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Stated Income Programs

* Don't need to verify income

* Faster approval

* Higher rates

* Higher down payment

One important difference from the United States is that each country
has rules regarding where foreigners can buy. For example, in Mexico,
foreigners cannot buy land or homes within 50 km of the coast or 100 km
from a border unless they hold title in a Mexican Corporation or a
Fideicomiso (a Mexican trust). In Honduras, however, they may buy beach
front property directly in their name. There are different rules
regarding certain types of property: ejidal land – communally held farm
property – can only be sold after a lengthy entitlement process, but
that does not prevent them from being offered for sale.

In Costa Rica, real estate agents do not need a license to operate, but the transfer of property requires a lawyer.

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REFINANCING

Refinancing is often used to lower your interest rate. If rates
have dropped since you last financed your home, you may want to
consider refinancing. Other common reasons to refinance include paying
off a balloon payment, converting an adjustable rate loan to a fixed
rate loan or to extract cash equity in your home (cash out). A few
reasons for cashing out include: home improvement, an education fund,
and consolidating debt.

How can we help?

If you are looking for this type of refinancing, Prime Financial
can find a program suited to your financial needs. We offer cash-out
programs for Owner-occupied homes, Non-owner occupied homes, and No
income verification with low, affordable rates.

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PAPERWORK NEEDED

To apply for a loan, you will have to provide the lender with
detailed documentation of your financial history. The lender will
request a credit report from a credit agency and will verify the
information provided in your loan application. Be prepared to give your
lender:

* Social Security numbers for both you and any co-borrowers

* Copies of checking and savings accounts statements for the past two months

* Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)

* Recent paycheck stubs

* W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment

* The name and address of someone who can verify your employment

* Residence history for the past two years

* Sales contract for the purchase of a new home

* Homeowner's association information with contact information if property is a condo or part of a homeowner's association

Participants and variant terminology

Legal systems in different countries, while having some concepts in
common, employ different terminology. However, in general, a mortgage
of property involves the following parties.

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