Canadian citizen - Working in US - Need US lender?

[JonathanH]

Hello,

In 2009 my wife and I were granted a 6-year visa to open our business in the US. Things are running smoothly so we`ve accumulated some funds and would like to invest here in the US for various reasons.

I am just curious to know if anyone has any suggestions about how a Canadian with very little credit history (in the US) can go about getting a loan for a mortgage here in the US. Im open to any suggestions including borrowing in Canada if that is possible.

The only option I see so far is owner financing with a huge down payment but was hoping others can chime in.

Im very new to this so please do not hesitate to reply with suggestions that may seem obvious as they will most likely be new to me.

JonathanH

 

[Oli]

QUOTE (JonathanH @ Oct 21 2010, 03:41 PM) Hello,

In 2009 my wife and I were granted a 6-year visa to open our business in the US. Things are running smoothly so we`ve accumulated some funds and would like to invest here in the US for various reasons.

I am just curious to know if anyone has any suggestions about how a Canadian with very little credit history (in the US) can go about getting a loan for a mortgage here in the US. Im open to any suggestions including borrowing in Canada if that is possible.

The only option I see so far is owner financing with a huge down payment but was hoping others can chime in.

Im very new to this so please do not hesitate to reply with suggestions that may seem obvious as they will most likely be new to me.

JonathanH

Hi Jonathan,

Couple of recommendations:

• Grab a copy of South of 49 by McKernan. It will cover a lot of things to consider when buying in the US.I met a RBC mortgage specialist at a seminar that has connections to their US counter-part that might be able to direct you: Khush Mistry -- khushroo.mistry@rbc.com

I think the general idea is that for a US property, you will actually work with a US lender. However if you`ve got enough equity on your home in Canada, you can bring more cash to the deal to satisfy your lender. They will require income statements etc, but basically you can buy in the US for as low as 20% down.

PS: as noted in McKernan`s book please please please do NOT sign anything in the US until you`ve consulted with a lawyer/accountant that is well-versed in buying south of the border.

Cheers,
Oli

 

[markl]

My sister and brother in/law were in the same situation and they got financing through RBC. If not if you have an HSBC account in Canada that is another option to get US financing.

Regards,

 

[JonathanH]

Thanks for the info guys.

I will order that book and email that person.

Anyone else have some experience with this?