Frequently Asked Questions

Is it a good time to buy in Florida?
Many investors believe now is an ideal time to purchase property in Florida as property prices are likely to rise sharply over the next few years.

House prices are now very low compared with 2 or 3 years ago, mortgage rates are low and the excellent Pound Dollar exchange rate means property in Florida represents extremely good value for money, especially for UK purchasers.

Why Florida?
Buying a property in Florida offers the best of both worlds, a fantastic holiday home location and great investment potential.

If you plan to rent your property out, well chosen areas offer excellent returns. The rental season is long and you can expect to attract both US and European clients.

Is it easy for Foreign Nationals to buy property in Florida?
Yes, as well as there being no specific problems with Foreign National purchasing real estate in Florida, the mortgage application process is generally smooth and the purchasing system is a lot quicker than in the UK.

How safe is it buying a property in Florida?
Provided you take the same precautions as you would when purchasing a property in the UK, Florida is a very safe location, more so than many European destinations. Just make sure you understand the mortgage offer and costs involved, property appraisal, Taxes and Insurances.

Do I need a visa when visiting Florida?
The UK is part of the Visa Waiver program, which means that usually you do not require a visa provided you do no t stay longer than 90 days. In certain circumstances you may need to consult a visa specialist and apply to the American Embassy.

Do I need a US bank account?
Yes, along with applying for your Florida mortgage you will need a US bank account. However this is normally very easy to set up and only requires minimal documentation.

How much will it cost me?
As a general guide, purchasing a property in Florida will cost you between 3% and 5% of the property value depending upon the mortgage product chosen. Accurate figures will be shown on the ‘Good faith Estimate’ provided to you.

How long will it take?
Firstly you should obtain a mortgage approval in principle before looking at properties. This will save you time and money and eliminate delays further on in the process. However, on average the time from mortgage application to the funds becoming available typically ranges from about three to six weeks.

Can I self certify my income?
Yes, this is called ‘Stated Income’ and enables clients who can not prove their income to state an income on the mortgage application form and qualify for a mortgage based on that stated income. A deposit of at least 20% is usually required with this type of mortgage.

Can I rent my property out?
Yes you can rent your property out provided there are no deed restrictions preventing it. In addition you must specify this at the beginning of the mortgage application so the correct mortgage product can be selected for you.