Brits get Disney fix as US banks lend to foreigners
Overseas buyers snap up US homes with foreign- national mortgages
[WASHINGTON] Adele and Mark Lee, who live in England with their three children, said they got approved for a US mortgage without setting foot on American soil. The vacation home they're buying near Florida's Disney World would have been out of reach if they had to pay all cash.
"It would have been a stretch," said Adele, a 35-year- old nursery school teacher, speaking from the family's home near Birmingham. "We wanted to keep some money here just to fall back on."
The Lees are using a foreign- national mortgage, a loan for overseas buyers that required a 40 per cent downpayment, to purchase the five-bedroom house later this month for US$423,000. Adele and her husband, a construction worker, plan to rent the Orlando property when they're not living in it.
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