Financing for Canadian Investors in US Real Estate
My friend in San Diego California, Brian Brady, recently wrote an interesting article about Canadian investors and important information they needed to know when investing in the US. It is important understand that financing is slightly different for Foreign Nationals than US citizens with differences in down payment and interest rates.
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Brian points out that:
Canadian investors have been flocking to the US to buy prime American real estate at a bargain. The strong Canadian dollar, while inopportune for Canadian manufacturing firms, is giving Canadian investors built in downside protection when they buy American real estate. The vacuum, however, lies in the mortgage financing for Canadian investors. Mortgage companies require as much as 35% down payment for Canadian citizens buying a vacation home in America. In some areas (California, Arizona, Nevada, and Florida), that financing is about to be suspended. The leading bank suspended its loan programs, for Canadian investors, in those four states, as of April 1, 2008.Canadian investors are also learning that all American mortgage brokers are not created equal. Rates for foreign nationals (which is what the American banks call Canadian citizens) are traditionally 1% higher than American residents receive.
Read the full article at: Canadians Finding That American Mortgage Money Is Scarce
Brian Brady finances investors from all over the globe. References here. Loan applications, for foreign investors, can be made online. Interested in purchasing a Western New York home? Call Colleen Kulikowski at (716)Â 743-5297 or contact me here.
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