State transfer taxes vary; Florida no state income tax, California high all-in.
We are a credit broker and not a lender. Whichever lender we introduce you to, we will typically receive commission from them after completion. Where we refer you to a third-party overseas broker we may receive an introducer commission. This does not affect the amount you pay.