Loan OptionsThere are many mortgage financing options available to you when building your custom Focus Home if you do not plan on paying cash. Here is a convenient list of topics that may help you decide which type of financing will work best for you, your family and your current situation.
To the right, you will see a helpful little mortgage calculator that will help you estimate your total monthly investment based upon your total purchase amount, initial investment, interest rate, and financing term. Request a FREE online pre-qualification now!
You can get actual numbers from one of our preferred lenders a little bit further into the process, but this a good place to start to give you an idea and get you “in the ball park”. |
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Loan Options
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Construction Loans
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Conventional Loans
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VA Loans
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FHA Loans
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RD or USDA Loans
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Construction loans or construction-perm (CP) loans are pretty straightforward. These are short term, interest-only, loans that are used by buyers while their new custom Focus Home is under construction. The easiest way to imagine them is to compare a credit card with a CP loan.
Let’s say your credit card has $5,000 in available credit. You have a balance of $1,000 at the end of month one. You are only charged interest on the $1,000 outstanding balance, not on the full $5,000 in available credit. At the end of month two, you have a balance of $1,500. You are only charged interest on the $1,500 outstanding balance, and so forth.
Let’s say you are building a new custom Focus Home using a CP loan of $450,000. In month one you payoff or buy your home site, pay for upfront government building fees (like permits and impact fees for example) and your new home has begun construction. Your balance at the end of month one may be $100,000. The interest the bank charges is on the $100,000 balance, not the $450,000 available credit. As each month progresses and more is completed on your new home, the outstanding balance on your CP loan increases. As a side note, Focus Homes will deal directly with the bank to obtain the regular “draws” from the CP loan (proceeds from the CP loan) to pay for labor and materials being used for your new home construction. Towards the end of your project, when the home is substantially completed and most of the loan funds have been used (usually just prior to closing), the interest due on the CP loan in a given month will be close to equal your new expected monthly home investment, but this amount does not include escrows like home-owners insurance or taxes. At the end of your project your CP loan will be “modified” into your long term mortgage at the rate at terms agreed upon up-front with your lender.
If you would like to learn more about CP loans complete a FREE online pre-qualification now, text or call (863) 640-2246, or contact us today!
Let’s say your credit card has $5,000 in available credit. You have a balance of $1,000 at the end of month one. You are only charged interest on the $1,000 outstanding balance, not on the full $5,000 in available credit. At the end of month two, you have a balance of $1,500. You are only charged interest on the $1,500 outstanding balance, and so forth.
Let’s say you are building a new custom Focus Home using a CP loan of $450,000. In month one you payoff or buy your home site, pay for upfront government building fees (like permits and impact fees for example) and your new home has begun construction. Your balance at the end of month one may be $100,000. The interest the bank charges is on the $100,000 balance, not the $450,000 available credit. As each month progresses and more is completed on your new home, the outstanding balance on your CP loan increases. As a side note, Focus Homes will deal directly with the bank to obtain the regular “draws” from the CP loan (proceeds from the CP loan) to pay for labor and materials being used for your new home construction. Towards the end of your project, when the home is substantially completed and most of the loan funds have been used (usually just prior to closing), the interest due on the CP loan in a given month will be close to equal your new expected monthly home investment, but this amount does not include escrows like home-owners insurance or taxes. At the end of your project your CP loan will be “modified” into your long term mortgage at the rate at terms agreed upon up-front with your lender.
If you would like to learn more about CP loans complete a FREE online pre-qualification now, text or call (863) 640-2246, or contact us today!
Conventional loans are reserved for the most credit worthy borrowers. Focus Homes buyers with the strongest credit history may qualify for a conventional loan to build their new custom home. Families who obtain a conventional loan, will typically pay less or no private mortgage insurance monthly, have a flexible initial investment, obtain better terms and a lower interest rate, may be able to avoid escrows (including taxes and home-owners insurance in your monthly investment) and pay annually. Depending on the loan to value (LTV), you may have more flexible debt-to-income ratios (especially for doctors, dentists, and high-income earners), and won’t be limited to the loan amount limits like some other government-backed loans.
See if you qualify for a conventional loan by completing a FREE online pre-qualification form, or by calling or texting (863) 640-2246 now!
