Although recent mortgage regulations and as taxes have made it more difficult and expensive to purchase and refinance Canadian Real Estate, there are still lending options for Non-Residents.
Because Non Residents have less ties to Canada than a resident, the lenders are primarily lending on the property’s security. This means, that you will typically need to have a Down Payment of 35% or more for most situations.
I even have some contacts at institutional lenders (banks) that can use USA earned income to qualify for a Canadian Mortgage at competitive rates and with as little as 20% Down Payment. This benefits both American Citizens looking to buy in Canada as well as Canadians Expats in the USA who are no longer Canadian Residents for tax purposes.
I also have many private lenders that lend on property equity or down payment and do not income qualify, so Non-Residents aren’t challenged with proving income to secure a mortgage.
As for Temporary Canadian Residents, they can generally qualify for a mortgage the same way a Permanent Resident Would. They may only need to show that they have applied for Permanent Residency.
Please proceed to my Contact Page to start the conversation.Tell me about your specific scenario so I can find the best mortgage for you.
