Rental Property Investor · Member since 2021 · 15 posts · 4 votes
Hello fellow investors, I have a few questions about investing internationally from Canada to the US. So I am looking at investing in real estate and hopefully using an FHA to buy my first home and house hack while going to school. I am currently from Canada and moving down to NE for 4 years of schooling. I was hoping to buy a property and rent the other rooms to my school mates!! Thanks for any input you might have. 1. Does anyone know of any banks in the US that would lend to international parties (Canadian)
2. Can a Canadian get a FHA loan in the US?
Any experience on these topics or anything that you might feel that is relevant please share! Thank you
My partner has used a lender before that focuses on foreign investors but the down payment is usually 20%-30%. DM and I will send you their information.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
Will you have work authorization to earn income and pay the mortgage?
I think FHA will be tough to get. Most lenders will require two years of US tax returns, some minimum credit score, and provable income. Not impossible, but not always easy for most students.
You may be able to get some other loan with less restrictions, but maybe higher down payment like 30% down and probably higher interest rate.
Rental Property Investor · Member since 2021 · 15 posts · 4 votes
5y
@Bruce Lynn thanks for your input. I will have work placement jobs related to my field of study. So short answer yes I will be working. Not full time of course because I will be going to school, which may create more complications. FHA may be possible after currently living down there for a few years? I've tried to do research on it but I haven't come up with much as far as the FHA loan. I could probably come up with a traditional 25-30% down payment as well but I would like to look for a smaller down payment if possible to have a relatively conservative ROI. Do you have experience with international loans? What do you consider to be a "higher" interest rate?
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
I have had many international clients over the years....probably 30% of my business or more, so yes with experience with international loans.
Higher interest...6-7-8% interest vs maybe 3.xx for FHA type loan. My guess and though is that you might could get FHA loan perhaps when you finish school and start working full time and have a visa long enough to make sense to the lender. Each is a little different, but they probably want to see you on something other than student visa, and something longer than like a J1 for 18 months...maybe H1B or the NAFTA visa is common for Canadians and Mexicans in the past.
You can look at something like this link to get an idea of what most lenders will require for the lowest down payment and lowest interest loans.
My partner has used a lender before that focuses on foreign investors but the down payment is usually 20%-30%. DM and I will send you their information.