See if you qualify for a conventional loan by completing a FREE online pre-qualification form, or by calling or texting (863) 640-2246 now!
VA loans are administered by the Veterans Administration. They are reserved for eligible veterans and active duty service people. VA loans are outstanding loans when purchasing a new Focus Home.
Here are some items and benefits to know about VA loans:
– They are 100% loans, no money down is required
– They are guaranteed by the US government (you still need to make your monthly investments)
– There is a funding fee included in the loan amount to fund the program
– Each veteran needs to obtain their COE (certificate of eligibility) to qualify for a VA loan (see link at the bottom of the page)
If you are eligible for a VA loan, or you think you may be, contact Focus Homes today, call or text (863) 640-2246, or submit a FREE online pre-qualification now.
Here are some items and benefits to know about VA loans:
– They are 100% loans, no money down is required
– They are guaranteed by the US government (you still need to make your monthly investments)
– There is a funding fee included in the loan amount to fund the program
– Each veteran needs to obtain their COE (certificate of eligibility) to qualify for a VA loan (see link at the bottom of the page)
If you are eligible for a VA loan, or you think you may be, contact Focus Homes today, call or text (863) 640-2246, or submit a FREE online pre-qualification now.
FHA loans are very widely used by many families when purchasing and building a new home. The Federal Housing Administration (FHA) insures these government-backed loans. That doesn’t mean you get to keep the home if you stop making your monthly investments, but it does mean that institutional investors who purchase FHA loans from lenders have a little assurance that they are investing in a strong product with less risk of loss. What does this all mean to you?
Some of the features and benefits of obtaining an FHA loan include:
– Perfect credit is not necessary to qualify
– There is only a 3.5% initial investment required from the borrower (that’s low!)
– There is an up-front MIP (mortgage insurance premium) at closing to help fund the government program included in the loan amount
– There is a monthly PMI (private mortgage insurance) included in your monthly investment to insure the loan
– Loans up to about $271,000 can be obtained to purchase and build your new home (this amount changes from time to time)
An FHA loan is an excellent mortgage vehicle to help you buy and build the new home of your dreams. Find out more today. Call or text (863) 640-2246 now or submit a FREE online pre-qualification form.
Some of the features and benefits of obtaining an FHA loan include:
– Perfect credit is not necessary to qualify
– There is only a 3.5% initial investment required from the borrower (that’s low!)
– There is an up-front MIP (mortgage insurance premium) at closing to help fund the government program included in the loan amount
– There is a monthly PMI (private mortgage insurance) included in your monthly investment to insure the loan
– Loans up to about $271,000 can be obtained to purchase and build your new home (this amount changes from time to time)
An FHA loan is an excellent mortgage vehicle to help you buy and build the new home of your dreams. Find out more today. Call or text (863) 640-2246 now or submit a FREE online pre-qualification form.
You may be wondering what the USDA (US Department of Agriculture) has to do with home loans, right? Well, in certain geographic areas that are considered “rural” there are USDA or RD (rural development) loans available for families purchasing a new home. RD loans are insured by the US government.
Here are some features and benefits of RD loans:
– They are 100% loans, no money down is required
– There is a funding fee included in the loan to fund the program – no out of pockets fees are paid
– RD loans are available in certain geographic areas and they change from time to time (see link at the bottom of the page)
– Perfect credit is not required to obtain an RD loan
– Household size and income are considered when qualifying– PMI (private mortgage insurance) is included in the monthly investment
Learn more about RD loan todays by calling or texting (863) 640-2246, contact us online, or submit a FREE online pre-qualification form now!
Here are some features and benefits of RD loans:
– They are 100% loans, no money down is required
– There is a funding fee included in the loan to fund the program – no out of pockets fees are paid
– RD loans are available in certain geographic areas and they change from time to time (see link at the bottom of the page)
– Perfect credit is not required to obtain an RD loan
– Household size and income are considered when qualifying– PMI (private mortgage insurance) is included in the monthly investment
Learn more about RD loan todays by calling or texting (863) 640-2246, contact us online, or submit a FREE online pre-qualification form now!
Resource: an RD loan eligibility map.
