Obtaining a US mortgage as a Canadian who is self employed

mastamindz
New Member



Joined: 08 Sep 2008
Posts: 2
Location: Edmonton

Posted: Tue Sep 30, 2008 7:00 pm

 

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I am currently self employed and have been for the past year, so I only have 1 year of taxes to show my earnings. I was able to secure a mortgage in Canada as a self employed individual on a special program offered by my lender as long as I had 25% DP.

I am hoping to purchase a home in the united states with at least 50% down. My question is, will I have a tough time finding a lender with my current situation? Can anyone point me in the right direction in regards to speaking with a broker perhaps who may be able to help me out? We plan on purchasing a home in Southern California, specifically the Riverside County area.

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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 1592
Location: Calgary

Posted: Tue Sep 30, 2008 9:34 pm

 

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I get the impression from what others have posted and what I've seen on the news the last few days it will be hard, both on here and on TV I saw people saying that they couldn't get mortgages unless they had 20% down and a perfect US credit history.

Without a credit history in the US I think it will be tough.

If you plan on living primarily in Canada, it's probably a better idea to get the mortgage in Canada if you can anyway, as it insulates you against changes in the exchange rate and obviously you'll find it easier to get as you have a credit history here.
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Steve.

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Reba
Moderator


Canuck in NC

Joined: 16 Jul 2004
Posts: 1451
Location: North Carolina

Posted: Wed Oct 01, 2008 2:59 am

 

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If you don't have a credit history, or a SSN in the US, the likelihood of getting any sort of loan right now is next to nil.
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