Puerto Rico Loan Term Sheet
Description
How to fill out Loan Term Sheet?
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FAQ
U.S. lenders ? including Rocket Mortgage® ? do not finance foreign property purchases. Furthermore, foreign lenders use different rules for evaluating noncitizen mortgage applications. Noncitizens looking to buy U.S. property face the same when they go to U.S. lenders.
While it is possible for a US-based bank or mortgage company to provide financing for the purchase of property in Puerto Rico, there are some reasons why it may be more advantageous to use a mortgage company based in Puerto Rico.
Financing and Legal Concerns While there's no obligation to purchase in cash, you can obtain a home equity loan (on your U.S. residence, if you have one), or draw from a U.S. line of credit to purchase your Puerto Rican condo in cash. However, local lending is also an option.
A term sheet is a nonbinding agreement that shows the basic terms and conditions of an investment. The term sheet serves as a template and basis for more detailed, legally binding documents.
Popular Mortgage is a division of Banco Popular de Puerto Rico. These offers require the borrower to obtain a minimum credit score of 740 as defined by the Government-Sponsored Enterprises.
Current national rates are 7.23% for a 30 year fixed loan, 6.49% for 15 year fixed loan and 7.25% for a 5 year ARM.
FHA loans are backed by the Federal Housing Administration's mortgage insurance program. FHA loans in Puerto Rico are open to anyone, not just first-time homebuyers. Down payments with FHA loans can be as low as 3.5%, which means greatly decreased costs at closing.
Rural Housing site loans provide two types of loans to purchase and develop housing sites for low- and moderate-income families: Section 523 loans are used to acquire and develop sites only for housing to be constructed by the Self-Help method.