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Mortgages   What are the options for obtaining a mortgage on a property in Florida? There are numerous mortgage options including American and British mortgage lenders. However it is important that terms used over here such as points, as well as repayment implications and application costs are thoroughly covered, otherwise you could experience a nasty shock, again these can be glossed over and the consequences can add up over the mortgage term.    Mortgage problems faced by non-US residents:   1.    Working with an inexperienced mortgage loan officer who quotes US resident criteria (lower rates, lower down-payments) to non residents leading to disappointment further into the transaction when the true facts are revealed. This can simply be a naive inexperienced approach or an effort by a somewhat unscrupulous loan officer/mortgage broker to lead a client so far into a transaction that when an alternative mortgage option (usually a higher rate, higher cost or larger down-payment) is presented the client is so far into the transaction it is difficult or impossible to back out.   2.    Being coerced into committing mortgage fraud by stating a use for the property that is not the intended use. I.e. saying the property will not be rented out when clearly it is in a short-term rental market. This is used to enable the mortgage broker to provide a higher loan-to value (smaller down payment). If you are caught out by the lender in this type of situation the lender can ask for the loan to repaid immediately resulting in you perhaps losing the home. This could leave you with a black mark on your fledgling US credit report that could prohibit you from ever obtaining a US mortgage or other credit.   3.    Quoting the availability of a loan program that although it has a stated use as a non-resident mortgage loan by the provider the criteria (I.e. documentation level required) is so extreme that that the borrower will usually abandon that program along the way due to the frustration (with being asked to provide increasingly higher levels of documentation) for a program with less stringent documentation. This move enables the mortgage loan officer to steer the client into a program that they might not have accepted (and could have obtained at a lower cost elsewhere) had it been presented at outset. Again leaving the client at the 11th hour with no choice but to go along with what is on offer. It's certainly worth having a chat with Steve Parnell of LynxBanc who is the mortgage advisor to the Florida association of British Businesses.  - Florida Mortgage Advice. For more in depth information on the whole process click here For an independent guide to mortgage pitfalls click here ______________________________________________________________________________ For further information on how to obtain specialist advice on relocating or buying property in Florida, the advantages and disadvantages of different locations, and importantly How to obtain details of  specialised fully licensed Real Estate Agents, experienced in explaining options from a British perspective. Click here     Thinking about buying a property in Florida - click here   Thinking about selling a property in Florida - click here   Thinking about emigrating to Florida - click here   Thinking about retirement to Florida - click here   Just want to be sent details of suitable agents with excellent testimonials and a proven track record of working with British buyers – click here Just want details of every available property in Florida – click here   Andrew Bartlett an acknowledged expert on property trends and relocation in Florida, writes articles and answers readers’ questions for several British publications including Florida Magazine, Escape Magazine, Place in the Sun, Sunday Times, America, and The Red guide to buying Property in America and is regularly consulted by journalists and broadcasters. His consumer web guides have received numerous accolades.   Andrew was a Senior Government Official for 20 years before relocating to Florida several years ago where he was headhunted to set up specialist British property and relocation teams for Coldwell Banker and Remax - America’s largest estate agents. He then established a uniquely impartial and independent relocation and property briefing company working between Britain and Florida. He has written a number of watchdog style articles on overseas property and emigration selling techniques.