When you get to the web page, look at the left navigation bar, find “Property Eligibility”, then find “Programs” and “Single Family Housing”. Once there click the “Accept” button at the bottom of the disclaimer. You will then be able to type in an address or use the onscreen magnify tool and review the eligibility map.
When you get to the web page, look at the left navigation bar, find “Property Eligibility”, then find “Programs” and “Single Family Housing”. Once there click the “Accept” button at the bottom of the disclaimer. You will then be able to type in an address or use the onscreen magnify tool and review the eligibility map.
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HECM
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Paying Cash
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HELOC
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Down Payment Assistance
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Bond Loans
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If you are 62 years of age or older you may qualify for an exceptional mortgage loan known as a HECM, a home equity conversion mortgage. If you are planning on paying cash for your new custom home, this is a great option to save a lot of out-of-pocket expenses or to buy a lot more home for the money.
For example, with a HECM loan you can purchase a $300,000 new home for a one time payment of approximately $150,000. That means you could keep $150,000 of your cash in your bank account! If you are older than 62 the one time payment will be less.
Let’s say you wanted to invest $300,000 in your new custom home, you could actually purchase a new home worth $600,000 (with a one time payment of only $300,000) using a HECM loan – that’s twice as much home as you thought you could afford!
Here are the basics:
– Make a one time payment for your new home
– You only pay property taxes and homeowner’s insurance each year
– You pay your HOA dues (if applicable)
– You make no payments, ever
– Interest is added to the principle balance of your home loan
– When you and your spouse pass, the home is sold, the loan balance is paid off by the sale proceeds and the remainder goes to your estate!
Get a FREE online pre-qualification today, call or text (863) 640-2246 now or contact us online now so you can start enjoying your new Florida home and lifestyle sooner rather than later!
For example, with a HECM loan you can purchase a $300,000 new home for a one time payment of approximately $150,000. That means you could keep $150,000 of your cash in your bank account! If you are older than 62 the one time payment will be less.
Let’s say you wanted to invest $300,000 in your new custom home, you could actually purchase a new home worth $600,000 (with a one time payment of only $300,000) using a HECM loan – that’s twice as much home as you thought you could afford!
Here are the basics:
– Make a one time payment for your new home
– You only pay property taxes and homeowner’s insurance each year
– You pay your HOA dues (if applicable)
– You make no payments, ever
– Interest is added to the principle balance of your home loan
– When you and your spouse pass, the home is sold, the loan balance is paid off by the sale proceeds and the remainder goes to your estate!
Get a FREE online pre-qualification today, call or text (863) 640-2246 now or contact us online now so you can start enjoying your new Florida home and lifestyle sooner rather than later!
You may be surprised at the number of people who pay cash for their new custom home! If you have the ability to pay cash, and you don’t wish to use a HECM to build your new place, you have more options available to you than those using a typical construction or construction to perm loan.
Firstly, there is no financial restriction on what you can build beyond your own established budget. Banks will typically lend families wishing to build a new custom home a certain amount of the value of the new home. The amount banks and mortgage lenders are willing lend is anywhere from 70% to 96.5% of the new home value depending on the loan type of strength of the borrowers. If you are paying cash, there is no appraisal fee, there is no bank telling you what you can and cannot build, you can construct the exact floor plan you wish with the exactly the interior features and exterior features you desire and invest what you'd like.
Secondly, you will save a lot of money in closing costs and settlement charges. There are no banks involved, no fees for loans (this can add up to thousands of dollars in savings).
If you have prepared yourself financially to build your new home without a mortgage or construction financing, then contact us online today, or call or text (863) 640-2246 now to get started on your one-of-a-kind custom Florida home.
Firstly, there is no financial restriction on what you can build beyond your own established budget. Banks will typically lend families wishing to build a new custom home a certain amount of the value of the new home. The amount banks and mortgage lenders are willing lend is anywhere from 70% to 96.5% of the new home value depending on the loan type of strength of the borrowers. If you are paying cash, there is no appraisal fee, there is no bank telling you what you can and cannot build, you can construct the exact floor plan you wish with the exactly the interior features and exterior features you desire and invest what you'd like.
Secondly, you will save a lot of money in closing costs and settlement charges. There are no banks involved, no fees for loans (this can add up to thousands of dollars in savings).
