Best Lenders for Canadians to Purchase in Florida

Most Popular Reply

Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
1y

@Juliet Silver fellow local here to Miami. It's a pleasure to meet you! I've seen some pretty killer terms for foreign national Canadian loans from RBC bank, if they can meet traditional income qualifications. If not, they may want to speak to a mortgage broker local here in Florida to help expand their options! 

[email protected]619-456-8311
Helm Mortgage Corp.5127 Reviews
WebsiteView Page
1Reply
See this reply in the discussion

15 Replies

Jump to latestLatest
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y

    Is this for a purchase for an investment property? 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Brandon Croucier
    Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
    1y

    There’s plenty of lenders around here on BP who could do a great job.

    What kind of down payment are you looking to put down?

    Do you have US credit?

    LTV on foreign national is typically the biggest difference between lenders.

    0Reply
  • Juliet Silver
    OP
    Real Estate Agent · Miami, FL · Member since 2022 · 4 posts · 5 votes
    1y

    It may be an investment, the buyer is working on a variety of scenarios now. What type of LTV range do you think it would necessitate?

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y
    Quote from @Juliet Silver:

    It may be an investment, the buyer is working on a variety of scenarios now. What type of LTV range do you think it would necessitate?


    If the plan is to use this as an investment property, your client may want to check out a DSCR loan. Most lenders typically require a 30% downpayment. They may also require US credit history, although there are a handful that will not require a US credit report for an increased rate/ reduction in LTV.

    Some items typically needed to qualify for the loan are the following: 

    1. Passport 

    2. Credit Report or Verification of Credit History in their country of origin 

    3. Proof of downpayment and reserves (typically 12 months for a foreign national)

    4. LLC/ Corporation documentation (Must be a US based corporation or LLC)

    Most lenders may require a minimum credit score of 650 for this program if the borrower has US credit. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    1y

    @Juliet Silver fellow local here to Miami. It's a pleasure to meet you! I've seen some pretty killer terms for foreign national Canadian loans from RBC bank, if they can meet traditional income qualifications. If not, they may want to speak to a mortgage broker local here in Florida to help expand their options! 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    1Reply
  • Kevin Rodriguez
    Lender · Miami, FL · Member since 2024 · 6 posts · 2 votes
    1y

    I recommend working with a Mortgager Broker we have options that allow you to close under and LLC, NO FICO, No Income etc.

    Normally around 25% downpayment. Let me know if you have any questions at all! 

    0Reply
  • Giuseppe PavonePro Member
    Specialist · Orlando, FL · Member since 2015 · 183 posts · 83 votes
    1y

    I had a friend purchase a Vacation home financed with RBC last year.  I don't believe he had any complaints.  

    0Reply
  • Ko KashiwagiPro Member
    Lender · Los Angeles, CA · Member since 2022 · 967 posts · 445 votes
    1y

    Hi Juliet,

    If you have a US primary address and good US FICO, you should be able to get full LTV (80%) with rates on-par with US citizens with the right lender/broker. If you do not have US FICO, then the best I see on the market is usually 75% LTV with slightly higher rates.

    310-848-9776
    0Reply
  • Malgorzata SadowskaPro Member
    Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
    1y

    @Raymond J. Rodrigues is an awesome LOCAL lender, who works a lot with foreigners. He's one of the most efficient, effective & solution-oriented experts I've ever worked with.

    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    1y

    We are able to assist you being a foreign national 

    0Reply
  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 505 votes
    1y

    There are DSCR foreign national loans for investors who are outside the country where you don't need a U.S. credit score for 1-4 units for investment properties. The down payment is 25% down for single family residences and 30% down for 2-4 units. These loans are for a minimum $100K to $1-1.5M (different loan guidelines depending on the max loan amount). There is less paperwork for these loans. Some of the requirements are a valid passport the program is not available in every state. The program is available in Florida. Working with a mortgage broker who specializes in investor programs can be helpful for better terms as conventional loan product lenders generally don't have the best DSCR terms.

    More info on DSCR loans: DSCR loans won't use your income to underwrite the loan.

    DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

    Here's a bit more in detail about how rates are calculated for DSCR loans:

    1. Credit score- the higher the best. 760-780+ generally gets best pricing for investment property loans with most lenders. From there every 20 point increment affect pricing differently. So for example, a 761 credit score will be in the 760-779 credit category, then going down to 740-759 and so on. 


    2. Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit. So your pricing will be higher for a 80% LTV loan than for a 60% LTV loan.

    3. Prepayment penalties- usually 1-5 year terms. The shorter the prepayment term has an impact on increasing the rate.

    4. Are you cash flowing the property? More on how that is calculated below. Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable). Many lenders will not do a DSCR loan unless cash flowing. If they will do a loan with less than 1, the pricing takes a hit. This criteria is for 1-4 and 5-8 unit programs.

    I've included an example below to help illustrate this.

    So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.

    See example below:

    DSCR < 1

    Principal + Interest = $1,700

    Taxes = $350, Insurance = $100, Association Dues = $50

    Total PITIA = $2200

    Rent = $2000

    DSCR = Rent/PITIA = 2000/2200 = 0.91

    Since the DSCR is 0.91, we know the expenses are greater than the income of the property.

    DSCR >1

    Principal + Interest = $1,500

    Taxes = $250, Insurance = $100, Association Dues = $25

    Total PITIA = $1875 Rent = $2300

    DSCR = Rent/PITIA = 2300/1875 = 1.23

    If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable). If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.

    DSCR lenders generally let you vest either individually or as an LLC. It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.

    Happy to discuss further. 

    [email protected]818-770-0340
    Bright Skyline518 Reviews
    WebsiteView Page
    0Reply
  • Jordan Lulich
    Attorney · Vero Beach, FL · Member since 2017 · 15 posts · 6 votes
    1y

    Did you find someone to help you with your lending needs? I have a Florida based lender who helped prior clients of mine from Canada with their commercial real estate purchase. I can send you their information if you are interested. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free