Mortgage for buying a foreign property?

Discussion in 'Economics' started by misterno, May 2, 2010.

  1. Is it possible for a US citizen to get a mortgage from a US bank in the USA to buy a property overseas?
  2. I need an answer
  3. Is someone buying property in Greece :) I think you can get mortgage but from bank in local country... If you want to get property in Canada you can go to TD Bank here...
  4. No I am planning to buy in Turkey and the mortgage rates are too high there

    Back to my question, any banks in the US does this?
  5. Yes its possible, but you have to put considerable amount of money down. For Turkey, if you really search, you might be able to find a bank that will loan with 30% down, but I think you will probably find its going to be 40% down in alot of places. DTI will have be be under 36%. And you will probably find that the maximum amortization is 20-25 years. Also...(this is where it gets weird) international mortgages will not let you have 20-25 years amortization depending how close you are to 70 years old. So say you are 65...they will only give you 5 years amortization. If you are 55, they will only give you 15 years amortization.

    Also, you will probably have to have something like 6 months to a years mortgage payments held in an account and the account needs to be opened in that country and usually running for about 6 months (of course there are exceptions).

    I would google "international mortgage broker" and sort though all those sites. You will probably pay slightly higher interest rates though for being in another country.