Possible 2 buy a house in Newyork with 10% down being Canadian?

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Possible 2 buy a house in Newyork with 10% down being Canadian?

Raju T.
Flipper · Toronto, Ontario · Member since 2015 · 22 posts · 4 votes

Hi All,

I live in Toronto, Canada. I have USA visitor B1/B2 visa only. I want to buy a house in Rochester NY. Is it possible to buy a house with just 10% down?, i.e. I will need 90% financing(80% from traditional mortgage and 10% from private lenders). I have 15K now. what will be the approx interest rate for private lender?

Please provide your comments. 

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  • Samuel Sedore
    Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
    10y

    I would be more concerned with the tax implications, Also be wary with private money and terms. You can find anyone to lend on anything if you look hard, it will just be a matter of their terms. In Ontario private money or hard money goes for around 8-12%.

    1Reply
  • Jeff B.
    Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    As they say, "anything is possible" - - the problem is finding a lender using YOUR terms.

    Convention loans will be 'impossible' to find, so you'll need to go to the secondary market if you insist on 10% down.

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