You need to speak with a Mortgage Broker regarding your financing. Personally, I believe that with a downpayment of 30% or 40% you should not have any problems obtaining financing. Of course, another piece of the puzzle would be that you need to present your Income Tax Returns from Canada and prove that you can make your mortgage payments using only around 40% of your gross income. It should not matter that you are a Canadian Citizen. I have sold many properties to Mexican nationals and with a heavy downpayment, proof of income and good credit they were able to obtain financing, but best suited to answer your question would be a Mortgage Broker based in San Diego. When you sell the home, you will have to pay taxes on your Capital Gains. The Escrow Company will retain 10% of the Selling Price to insure the Federal Tax Payment and approximately 3.3% to insure the payment of the State Tax, that is, until you file and pay your real Capital Gains taxes, since you hopefully will be making a profit , and those exact taxes would definitely be less than what the Escrow Company will retain when you sell. Also, best suited to answer your question a CPA or an Escrow Officer based in San Diego. If you need any help please contact me at http://www.besthomesinlajolla.com and I will be happy to give you names of Mortgage Brokers and Escrow Officers or CPA's that you can consult so you can be sure of your financial possibilities and tax liabilities.
Isaac Bensussen http://-www.besthomesinlajolla.com
American Banks will give you a mortgage if you can prove you have the means of paying them back - when I moved to the US, Chase took a credit report from Canada and based on that, they established my US Credit.
There are some advantages of buying a home in the US if you have a US salary or if you start a US business
1) Lawful Permanent Resident Alien.
2) Non-Permanent Resident Alien, provided that the property will be the borrower's pricipal residence, the borrower has a valid Social Security Number, and the borrower is eligible to work in the US as evidenced by an Employment Authorization Document (EAD).