Can I get a Cdn Mortgage for a U.S. house?

[azbrady]

American mortgages are available for Canadian citizens regardless of whether they have a Social Security number.

1-Rates tend to be higher than the ones offered American citizens (around 6.75%-7.25%)

2- Downpayment requirements are 30%

3- A copy of your passport is needed

4- We need to track the funds for down payment- usually 2 months of bank statements is sufficient

[Diane]

re mortgage reply from Terran - I would appreciate more info as I am looking into purchasing a home in northern NY and I can't seem to be able to get a bank to mortgage my home.

[azbrady]

I can help you. (858)-777-9751

[dfuoco]

You cannot finance a US home purchase from a Canadian Bank. The bank cannot secure the property, therefore it cannot happen. If you have equity in your Canadian home, then you can activate a home equity line of credit and use that line of credit to purchase the home. If you do not have that option, you will have to secure financing from the US. I am currently in the process of doing this and have come across several roadblocks. I was told that I would have to get a Tax ID number (TIN) and then get an I94 from Boarder Protection Services (have found that they will not issue one, unless you are planning on permanent residence, which I am not. I have found a bank that, I have been told will finance me, and have been given 1-800 to call them. I will let you know how I make out. Also, you can open a US bank account in the US, and will require 2 pieces of ID. I used my CDN passport and D/L number. Since there are a number of regional banks, you will want to ensure that the bank that you use is close to the CDN boarder so if you need to get funds to your bank, it is easy. I found that Bank of America, seems to have the most eastern state exposure amongst the other banks (not an endorsement of the bank).

[Steven]

You can get an I-94 from CBP if you are visiting the US, I've done it. Can't keep it when you leave (unless it's multiple entry), that's the purpose of it.

[nishant]

In current economic situation, No Canadian bank gives home mortgage for property purchase in US.

US banks will not give mortgage unless you have credit history in US for which you will need SSN or ITN.

If you have a good job and short period credit history due to recent work visa, some US bank can consider giving home mortgage if
a) Down payment is 25 % or more
b) You give Canadian SIN # on application form for US mortgage and authorize the bank to pull your Canadian credit history using third parties who are authorized.

[m2y]

Wow, this is a great forum for info! I was curious about what happened with the 1-800 number that Dfuoco wrote?? We are at the beginning stages of looking into investing in Florida for a vacation home with the hopes that it will be worth the investment further down the line. I have been looking for info on how to do the financing.

I am wondering if anyone has any thoughts about obtaining a personal loan or a couple of lines of credits to pay the whole amount from a Canadian bank rather than having some of it financed by a US bank? I have never needed to obtain a personal credit line so have not yet explored the ease/difficulties of going through this route.

[jamesofthegreatwhitenorth]

why do you want to? Vacation home? Eventual settlement? Income opportunity? Are you a US citizen living in Canada?

I have no idea about financing a foreign property, you'd have to ask a bank. But opening a bank account in the US without a Social Security Number will prove to be rather difficult.

No it isnt. I have a Bank of America acct that earns no interest (no filing with the IRS as anything under $25 in interest is not reported to them) and as long as you keep $750 in it, you dont pay any fees. We use it as a vacation account and transfer money in when rates are more desirable (using XE.com use it, love it, save huge$$$ on large money transfers). Using your Cdn bank card or credit card in the US can be very pricey. You do however need a US address to start the acct and transfer your mailing address to your home in Canada after. As a bonus you can use Scotiabank ATMs for free (and a few others in Europe and China as well). Now I sound like a Bank of America commercial.