If you have prepared yourself financially to build your new home without a mortgage or construction financing, then contact us online today, or call or text (863) 640-2246 now to get started on your one-of-a-kind custom Florida home.
Some families choose to purchase their new Florida home with the proceeds from a HELOC, home equity line of credit, that they take out on their current residence. This is extremely common when people are preparing for retirement in Florida, but it is also common when families are seeking a second or vacation home in the Sunshine State!
Using a HELOC to purchase a new custom home can be very cost effective because many banks charge little to nothing to open up such a line of credit. Also, when you close on your new home, the transaction is basically seen as a cash sale, meaning that you have fewer closing cost and settlement charge expenses (there is no mortgage bank involved).
For example, let’s say you have $500,000 in equity in your current home. You could open a HELOC for $350,000 and pay cash for your new custom home. If you plan to make the move to Florida more permanent, sell your current home, payoff the HELOC and have no payment. What a great life?!
Currently a benefit of using a HELOC to build your new custom home is that you can take advantage of today’s lower construction costs. Why pay more in the future for the exact same home?
If you think you would like to learn more about how this all works, or you would like to start discussing your custom floor plan design, call or text (863) 640-2246 now, or contact us online today!
Using a HELOC to purchase a new custom home can be very cost effective because many banks charge little to nothing to open up such a line of credit. Also, when you close on your new home, the transaction is basically seen as a cash sale, meaning that you have fewer closing cost and settlement charge expenses (there is no mortgage bank involved).
For example, let’s say you have $500,000 in equity in your current home. You could open a HELOC for $350,000 and pay cash for your new custom home. If you plan to make the move to Florida more permanent, sell your current home, payoff the HELOC and have no payment. What a great life?!
Currently a benefit of using a HELOC to build your new custom home is that you can take advantage of today’s lower construction costs. Why pay more in the future for the exact same home?
If you think you would like to learn more about how this all works, or you would like to start discussing your custom floor plan design, call or text (863) 640-2246 now, or contact us online today!
Sometimes it’s hard to come up with an initial investment or down payment to buy a new home. It’s not always easy. The experts at Focus Homes can help. They have years of experience helping families in this exact situation create a plan and buy a new home sooner than later!
Focus Homes can help in many ways:
– They will help you obtain down payment assistance through their preferred lenders
– They will help you find areas with special 100%, no-money-down, government backed loan programs
– They will help veterans and active military to obtain 100% mortgages through their preferred lenders
– If you make too much money for these programs, Focus Homes will help you with a down payment plan
Don’t let the fear of not have thousands, and thousands of dollars put aside to buy your new home stop you from looking and planning your dream home. Call or text (863) 640-2246 now to start the conversation, or submit a FREE online pre-qualification form today!
Focus Homes can help in many ways:
– They will help you obtain down payment assistance through their preferred lenders
– They will help you find areas with special 100%, no-money-down, government backed loan programs
– They will help veterans and active military to obtain 100% mortgages through their preferred lenders
– If you make too much money for these programs, Focus Homes will help you with a down payment plan
Don’t let the fear of not have thousands, and thousands of dollars put aside to buy your new home stop you from looking and planning your dream home. Call or text (863) 640-2246 now to start the conversation, or submit a FREE online pre-qualification form today!
If you are looking for a no-money-down purchase mortgage, a bond loan may be perfect for you. A bond loan is basically an interest free loan to help you with an initial investment and closing costs. Bonds are issued by the local or state government for this program and have helped thousands of Florida families purchase new homes over the years.
Here are some of the features and benefits of a bond loan:
– They are currently associated with an FHA loan (you obtain an FHA loan with a bond)
– Household size and income is considered when qualifying
– The interest rate for bond loans changes from time to time
– Currently bonds are $7,500 or $10,000
– Bond money can be used for the initial FHA loan investment of 3.5%
– Bond money can be paid towards closing costs
– There is a very low $1,000 investment asked of the borrower(s)
– There is no monthly investment to pay back the bond
– The bond is paid back when you sell or refinance your new home (other rules may apply)
– First time home buyers, or people who haven’t owned a home in 3 years, may qualify
Obtain a FREE online pre-qualification by submitting the form now, or call or text (863) 640-2246 to learn more today!
