Financing Real Estate in France The largest mortgage lender in France is Crédit Agricole, they close mortgages with residents and non-residents. By law, the mortgage payments cannot exceed 30% of your net income. To calculate your income, you may add spouses income, and sometimes a third person's income. Foreigners who are self employed or retired persons with no proof of fixed income, may have difficulty getting a suitable mortgage.
It is possible to get pre approved for a mortgage for a certain period of time, usually eight to twelve weeks. It sets out the maximum loan amount and is usually subject to appraisal of the property. The 24 hour approval is not yet common in France, it usually takes a couple of weeks to get your loan approved. When the loan is approved, there is a mandatory "cooling off" period of ten days. After the ten days, you have 30 days to accept the mortgage as outlined in the "offre préalable".
The maximum loan amount is usually 80% of appraisal value, not necessary equal to the price that you agreed on with the seller. If you are getting a mortgage for a second home, this percentage can drop to 50% and you may want to consider taking a equity loan on your main property. Most French lenders will charge fees and also the "notaire" will charge a fee for registering the mortgage claim on the property. The lender fees usually include: origination fee or frais de dossier administration fee and cost of property appraisal. Assuming seller's mortgage, which is common as in Spain, is not possible in France. If you lend from a co-op such as Crédit Agricole, and you are French resident,you will receive certificates from the bank. The amount of shares that you are obliged to buy is determined by the board of directors of the bank.The amount payable for these shares will be deducted with the amounts of repayments that you are making. When the loan is paid off the shares will be reimbursed. .
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