Mortgage-US-Canadians Prices in America’s top twenty cities dropped for the 22nd month in a row in May.  In parts of Florida, prices are down 35-40% from their 2005 highs.

For Canadians who want to bottom pick properties in the U.S., there’s financing available in much of the sunbelt if you have a 30% downpayment.  You’ll have to prove income but there is no credit check.

We’re hearing of variable rates near 4.8% for 30-year terms, with no prepayment penalties.  Closing costs range widely depending on the state, but can be anywhere from $1500 to $3000 or more. Plus you can expect up to 2-3% in broker and lender fees.

Other details may apply as well (like minimum loan amounts). Moreover, don’t forget that currency risk and tax-related issues can arise with cross-border home shopping.  If you’re interested in buying down there, find a good mortgage planner to explain the whole financing process in detail.