Here are some of the features and benefits of a bond loan:
– They are currently associated with an FHA loan (you obtain an FHA loan with a bond)
– Household size and income is considered when qualifying
– The interest rate for bond loans changes from time to time
– Currently bonds are $7,500 or $10,000
– Bond money can be used for the initial FHA loan investment of 3.5%
– Bond money can be paid towards closing costs
– There is a very low $1,000 investment asked of the borrower(s)
– There is no monthly investment to pay back the bond
– The bond is paid back when you sell or refinance your new home (other rules may apply)
– First time home buyers, or people who haven’t owned a home in 3 years, may qualify
Obtain a FREE online pre-qualification by submitting the form now, or call or text (863) 640-2246 to learn more today!
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End Loans
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Credit Repair
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Info For Mortgage Application
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Foreign National Loans
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International Money Transfers
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End loans or take out loans are purchase mortgages. They have nothing to do with a construction or construction-perm (CP) loan. They are the most simple type of mortgage to obtain because, upon closing, the lender has a completed home as collateral. This means that if you fail to make your monthly payments, the lender can foreclose and sell the home and recoup some, or all, of their investment (the mortgage loan they gave to you to purchase your home).
Families who obtain an end loan typically are unable to obtain a CP loan to build a custom home – this can be for a number of reasons but usually boils down to these two: credit scores may not be high enough to obtain a CP loan and, or, the family may not have enough money as an initial investment to obtain a CP loan. No need to worry however, Focus Homes can help families using an end loan to purchase or find a beautiful new or existing home in the location of your choice. Let’s get started today.
Call (863) 640-2246 or submit a FREE online pre-qualification now!
Families who obtain an end loan typically are unable to obtain a CP loan to build a custom home – this can be for a number of reasons but usually boils down to these two: credit scores may not be high enough to obtain a CP loan and, or, the family may not have enough money as an initial investment to obtain a CP loan. No need to worry however, Focus Homes can help families using an end loan to purchase or find a beautiful new or existing home in the location of your choice. Let’s get started today.
Call (863) 640-2246 or submit a FREE online pre-qualification now!
Lots of Americans were adversely affected in the major economic down turn of the late 2000s. Many lost homes through foreclosure, short sale or deed in lieu of foreclosure proceedings. Many lost jobs or we “under employed” and had unpaid medical and other bills. Unfortunately, many were forced into bankruptcy. Focus Homes understands and they have solutions.
The experts at Focus Homes have helped thousands of families over the years overcome their credit challenges, become qualified to obtain a new home loan and purchase a brand new home. You can too!
– Submit a FREE online pre-qualification today
– Obtain FREE “credit analyzer” feedback from a preferred lender
– Create a plan with your Focus Home team expert
– Execute your credit repair plan each week and month and see your scores skyrocket!
Focus Homes also understands that each family’s credit history is unique and that there is no “silver bullet” – one plan does not fit all. If you have had credit challenges in the past, they won’t be cleaned up over night, but we are confident that you will be surprised at how quickly you can improve your credit standing and qualify for a good mortgage loan.
Let’s do this together. Call or text (863) 640-2246 now to get started, or complete a FREE online pre-qualification. All the best!
The experts at Focus Homes have helped thousands of families over the years overcome their credit challenges, become qualified to obtain a new home loan and purchase a brand new home. You can too!
– Submit a FREE online pre-qualification today
– Obtain FREE “credit analyzer” feedback from a preferred lender
– Create a plan with your Focus Home team expert
– Execute your credit repair plan each week and month and see your scores skyrocket!
Focus Homes also understands that each family’s credit history is unique and that there is no “silver bullet” – one plan does not fit all. If you have had credit challenges in the past, they won’t be cleaned up over night, but we are confident that you will be surprised at how quickly you can improve your credit standing and qualify for a good mortgage loan.
Let’s do this together. Call or text (863) 640-2246 now to get started, or complete a FREE online pre-qualification. All the best!
If you are using mortgage financing to purchase and build your new custom Focus Home, here is a list of items that banks will be asking you for when the time comes to apply for a new home loan. This is a pretty universal list, but some lending institutions may have slightly different requirements. It’s a good idea to get this information organized and make it readily available to be the most prepared to begin your new home project with Focus Homes.
