DouglasKatz_Foreign_Nationals
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This document outlines loan terms and requirements for foreign nationals seeking mortgages from The Federal Savings Bank. Loan amounts range from $100,000 to $3 million, with higher amounts considered on a case by case basis. Non-warrantable condos and co-ops are eligible, as are condo hotels, with certain presale and occupancy requirements. Interest-only programs and no prepayment penalties are available. Income and assets must be verified and translated if needed. Reserves can remain in the country of origin. Asset depletion loans are available for high net worth individuals lacking income. Borrowers can take title through an LLC, trust, S-corp, partnership or corporation. Financing up to 60%
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A reverse mortgage allows homeowners aged 62 or older to convert equity in their home into tax-free cash without making monthly mortgage payments. The homeowner retains ownership and can continue living in the home. The loan does not need to be repaid until the last surviving borrower no longer lives in the home. Homeowners remain responsible for property taxes, insurance, and home maintenance. A reverse mortgage provides flexibility, allowing funds to be taken as a lump sum, monthly payments, line of credit, or combination. Costs include origination fees, closing costs, and mortgage insurance, but many costs can be financed into the loan amount.
Similar to DouglasKatz_Foreign_Nationals (20)
Everything you wanted to know about reverse mortgages (but were afraid to ask)
Everything you wanted to know about reverse mortgages (but were afraid to ask)
FREQUENTLY ASKED QUESTIONS about Reverse mortgages
FREQUENTLY ASKED QUESTIONS about Reverse mortgages
More from Doug Katz
DouglasKatz_Portfolio_Products
The Federal Savings Bank offers various mortgage products including asset-based, Fannie/Freddie direct, foreign nationals, multi-family, near miss jumbo Fannie/Freddie, and non-warrantable condos. Douglas Katz, Vice President, can be contacted at (312) 871-3469 for more information about their portfolio products and financing options for home buyers. Terms and conditions may apply subject to underwriting approval.
DouglasKatz_Self_Employed_Solutions
The document outlines the minimum requirements for self-employed borrowers seeking financing, including a minimum FICO score of 620 and seasoning requirements for bankruptcies, foreclosures, and short sales/deeds in lieu. It notes that The Federal Savings Bank offers innovative financing solutions designed specifically for self-employed borrowers. Contact information is provided for Douglas Katz to discuss terms and conditions.
DouglasKatz_Foreign_National_Program
This document outlines a foreign national program for purchasing a second home or investment property. It lists several accepted visa types and notes that foreign credit, income, and assets can be used for financing. Loans up to 75% loan-to-value ratio and $1,000,000 are available, though lower loan-to-value ratios are required if using foreign credit or cashing out equity. Contact information is provided for more details on terms and conditions.
DouglasKatz_Long_Term_Rate_Locks
The Federal Savings Bank offers long term interest rate lock programs that allow homeowners to lock in an interest rate for up to 240 days while their home is being built, protecting them from rising rates. Their program provides refundable rate lock commitment fees at closing and allows clients to float down to a lower rate within 30 days of closing. Customers can take advantage of free and low cost long term lock options.
DouglasKatz_Cost_of_Buying_vs._Renting
Buying a home provides more long-term financial benefits than renting, such as building equity over time, paying a fixed mortgage rate rather than rising rent prices, and potentially gaining value in the home's appreciation. Some advantages of buying include establishing equity in a property, locking in a static monthly payment unlike annual rent hikes, and gaining a sense of community and control over property maintenance. The document also provides statistics on the percentage of income typically needed to afford median rent or home costs and contact information for a bank representative.
DouglasKatz_Mixed_Use_&_Multi_Family (1)
The document advertises The Federal Savings Bank's mixed use and multi-family loan programs, which offer loan amounts up to $8.5 million with loan-to-value ratios up to 80% and debt service coverage ratios of 1.25x. The bank prides itself on educating customers about the mortgage process and providing opportunities for property investment and ownership. Contact information is provided for Douglas Katz, Vice President, to obtain more information about terms and approval requirements.
DouglasKatz_Corporate_Benefits_Program
The Federal Savings Bank offers a Corporate Benefits Program for employees, including free home buying seminars, mortgage refinancing evaluations, and credit towards closing costs. As the preferred mortgage lender, The Federal Savings Bank will provide reliable mortgage advice and funding. They are a veteran-owned bank that focuses on educating customers and promoting home ownership. They provide a personalized service and customizable loan solutions throughout the entire lending process.
DouglasKatz_CondoGrade
The document discusses a partnership between a bank and CondoGrade, a company that provides information on condo associations to prospective buyers and sellers. Through this partnership, the bank's customers will receive a 25% discount on CondoGrade reports by using a promo code. These reports help minimize risk in a condo purchase by providing a financial report and third party opinion on the association's quality and potential red flags.
DouglasKatz_Condo_Department
The Federal Savings Bank has improved its approval process for FHA and VA condo loans, approving 23 condo projects under VA and 19 under FHA. This has enabled the bank to provide over $16 million in financing for home purchases and refinances to veterans and others in the community. Specifically, the bank facilitated 54 condo purchases worth $5.5 million and 14 refinances totaling nearly $11 million, helping some homeowners save over $120,000 in interest or lower their monthly payments by up to $630.
DouglasKatz_Community_Heroes_Program
The Community Heroes Mortgage Program offers a $500 closing cost credit for educators, emergency and medical professionals, firefighters, law enforcement, military and veterans, and union members who obtain a home loan through The Federal Savings Bank. The credit is available for purchase and refinance of FHA and conventional loans in all 50 states. Applicants must close and fund their loan by January 18, 2017 to receive the credit. Contact information is provided for Douglas Katz, the vice president handling the program.
