I suggest making sure the client understands how long they are able to stay in US - if no green card or job then may have visa limitations and they need to have a full understanding of that - no good buying the home and then finding out if they loose their job they can't live in the home year round?

Another Great Question! Canadian Investors are very Welcome in the USA. They can secure a loan in Canada (Home Equity type) then buy for all cash here in the USA. However the last time I had a Canadian Investor, I referred my client to a local lender that specializes in foreign buyers: NOVA Mortgage Loans, C/O Mr. Ron Ewing at 510-964-1615—Office located in the City of Hercules. Mr. Ewing has access to the Credit Report Data Base for foreign buyers (much like our TRW, Trans-Union & Equifax), approving my client was not a problem. Call Ron; let him know I referred you, and Good Luck!

If you need further assistance, feel free to call on me personally, I can mentor you through the process.

Viktor

Roger,
Talk to tax consultant as well.


Best Regards,
Jes Sierra, B.Sc.
Realtor®

Roger,

I believe that it may not matter but I would contact a local title company to discuss it with them. My belief is that there may be title issues that the Canadian bank may not be set up for unless they have US branches. There are some banks that work across state lines so there is no ussue there but crossing federal boundaries adds a layer of complexity that is resolved by using US lenders, preferably in the state of choice.

The problem with a non citizen getting US financing will pose other challenges though but it is not impossible. The bank's issue is regarding concenrs about an owner who gets in trouble returning to his country of origin, so down payments and assets are going to be scrutinized even more than otherwise.

Oh, so it can be either a Cali lender or a Canadian lender?

Depends on who will do the loan? If it is in CA, then a pre-qual will be needed here, but if a Canadian bank lends money to your client, then he will deal with his bank there.