Second House LoanA second home loan
You said you wanted a traditional loan, so that should be okay. I have two homes for my folks. A house we don't want to sale, so we let it to a boyfriend of a mate. The house we are living in has what we need. An FHA loan usually requires that you reside in it for a year, verify your loan documents, but you are way past that anyway.
Knowing that you have already leased the house will help as you can use the rent to improve your qualifications. I' m putting 20% on my second home. Living in the second house, I let my first house.
Where do non-EU citizens buy real estate in France? Purchase of real estate
When you come from a non-EU member state and are dreaming of having a house in France, there may be more springboards than for EU or France citizens, but there is no need to make your dreams a living. For non-EU citizens, the procedure for purchasing a home in France is the same as for those within the EU, for France, although the amount of money you can invest on your home depends on your visa/residence type.
It is important to know the purchase procedure as it varies from state to state, as always when purchasing a home abroad. For example, in France you always have to appoint a notary to buy or buy a house. If you are purchasing or traveling from afar, it is all the more important that you carry out your research so that you can make the most of the amount of free French speaking real estate searches.
There' a lot you can do before you go, and it also pays off to establish good relations with real estate pros who will help you. Good agents are good value their weights in bullion, and you will often find that they go the additional mile to France to help you.
You may also want to use a real estate agent to do the running for you. While there are many English-speaking agencies, those who do not know either English or English must take into account both oral and oral aspects of the translations, especially in the case of law agreements. Now is a good moment to buy a real estate in France?
Brexit: Will I be able to buy another real estate in France? One important factor when purchasing real estate in France is the succession regime; according to the EU succession regulation that came into effect in 2015, the succession regime of France or your home Member State may be applicable, according to your situation.
An expert company specialising in France's laws and taxes may be able to help you find the best way to organise a realty sale in France and determine which type of will is appropriate, but it is also important to obtain support from your home state. "If a non-EU purchaser stays outside France, his decease may lead to an obligatory payment of succession duty in France, generally in proportion to the value of the succession in France," added Matthew.
A further point to consider is the issue of the property levy in France, as Matthew explains: "It may be a net value above the thresholds (?1.3 million in 2017) of the property in France. That which is included in the inheritance may vary according to the situation of a particular individual. It is possible that if the landlord resides in a country where the property taxpayer is subject to property taxes, the amount of the property taxpayer's income in France may be offset against the due income taxes, although this would require the provision of locally available information.
If you are purchasing real estate or making large purchases in a land that uses a different foreign currency than your own, advance budgeting can help you make significant savings. "Think about the possible effects of the foreign rate on your purchasing and how what happens in your own home market and in Europe will influence that rate," says Cambridge Global payments foreign exchange specialist Matthew Harris.
"Assuming an avarage turnaround of two to three month, currency conversions can move more than 10%, which means that you could be paying significantly more for your home than you might have planned. Furthermore, your local banks may charge commission or offer bad currency conversions, which means you are paying more than you need.
"Foreign Exchange specialists can help you managing this foreign currency exposure and protecting you from theft. They can even limit your foreign change when you make an estimate, so you know exactly how much you have to spend in your own local money when it comes to completion.
"At the moment, for a US customer, the US dollars are close to the highest level we have seen in a decade, which means you currently have high purchasing strength, with Australians and New Zealanders in a similar situation, albeit at the highest level since 2012," added Matthew. So what will happens to foreign currencies in 2017?
When you need a loan or mortgages to fund the acquisition of your home, it is definitely worth considering the use of a francophone mortgages and taking full benefit of the low interest currently offered. It is a good way to minimize your currency exposure, and you can always cash it out later as your currency moves in your favor.
In addition, you may find that only a reputable financial institution will be able to grant loans against the real estate you wish to buy. Mortgages are applied for the same procedure regardless of your home state, although there may be restrictions for non-EU borrower. "As fewer banking institutions are currently able to provide credit to non-EU citizens, this may mean that the choice of products is more limited.
A US or Australia purchaser would obtain a loan with a value of up to 80%, as compared to an EU citizen who could seek up to 85%.