Financing for foreigners buying in the USA
What is the minimum down payment required if you are a non-US resident? I have been looking into US turnkey properties but am getting the impression that my only option is to rely on non-recourse lending. This would require a minimum of 25%- 30% down and the interest rate is often very high - minimum 8%.
I am a Canadian resident and was hoping to obtain conventional financing through a Canadian bank with operations in the US. Royal Bank of Canada has such an option. What I was thinking of doing was to put a 10% down payment on a US turnkey property and finance the rest of it with a conventional mortgage.
Is such an option even possible? and what restrictions are there exactly for foreigners?
I feel the non-recourse lending route makes the cost of investing far too high.