Wellness of your home
Services and convenience of a hotel
The process to rent your vacation home, however, still causes fears in many of the guest. Before closing a deal, it is common to have questions as ‘Does the property is the same as advertised?’ Or ‘Is it in good location for me?’ Or ‘The rooms are clean and in good condition?’. And worse: without a good assistance, you may just have the answers when arriving at the property rented… The services from Vacation Homes Collection (VHC) are your guarantee to find everything you would expect in your travel destination. And much more. Specialized in the management and rental of vacation properties, with executives of great experience in the areas, expertise in the regions in which it operates and partnerships with some of the most recognized companies in the sector in the United States.
Much more than a property management
Acquiring property in the United States, choosing locale and property configurations, the pursuit of your home… These are important steps in the diversification of investments that can be lost without a good management company. After all, it is not easy to identify as to how to receive the best return on investment or guarantee that your property will be taken care of during your absence
Our work is to make you rest and enjoy
To resolve issues and optimize the benefits, you can rely on the services of Vacation Homes Collection (VHC)-a company specialized in property management and vacation rentals in the United States. At VHC, there is no need for worry, our mission is to take care of the details so that you may enjoy the best of your investment- whether it be enjoying your vacation, or reaping the benefits of your investment. Having access to the best in property management is embedded in Vacation Homes Collection (VHC) ‘s DNA. Since our specialty is vacation rentals, it is in our best interest that each home complies with all regulatory requirements set-forth by the American government. That each home is in its best condition. Additionally, we insure that proper marketing strategies are being instituted so that constant bookings are being made. Furthermore, our experienced staffs of executives and customer service representatives are always at your disposal to answer any doubts you may have and to take the best decisions to guarantee the livelihood of your investment.
Are you looking for your dream home in Florida or in another state in the U.S.? Do you already own a mansion, penthouse, or developed site in Florida? No matter how precise your plans are currently and what price range you are thinking of:
We are Your Best Choice when it comes to purchasing and financing in Florida and the U.S. in general.
Our specialty is the unique personal and comprehensive consultation assisting you through the entire process of purchasing a property in the United States. Since 1994 our team provides extensive knowledge, individual consulting, as well as comprehensive services in regards to home buying and account management. Our portfolio includes a large number of U.S. realtors and banks specializing in foreign buyers.
Mortgages in the U.S. are very different from loans you may know from your banks at home. U.S. banks are structured differently and are subject to different laws and regulations. If you would like to obtain financing in the U.S. with a U.S. bank, you should know these differences and the various options available to you. Mortgages (or loans in general) in Florida and the U.S. have many advantages: No or limited prepayment penalty, tax advantages, establishing credit worthiness, and minimization of currency risk; just to name a few.
Satisfied customers have made us a success: In 1994 we started as a financing agent for German-speaking customers in Florida and now we advise buyers from around the world on all matters related to purchasing and financing in the United States.
Important questions in regards to financing for
Foreign Nationals in Florida
What exactly can a foreign national finance in Florida?
- Single Family House purchase
- Multi Family purchase (1-4 unit multi family property loans are available in select areas)
- Condominium purchase
- New construction
- Refinancing (redemption of an existing loan)
- House/Condominium: “Cash-out”-Refinancing (mortgaging of an unencumbered property with succeeding cash payout of the finance amount)
What is the maximum amount a foreign national can borrow against a real estate property?
Most banks require 30% down
Important: When financing through a US bank, the bank requires an independent, state certified appraiser to determine the value of the property by comparing homes that have closed in the area. The bank then will lend money on the purchase price or appraised value – which ever is less
What are the loan terms in Florida?
- Standard loan is amortized over 30 years; meaning your payments are figured on 360 months even if the rate is not fixed for the full 30 years. Some can have a 15 year amortization.
- Balloons (long-term amortization, medium term duration) , i.e. loan can be amortized over 30 years. You can have a 7 year balloon meaning you pay as a 30 year loan but after 7 years, your balance is due in full.
- On most loans, there are no prepayment penalties, i.e. you can repay the loan partially or in full at any time, whenever your financial planning, liquidity, U.S. dollar rate etc. deems it to be reasonable without any penalties.
How long can a fixed interest rate-period be for foreign national?
- In most cases, Foreign Nationals are offered an ARM, Adjustable Rate Mortgage. This means that you will receive a fixed rate of 1, 3, 5, 7, 10 years depending on the program.
- There are limited programs that also offer a 15 year or a 30 year fixed rate.
What type of documents does a foreign national need for financing in Florida?
- Credit report from home country (if possible)
- Proof of income (written statement from the tax accountant or employer and pay check stubs)
- 3 references from local banks and/or car loan companies, and/or credit card companies
- Proof of sufficient assets for down payment, closing costs, and reserves ( i.e. 2-3 months bank statements- must verify large deposits)
- Some banks require tax returns from home county
We will be glad to provide you with some sample texts.
How long does the processing of a loan application take for foreign nationals in Florida?
- The timeframe from credit application to closing is approximately 4 – 6 weeks on average (depending on the credit model and on how quickly you can provide your documentation)
- The better you are prepared, the shorter the processing time
Does the borrower have to be present in the USA for the closing ?
- Most of our lenders do not require you to be in the USA at any point. From credit application to closing we can do everything over the phone/fax/or by courier. Although, we do have lenders/investors who require an interview in person.
- In addition, some lenders/investors will require closing documents to be signed by a US Notary either in the US or at the US Embassy from your country.
Can the borrower wait with signing the sales contract until loan approval?
- All financing in Florida is object-based, which means that you need a signed purchase- or construction contract in order to apply for a loan
- Important: Please make sure that the purchase- or construction contract includes a “Finance Contingency” (This finance contingency clause allows you a resignation right in case the financing is not feasible.) Please discuss this clause with your REALTOR or an attorney prior to signing your purchase contract.
Which special features exist with construction mortgages in Florida?
- There is no commitment interest
- You will be offered a one time close mortgage, meaning the bank will finance both the construction and the end loan together
- Supervision and inspection of the construction progress by the bank
- The bank assesses the creditworthiness of the construction company in order to minimize a potential risk of default on the builders side
- The loan amount will be paid out to the construction company in installments and only after specific performance by the contractor and inspections by the bank
- Equity will be consumed before borrowed capital; therefore the loan interest only begins during the advanced construction phases