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Mortgages for Property Purchase in the USA

Raising finance can be the first, crucial step to realising your dream of owning an apartment or chalet in a US ski resort. So it's important to get professional advice early on in the buying process. nidski is able to help you find the expert for your ski property purchase.

For more information, check out our Alpine ski properties here>

Eligibility and Criteria:

US lenders readily extend mortgages to international purchasers, and determine how much you can borrow by taking into account your financial situation and the value of your chosen ski property. Lenders will require you to verify your income and credit worthiness to prove that you can pay the mortgage via pay slips and bank statements and a copy of your credit report. Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed USA mortgage payments. All this must not exceed approx. 25%-33% of your monthly gross income.

Loan to Value Ratio:

As a foreign buyer, an absolute minimum deposit of 20% is required, though a 30% down payment is the norm.

Types of Rates and Terms:

The term of a mortgage in the USA can extend for up to 30 years, and unlike most European mortgages, there are no age restrictions on US property. The two of the most common types of mortgage loans are fixed-rate mortgages and adjustable rate mortgages (ARM). Both interest-only and repayment mortgages can be arranged though interest only mortgages are generally reserved for high value loans (Jumbo Mortgages).