Needed mortgage application information:
– Pay stubs for the most recent 30-day period
– W-2’s and tax returns for the past 2 years
– Copies of the last 2 months of bank statements for all accounts including checking, savings, investments, 401k, etc.
– Residence address for the past 2 years including the land lord name and phone number if applicable
– Employer name, address and phone number for the past 2 years
– If self-employed or commissioned the last 2 years of personal and business tax returns as well as current year-to-date “profit and loss statement”
– Social security card
– Driver’s license
– Check for the credit report and appraisal order
If applicable the following items may also be needed:
– Divorce decree
– Bankruptcy papers
– DD214 discharge papers and / or Certificate of Eligibility (for VA loan applications only)
If you haven’t already done so, submit a FREE online pre-qualification now or call (863) 640-2246 to share your information over the phone with a Focus Homes expert today!
Needed mortgage application information:
– Pay stubs for the most recent 30-day period
– W-2’s and tax returns for the past 2 years
– Copies of the last 2 months of bank statements for all accounts including checking, savings, investments, 401k, etc.
– Residence address for the past 2 years including the land lord name and phone number if applicable
– Employer name, address and phone number for the past 2 years
– If self-employed or commissioned the last 2 years of personal and business tax returns as well as current year-to-date “profit and loss statement”
– Social security card
– Driver’s license
– Check for the credit report and appraisal order
If applicable the following items may also be needed:
– Divorce decree
– Bankruptcy papers
– DD214 discharge papers and / or Certificate of Eligibility (for VA loan applications only)
If you haven’t already done so, submit a FREE online pre-qualification now or call (863) 640-2246 to share your information over the phone with a Focus Homes expert today!
If you are not a citizen of the United States and you would like to finance the purchase of your new Florida home, don’t despair, there is a great loan program specifically for Foreign Nationals! Focus Homes has a network of preferred mortgage lenders that can help you find the best foreign national loan for your needs and unique situation. Call or text (863) 640-2246 today, or contact us online for more details!
Also, when you need to transfer larger sums of money from your home to the United States to facilitate your new home purchase, Focus Homes has partnered up with the best international money transfer companies which can save you thousands of dollars. Contact us now for more information!
Also, when you need to transfer larger sums of money from your home to the United States to facilitate your new home purchase, Focus Homes has partnered up with the best international money transfer companies which can save you thousands of dollars. Contact us now for more information!
When you are a non-US resident, or citizen, and you would like to transfer funds from your currency into US dollars to purchase a new Florida home or villa, the traditional banking fees and exchange rates can be very expensive (if you don’t know any differently). Did you know that Moneycorp is one of the world’s leading international money exchange companies and can save you literally thousands of dollars in fees and exchange rates when moving money to the US. Learn more about saving on your money transfers through Moneycorp now or call or text (863) 640-2246 today to speak with one of the expert team at Focus Homes.
If you already know about Moneycorp, or you have friends that have already successfully used the service (and saved a bundle) and you think you’d like to open up a FREE international money transfer account, and start earning big savings now yourself, click here!
When you are in the middle of researching the new home buying process in Florida, you’re investigating different foreign national new home loan options, or deciding whether or not you would like to conduct a cash purchase for your Florida real estate, now may also be a good time to request a little more information directly from the international money transfer experts at Moneycorp (they can save you thousands).
RESOURCE: Have a look at what your currency is worth in US dollars now using this handy currency converter, a free service provided thanks to the experts at Moneycorp.
Focus Homes is here to help. If you need any further information about foreign exchange, or other aspects of buying a new home or villa in Florida, contact us online now!
If you already know about Moneycorp, or you have friends that have already successfully used the service (and saved a bundle) and you think you’d like to open up a FREE international money transfer account, and start earning big savings now yourself, click here!
When you are in the middle of researching the new home buying process in Florida, you’re investigating different foreign national new home loan options, or deciding whether or not you would like to conduct a cash purchase for your Florida real estate, now may also be a good time to request a little more information directly from the international money transfer experts at Moneycorp (they can save you thousands).
RESOURCE: Have a look at what your currency is worth in US dollars now using this handy currency converter, a free service provided thanks to the experts at Moneycorp.
Focus Homes is here to help. If you need any further information about foreign exchange, or other aspects of buying a new home or villa in Florida, contact us online now!