Profile picture for jabado

Can a Canadian, non resident in USA, buy a property in Florida and have a mortgage?

  • September 11 2011 - Orlando
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Profile picture for Mark LeMenager
Sure, I have Canadian clients who have done just that.  However, do keep in mind that a mortgage is an expensive loan with lots of fees.  Most of my Canadian clients actually take out a home equity loan on their property in Canada and use that to make a "cash" purchase in the US.  Run the numbers both ways.
  • September 19 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for nwhome.us
Here is a link to the IRS paper on non-resident taxation: Resident and Non Resident Aliens.
Though you have stated that you do not plan to move here, Expat Focus is a great website and this particular page covers a lot of ground.
If you had expressed interest in the northwestern US I could have directed you to the Canada America Society and there may be something similar in the southeast.  Contact the Attorneys General Office in Florida, if they have one, and they will be able to help you.
Depending on the scale of your investment it may be prudent not to purchase in your own name but in the name of an LLC.  If you would like a referral to an international investment adviser, send your request to my email address found on my profile.
RBC makes it about as easy as it gets, if you have accounts there, to borrow on property in the US . HSBC has the same type of programs.
  • September 12 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for kmelendez
Contact a lender. Yes you should be able to.
  • September 12 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.


Hi jabado,

Buying is really not that much more complicated. You may have to pay a slightly higher interest rate being a non-owner-occupant (it has to be your main residence to qualify for this, and snowbird status makes you ineligible), and you probably won't qualify for certain government insured or funded loans. But there are indeed loan programs for non-resident-aliens and you should find a loan officer in Florida who can find you one of these programs.

Selling is slightly more complicated. When you sell, the buyer must withhold 10% of the price by law. This ensures that any taxes due on gains are paid. There are exceptions. But you can find out more about the FIRPTA Law here.

There's also some books you may want to buy or take out from your library: About Buying , About Being a Snowbird and About Tax Planning.

Good luck and may you have fun in the sun!
  • September 12 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jabado
Thanks a lot for all support given; The idea is to have a short term property (i.e spending winter in Orlando); I am also ready to pay 20-25% of the property cost to facilitate mortgage approval but I am concerned as a non resident about the legal complications in buying (or later selling if that happens in the future) as Connie mentioned in her comments...
  • September 12 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jmac
You certainly can!  If you are so inclined, I would strongly recommend that you develop a relationship with a Realtor located in the area. There are lenders that will gladly fund the transaction. 

Your biggest hurdle (beyond the "snowbird" status) will be to locate a lender that will qualify you. On the surface, the answer is you certainly can purchase. Underneath the general answer resides the absolute answer. You have to qualify for a loan.

I wish you well and concur that Florida winters are suffered much more easily than any winter experienced by our neighbors to the north.
  • September 12 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Connie Klemme

whether or not you can buy might not be your primary issue.make sure that you can STAY in the US for longer than 6 months at a time before you buy.

I'm certainly not an immigration expert but I can tell you that I just got a GREAT deal on a house because the foreign couple that bought it found out after buying it that they couldn't retire here and stay for more than 6 months at a time (not sure of their whole story).  they had the house on the market for a couple of years trying to sell it but because potential BUYERS have to deal with the IRS to buy it from the foreign seller....others passed up on it.  

so check into more than just if you can buy.    can you stay, and what if you sell?  not just what issues are there for you but what issues exist for potential buyers.  

  • September 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, it is possible to buy a property here as a foreign national with a mortgage. There are a few local lenders who can work with you on getting pre-approved for a mortgage. I work almost exclusively with foreign nationals who buy homes in Central Florida and some do indeed use a mortgage to buy their home. Good luck.
  • September 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

 I believe they can, but you should speak to a lender personally as they can answer those types of questions for you better.
  • September 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.