DouglasKatz_Close_in_30_Days
The Federal Savings Bank can close purchase loans within 30 days due to their experienced mortgage bankers, industry-leading technology platform, and team of professionals that handle processing, underwriting, and closing. Their control over the entire lending process allows them to complete each purchase loan closing within a month. For more information, contact Vice President Douglas Katz at the contact information provided.
DouglasKatz_Checklist_-_VA_Loan
This document lists the documentation required for a VA loan application. It requires tax documents from the past two years such as W-2s, 1099s, and tax returns. It also requires past pay stubs, bank statements, condominium documents if applicable, gift letters, IDs, mortgage documents, insurance documents, military documents for active duty applicants, contact information for realtors and attorneys, and documents for additional properties owned. The applicant should fill out contact information at the bottom and the document can be faxed to the provided secure fax number.
DouglasKatz_Checklist_-_General
This document lists the application checklist and required documentation for a mortgage application. It requires 2 years of tax returns and income documentation, 2 months of bank and asset statements, condominium documents if applicable, a gift letter if using gifts, photo ID, the purchase agreement, trust documents if applicable, and the application fee. It also requests contact information for relevant parties like listing agents, sellers' attorney, and more. Additional documents are needed for refinances and other properties owned. Contact information is provided to submit the completed checklist and documents.
DouglasKatz_Checklist_-_FHA_Purchase
This document lists the required documentation needed for a mortgage application checklist, including tax returns, pay stubs, bank statements, driver's license, purchase agreement, mortgage statements, tax bills, leases, insurance bills. It also requests contact information for listing agents, selling agents, seller's attorney, buyer's attorney if purchasing a property. Additional documents may be needed for condominiums or if the applicant owns additional real estate.
DouglasKatz_Checklist_-_Conventional_Refinance
The document lists the application checklist and documentation required for a mortgage refinance, including the last two years of tax returns and W-2s, past 30 days of pay stubs, two months of bank and asset statements, driver's license or ID, copy of current tax and home insurance bills, HUD1 settlement statements for existing mortgages, and application fee. Additional documentation may be required depending on the specific situation, such as condo association documents if the property is a condo. Contact information is provided for the vice president handling the loan.
DouglasKatz_Checklist_-_Conventional_Purchase
This document lists the required documentation needed for a mortgage application, including tax returns, pay stubs, bank statements, driver's license, purchase agreement, earnest money check, application fee, current mortgage statements, tax bills, leases, and homeowner's insurance documentation. It also requests contact information for relevant parties if purchasing a property, such as listing agents, selling agents, attorneys, and a gift letter if applicable. Additional documentation may be needed if the applicant owns other real estate.
DouglasKatz_Buying_Versus_Renting
This document compares the costs of renting versus buying a home over various time periods. It presents a table showing the total amount spent on rent for different monthly rates from 5 to 30 years. It notes that the rent paid adds up to a sizable sum that provides no long-term assets, while a home purchase allows deductions for interest, potential equity growth, and more control over the property without landlord approval. Contact information is provided for more information.
Family Business Owners
What should family business owners
do when some members want to extract
cash for personal use while others want
to reinvest in the company?
Whathappenstomorrow
Zachary Lazar of BMO Private Bank and Raymond Whitacre of BMO Harris Bank provide integrated financial strategies for businesses and their owners. They address what happens to a privately held company if its owner dies without a succession plan. They recommend establishing trusts, gifting assets, and life insurance to manage estate taxes. Selecting a successor now ensures smooth leadership transition. Their collaboration provides strategic and tactical financial advice for both business and personal finances.
13 1405 bmo-wealth_institute_report_us_e_v7
The document discusses the importance of having estate planning conversations with family members. It notes that traditional estate planning focuses mainly on legal and tax aspects, but enhanced estate planning involves detailed discussions to communicate wishes, values and avoid family conflicts over inheritance. The document provides tips for having essential conversations, including identifying issues and hearing all perspectives, and emphasizes starting conversations before finalizing legal documents.
More from Doug Katz (20)
DouglasKatz_Foreign_Nationals
- 1. • Loan amounts from $100,000 to $3 million (higher loans considered on case by case basis). • Non warrantable Condo’s and Cooperatives, Condo Hotels = 33% presale, 50% owner occupied, high commercial percentages are acceptable. • Interest only programs available and no pre-payment penalty on all programs. • Income and assets are verified and will need to be translated by the Bank. Reserves can remain in country of origin as long as with a reputable institution. • Lacking income – asset depletion for high net worth foreign borrowers is also available. • They can close/vest in LLC, Trust, Sub S Corp, Partnership, or Corporation as long as it’s a US entity. • Depending on purchase price; 60% financing for foreign second home purchases & 55% financing for foreign investor home purchases. • Most recent two years and year to date income required to source for qualification. For more information, please contact : Terms and conditions may apply. Subject to underwriting approval. Foreign Nationals Copyright 2016 © The Federal Savings Bank | Co. NMLS#411500 | All Rights Reserved | thefederalsavingsbank.com Douglas Katz Vice President, NMLS# 217026 direct: (312) 871-3469 fax: (312) 871-3483 cell: (708) 829-1336 dkatz@thefederalsavingsbank.com www.thefederalsavingsbank.com/dougkatz