Buying a house

[SelenaS]

We would like to purchase a house in Aruba.
However, we do not have a 50% downpayment.

We are non-residents. Any suggestions?

Thanks!

[Andrea J.]

since you are in aruba now, why not speak with one of the aruba banks mortgage departments?

Originally Posted by SelenaS

We would like to purchase a house in Aruba.
However, we do not have a 50% downpayment.

We are non-residents. Any suggestions?

Thanks!

[SelenaS]

Originally Posted by Andrea J.

since you are in aruba now, why not speak with one of the aruba banks mortgage departments?

We have an appointment at Arubabank tomorrow. However, our realtor advised us that it is typical to expect a 50% downpayment.

Do any US banks offer international financing? Ours does not and did not have a recommendation.

Thanks!

[Andrea J.]

i haven't a clue.
let us know what the mortgage officer at arubabank says tomorrow.

Originally Posted by SelenaS

We have an appointment at Arubabank tomorrow. However, our realtor advised us that it is typical to expect a 50% downpayment.

Do any US banks offer international financing? Ours does not and did not have a recommendation.

Thanks!

[Cosmo]

You can take a second mortgage on your primary home in the states for the down payment or if you have enough equity in your home enough to pay for the Aruba home. Useally the rate for a home equity loan in the US is lower than a primary loan in Aruba, a good realtor can assist you.

[EHampite]

That's what we did ... we took a home equity on our home in the States. Much easier and didn't have to deal with international banking, etc.

[SelenaS]

Well, after a very long wait at Arubabank...for non-residents it's 40% down.

Unfortunately, I don't think we have enough equity to get enough out of a home equity line of credit. At least according to our "mortgage guy" in the states at SunTrust - things have gotten a lot tighter on those loans.

It's hard to come up w/ that much cash for a downpayment! We have the assets and income to qualify...just not the 40%.

Any other suggestions?

Do you know of anyone who does international mortgages from the US. We have a solid 20%.

Thanks again!

[Andrea J.]

sometimes google "can be your friend"

i hope all works out.

and........would the seller be willing to "hold the paper"?

check this google search below

http://www.google.com/search?source=...w=1280&bih=604

[yefim8]

try lendingtree.com. the will connect you with a lot of banks/private companies etc, also try to get not a equity line of credit but loan of credit.they good for 3,5,7,10 or 15 years but rates sometimes better and less $$ goes to lender

[luvsun]

What is the percent down if you are a resident?