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How Canadians Get American Mortgages

Can a Canadian investor actually get a mortgage in America?  The answer is yes.  There are higher downpayment requirements and the documentation can be onerous.  For Canadians who wish to buy an investment property, the downpayment requirement is usually 35%.  Canadians who want a vacation home may need as little as 25% downpayment.  Why so much higher than their American counterparts?  Americans can buy property with no money down.  The answer lies in the risk.  Canadians share a common language, common holidays, and a very similar culture ( we both like hockey, basketball, football, and baseball).  Canadians have the ability to "bolt" with little or no recourse in their home country.  That added layer of risk is the reason for the higher downpayment.

 

Canadian nationals, working in America on a valid visa, are a different story.  That downpayment requirement goes as low as 10%.

 

How does a Canadian get a mortgage for American properties?  Here is an example of the documentation American lenders look for when lending to Canadian citizens:

 

 

1- Identity Proof:  Some lenders require a copy of your Canadian passport- many accept a Canadian driver's license.

 

2- Proof of Employment or Business Ownership:  Most lenders seek a two year history.  We perform a verification of employment with your employer or look for a copy of your business registration or incorporation paperwork.

 

3- The very best terms are extended to Canadians who can document income by furnishing a two year history of the T-1 General Form.

 

4- Assets need to be documented by a recent bank statement.

 

 

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