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Foreign Nationals Invest in San Antonio Real Estate
Update March 18, 2008, Roman Alfaro and Randy Watson are now with Mission Realty, Inc
Affluent Mexicans and foreign nationals of other countries wanting to invest in San Antonio real estate aren't having to buy their investment properties, second homes, vacation homes or principal Texas residences with all cash. Fortunately, many lending institutions have special loans available that allow them to qualify for mortgage loans at very favorable interest rates.
Lenders may require a significant down payment. To qualify for these second or vacation home loans typically requires 30% minimum down payment and have competitive fixed rates for up to 30 years. Other programs and plans may also be available with adjustable rates, longer/shorter amortization periods, more/less downpayment money, etc.
The lender may need additional information from the borrower such as income or employment verification. Obtaining mortgage loans requires payment of other fees, such as, loan origination fees, surveys, inspections, appraisals, pre-payment of taxes and insurance.
Homes being purchased by foreign nationals are being used for second homes, sometimes these homes are loaned to other friends or families for vacations during times when the actual owners will not be visiting. Other homes are bought by Mexican businesses who let their clients or employees use them while conducting business in San Antonio. Still others are bought purely for investment purposes and are rented out for the income and future increase in equity.
For more information about purchasing vacation or second homes in San Antonio, call Roman or Randy of Mission Realty, Inc. at 210-734-5590. Llama a Roman, Agente de Bienes Raices.