Lending options for Canadians/foreigners investing in the US

13 Replies

I'm a Canadian living in Canada, but I'm mostly interested in investing in the US. Being a foreigner living in the US is fine, and being an American living abroad is fine too. But being a foreigner living outside the US seems to be a problem for getting loans from banks, even though I have US credit history, I have US credit cards, I have US bank accounts, I have an SSN (I used to work in the US).

As a Canadian, I have very limited options for financing. I couldn't find any American bank that would be able to lend to me. I called around 50 banks, big and small, national and local, and couldn't find anything.

The only bank options seem to be Canadian banks that operate in the US, which only gives me two options, and the terms are not very good, including a very large down payment.

I could easily get hard money lenders to work with me, but their rates are much higher. I'd be very interested in knowing if anyone has any experience/success in getting a mortgage with a US bank while being a foreigner and not residing in the US.

Originally posted by @Dean A.:

I'm a Canadian living in Canada, but I'm mostly interested in investing in the US. Being a foreigner living in the US is fine, and being an American living abroad is fine too. But being a foreigner living outside the US seems to be a problem for getting loans from banks, even though I have US credit history, I have US credit cards, I have US bank accounts, I have an SSN (I used to work in the US).

As a Canadian, I have very limited options for financing. I couldn't find any American bank that would be able to lend to me. I called around 50 banks, big and small, national and local, and couldn't find anything.

The only bank options seem to be Canadian banks that operate in the US, which only gives me two options, and the terms are not very good, including a very large down payment.

I could easily get hard money lenders to work with me, but their rates are much higher. I'd be very interested in knowing if anyone has any experience/success in getting a mortgage with a US bank while being a foreigner and not residing in the US.

 Have you tried TD Bank?  They give the same terms as US citizens generally as they use your CAN credit score.  However, they generally limit your exposure to only one US property.  I have a contact that specializes in getting Canadians mortgages on US properties if you want to PM me.  

Originally posted by @Jarod Dudley :
@Dean Attali

Can you put 20% down? Are these 1-4 unit investments? are they inhabitable without rehab?

If yes, we have an investor product that would be a good fit.

 Yes to all of the above--could you PM me details?

@Dean Attali , im shopping around now for a mortgage as well as a Canadian for future purchase. I just got a prequalified for a mortgage @ 5.98 % @ 35% down with homeowners financial group. that seems rather steep. im going to try RBC next. I would want minimum down due to the currency exchange not being very favourable   for us at the moment.

hi Julie, yes I am Canadian citizen.   I ended up using RBC with low 4% rate.  I also was approved for 20 percent down as well. we ended up using RBC to do the deal.