One of the more popular retirement plans for many people who live in Canada is to buy a winter home in one of the “sand states” like Florida, Nevada, Arizona or California. As a result of the real estate crash, many of of the locations in these states have seen property values decline by as much as 60% from what they were just a few years ago – and as a result it becomes even more attractive for Canadian citizens to look at buying a winter home somewhere warm.
But can Canadian citizens get a mortgage here in the US when buying a home? Yes!
Generally speaking, if you are a Canadian citizen who is interested in purchasing a second home in the US, you will need to do a little bit of digging to actually find a lender who will lend to Canadian citizens. Many lenders will not, but a small handful will.
Generally speaking however, here are some general guidelines that you can expect from a lender when borrowing money for a US property:
• 2 Letters of Credit from Canada
• Loan amounts up to $3 Million
• Cash Out Allowed Up to $1,500,000
• Loans up to 65% of value
• Adjustable and Fixed Rate options available
• Full Documentation Required – Income/Assets
• Minimum Loan Amount $100,000
• Single Family Homes, Condominiums, Townhomes or Condotels Allowed
• Competitive Rates