Best US Loans for Colombian Homebuyers

Get your new home or property investment in the US,quick and easy

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Reasons for buying a property in the US

Primary residence - 42%
Residential rental - 37%
Vacation home - 7%
Vacation and rental - 7%
Student use - 7%

Colombian homebuyers during April 2019–March 2020

Trends for Colombians buying in the US

Around 5.5k Colombian citizens bought homes in the US last year
Colombian buyers spent $1.3 billion on US home purchases
The median purchase price for a property was around $216K
Hispanic homeownership rose above 50% in 2020

* COVID-19 affected the global real estate market by reducingthe trends from the previous period around 25-35%

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Considerations for new homeowners in the US

One time costs

US property taxes have only one time costs

Recurring costs

Property utilities, security, maintenance and community costs

Optional costs

30% withholding tax on rental profits for non-residents

Conditions for mortgage approval

Residency

Mortgage offers differ based on the status of your residency

Employment

Type of employment contract significantly affects mortgage requirements

Credit history

Clean credit history in the US or Colombia

Down payment

Minimum 30% of property value for down payment

Income

Up to 30-50% of income reserved for monthly loan instalments

Mortgage collateral

Significantly better conditions with a US based property as collateral

Documentation you might need for approval

Non-residents living outside the US
	Colombian documents
Tax documents	Income Tax and Benefit Return and Notice of Assessment
Investment income	Last two years of investment slips
Salaried Employees	Last two years of income slips. Paystubs for the past 30 days of income
Self-employed individuals	Last two years of business returns for any entity where ownership is 25% or more, with all pages and schedules
Retired individuals	Most recent retirement awards letters
Proof of citizenship	Copy of passport, Green Card or a US visa
Proof of identity	Tax Identification Number (RUT)
Proof of assets	Account statements for most recent two months per each account you hold*
Insurance documents	Current property owners need to provide copies of property tax notice and home insurance premiums for each residential property owned

Permanent or temporary residents living and working in the US
	US documents
Tax documents	1040 U.S. Individual Income Tax Return
Investment income	1040 Schedule B Interest and Ordinary Dividends, and/or Schedule D Capital Gains and Losses
Salaried Employees	W2 Wage and Tax Statement of Income
Self-employed individuals	1040 Schedule C Net Profit or Loss from Business, and/or 1065 K-1 Partner’s Share of Income, Deductions, Credits, etc.
Retired individuals	Social Security or Awards Pension letter
Proof of citizenship	Copy of passport, Green Card or a US visa
Proof of identity	Social Security Number
Proof of assets	Account statements for most recent two months per each account you hold*
Insurance documents	Current property owners need to provide copies of property tax notice and home insurance premiums for each residential property owned

* Statements must include your name, account number, all pages, bank name, beginning and ending balances, and time period. Accounts include: personal checking and savings; line of credit (if using these funds to close on your new home); Retirement Savings Plan; Investments/ brokerage (if using these funds to close on your new home.)

Note: All Colombian asset amounts will be converted into US dollars for the purpose of your financial assessment. All documentation not in English must be translated into English by a Court Certified Interpreter

Mortgage process duration

Typical process phase	Estimated duration
Registration and loan inquiry at Kredium	5-10 minutes
Mortgage pre-approval through Kredium	up to 24 hours
Personalized offers from Kredium	up to 24 hours
Mortgage application with a lender	1-5 days
Mortgage processing by a lender	30-45 days*
Mortgage closing with a lender	1 day