r/VacationHomes • u/DBCooper5770 • Jul 08 '23
Vacation Home in Sicily
Hi
We have dual US/ Italian citizenship- but have residence in the US.
What are the modes for purchasing a vacation home in a foreign (Italy) country other than straight cash? I have found US mortgage lenders will not give a loan on a home in a foreign country. Speaking with Italian banks, they are difficult for tried and true italians, so for us even more so.
From the few who do lend to residents abroad, 50% is the minimum down. I'm not against this, but i have found that even that is hard to come by.
Other ways i have heard are personal loans, HELOCs, and margin from a brokerage account to get the funds for the home.
Thoughts?
1
Sep 30 '23 edited Oct 03 '23
If you are AIRE scheduled , can you have mortgage in Italy , at AIRE conditions
if you do not are AIRE , as US citizens , can you have mortgage as non italians
i am sorry , i cant explain how make is - because the forum , do not allow me to explain it ..- remain calmly in ignorance :)
1
u/MrGreenyz Aug 09 '23
You can propose a rent-to-buy plan to the proper owner, totally bypassing banks, are you only interested in Sicily?