U.S. Mortgages for Canadians

US-Mortgages-for-Canadians The American real estate meltdown is no news to most Canadians.  Neither is the soaring loonie.  The two have combined to make U.S. real estate temptingly attractive.

News stories of U.S. condos going for 50 cents on the dollar can get your juices flowing.  The question is, as a Canadian, can you get a mortgage?

The answer is yes.

Chase Brodsky, a Florida mortgage advisor at LynxBanc, says getting a mortgage is straightforward for most Canadians.  "Typically you'll need 25% down," says Brodsky. 

You need no proof of income and you don't need to prove where your down payment came from.  You don't even need a credit check.  According to Brodsky, all you basically need is a completed application, photo ID, a U.S. bank account, and proof of available funds.  Naturally, the property appraisal must be also consistent with your purchase price.

If the "numbers make sense," LynxBanc says Canadians can generally close on U.S. property financing in about 45 days.

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Side bar:  Before you scrounge up a down payment keep in mind that real estate prices in parts of the U.S. may get worse before they get better.  For example, as of yesterday, CME futures traders were predicting that Miami home prices will sink another 12% in the next 12 months.  This U.S. rate reset chart helps explain why.  As millions of teaser mortgage rates reset, a lot more inventory will likely hit the U.S. market as borrowers can't afford their new (higher) mortgage payments.  When will it end?

  1. No credit check?? These are some brave lenders! I don’t think there’s any lenders that don’t do a credit check in Canada. At least I’ve never heard of any.

  2. In order for a Canadian citizen to buy property in the US do they have to apply for a US mortgage or can the buyer buy US property using a Canadian mortgage company?

  3. Since the Canadian buyer isn’t supplying the usual criteria are there additional costs – such as a higher interest rate?

  4. Hi Maureen, Rates and fees are definitely higher than Canadians are used to for domestic mortgages. Currently, I believe fixed rates average in the mid-6% range for qualified Canadians buying in the U.S., but don’t quote me. Closing fees are more as well. The problem is, there are few lenders supporting these transactions.

  5. Hi Robert, Unfortunately I don’t know of anyone doing construction loans in the U.S. for foreign national clients. The last company we heard of went of business a few months back.

  6. My parents wish to move to Wisconsin (from Canada – are both Canadian citizens). Are you aware of any banks that provide mortgages to Canadians in that state? I have talked to M&I bank and it does not sound like it’s possible with them.

  7. Hi Joe,
    Try USBank. Contact: Todd Snow, Senior Loan Officer
    Direct: 480.538.5569
    Harris Bank is another option if you’re a BMO customer and the property/deal meets their requirements.
    Good luck,
    Rob

  8. Hi,
    Do you know of any lenders in the Washington DC area? I am a Canadian citizen. I have secured roughly 25-30% for a down payment. Is that still sufficient?
    Thanks

  9. Hi Patrick,
    I don’t know of any DC lenders off hand but you might want to try Todd Snow above. He can lend in all 50 states. (Full disclosure: We don’t get anything for recommending him but I’ve sent people his way before and got good feedback. Plus, USBank is a reputable institution.)
    25-30% down should do it if your application is reasonably strong.
    Cheers,
    Rob

  10. My fiancee is an American Citizen and I’m a Canadian Citizen and we want to purchase a home in Michigan. Can we both apply for a mortgage together? We have a joint account with Chase already but I still currently live and work in Canada.

  11. Hi, I’m looking to buy some rental properties in Las Vegas and am hoping that I can get a mortgage to stretch the money a little farther. Do you know of any lenders in Nevada who may offer investment property loans to Canadians? Cheers, Ted

  12. Hello,
    I’m a Canadian citizen in need of a mortgage lender to buy property in Tampa Florida. Do you know of any lenders that can assist me?
    Thank you
    Jay

  13. Hello
    Do you know any US bank who offers mortage to Canadians in Scotsdale other than RBC USA? We had a property with them but they don’t offer 2nd mortage?
    Thanks!

  14. Hi, i’m a canadian citizen and i want to buy a house in the state of N-Y(ulster county), i have the 25 or 30% needed and would like to know if you know anybody who could help me near that area,
    thank you.
    Daniel Gibson

  15. Hi! Do you know of any lenders in New York that assist Canadians looking to purchase property in NYC?
    Thanks,
    Daniel

  16. Hello I am looking to purchase a condo in Lynden Washington and I am a Canadian Citizen…..I have the 25% down requirement is anyone aware of a bank in that area willing to lend to a canadian buyer?

  17. Hi there is Chase Brodsky still around? I am trying to reach him to find out about getting financing (I am a Canadian and interested in Florida). If you are there … please let us know how to contact you. Looks like original company lynxbanc group website and tel. number are not working now. Thanks

  18. Hello there, we are canadian citizens moving to maui. We have about 20-30% down payment. What I would like to know if its possible to arrange a mortgage from here (Toronto) for a property there? Otherwise, when there, how does a bank approve a mortgage for newcomers? What would be the criteria? I look forward to your reply. Kind regards. Lucy

  19. Hello.
    Im a canadian and want to purchase a foreclosure home in arizona for investment. Can you please let me know how and who to contact? I have 20% down payment.
    Thank you

  20. I’m a Canadian and I purchased a timeshare in Daytona 2 years ago but the interest rate is quite high. I still have a little more than $8000 left to pay. Could I refinance at a lower rate?

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