Burlington, Hamilton & GTA Mortgage Brokers | Loewen Group Mortgage Professionals

How to Purchase a Home in the USA

Hello Snow Birds! Stop Dreaming & Start Migrating

Interested in purchasing a second home/vacation home in the United States? We can help!

Have you ever thought about purchasing a home in Florida to get away during the dreary winter months? Maybe you love golfing and hate the fact that you have to give it up for 6 months here in the great white north when you could be hitting the links down in the Carolina’s. Whatever your dream might be we can help with financing to make that dream a reality.

Why Florida & The States?

  • Statistics show that in 2013 Canadians bought 15 Billion dollars in total real estate transactions in the state of Florida alone
  • Canadians are in the top 3 of Foreign National buyers in Florida
  • Many of those transaction were cash purchases or from money borrowed from Canadian Home Equity Lines of Credit
  • Let’s face it – it gets cold here in the winter and you might not want to start cashing out investments or taking the equity of your home to purchase a property to the south

Who’s Eligible?

  • Canadians who want to purchase or have already purchased a property in the U.S
  • We can use your Canadian credit & income. Yes you will need to show that your income can service the debt / mortgage on the property and have strong credit.
  • Canadians with 20% down payment for a purchase
  • We can refinance an existing property you own in the US up to 60% of the loan to value
  • We can refinance/add a HELOC as well your Canadian home for the down payment on the US property you are interested in
  • Investment purchases are available with 25% down as well
  • Self Employed individuals are eligible with 2 years tax returns showing adequate income

What is the Application Process?

  • A US 1003 Loan application must be filled out – you can find it here
  • Income verification must be provided – including letters of employment, 2 recent pay stubs, 2 years T1 Generals & NOA’s
  • Property details / purchase agreement
  • 90 Days bank statements for proof of down payment
  • Verification of assets, mortgages & property tax bills
  • In the USA borrowers have the choice of having costs / fees paid by the lender or by the borrower. These fees can depend on where your mortgage is place and will be fully disclosed within 3 days of your application being submitted.
  • Applications can take 30-40 days from the time it has been submitted to the time it’s fully funded so make sure you allow lots of time.
  • Rates will depend on the type of property & the individual’s qualification. All mortgages in the US are fully open (meaning you can pay them out at any time) and adjustable or fixed rates are available. You can even get a 30 year fixed term (the max here in Canada is 10 years.)

Alternatively – If you are unsure about taking a mortgage out on a US property we can use the existing equity in your home by refinancing or adding a secure line of credit thus giving you the money to just buy the US property for “cash.”

If you are interested in more information or starting an application please let us know! We would love to help you retire to the south for 6 months of the year & live out your dream of relaxing on the beach or hitting the links every day. Even if you aren’t ready to retire but would like a permanent vacation spot I’m sure we can help put the property to good use when you aren’t there ;)

About the author...

Here to help inform, educate and represent you in the home financing process.

View all posts by James Loewen

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