Is it possible for a Canadian Citizen get a U.S. Mortgage?
May 5, 2010 by
Filed under canada vacation homes
My friend, a Canadian Citizen, wants to purchase a house in the U.S. Logically, we know this must be able to be done. People purchase vacation homes all the time, don’t they? He has stellar credit, a good work history in Canada, etc., however we can find NO ONE to assist us. We have received no consistent reason why this cannot happen. So, until I receive a consistent reason, I am not taking no for an answer. It’s as if those I’ve contacted don’t want to take the time to research if this is a possibility. Help!?!?
Sure, if you have good credit.
of course you can buy a house in usa
IF your friend RESIDES and WORKS in the United States then he can apply for a US mortgage with (usually) 20-25% down.
Give Countrywide a call. They are a very large lender and have LOTS of loan programs, possibly one that will fit your friend’s needs. If THEY can’t do it, no US lender can.
He may have to go through a Canadian lender.
mb
Yes he can buy in the US. Think about people who buy vacation homes in Canada or Mexico. The best way to go about this is to find a Realtor to work with in the area. Most offices have lenders they deal with that can make this happen. Realtors and Lenders are hungry in this current market. Stay away from Lending Tree, E-loan, or other internet based lenders. They are going to charge points or origination fees which is just profit to the lender. With good credit you could buy with 0% down. Most likely the lender would want 5%
Difficult but possible.
know it is very hard to get info on this. But there are a few ways. You both will have to sit down with me to go through a pile of forms. To start are you sponsoring him? What is the relationship type thing? So first off I will need to know that. Plus what type of down payment will he have? So give me a little update on this stuff. I am traveling all the time. I will be back in the states next week. Also which state is he buying in.? I would like to touch base with you OK.
Thanks.
Stephen