Are mortgage rates higher for Canadians investign in Florida than for US residents?

Asked by Anna, Canada, KY Sat Feb 7, 2009

What is the minimum downpayment required for a US mortgage obtained by a Canadian?

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Michael Rayno, Agent, Cape May, NJ
Sat Feb 7, 2009
I just spoke to a mortgage broker regarding your question because I did not know the answer.
I was told that you can only obtain a mortgage from an American bank/Mortgage co. if you are legally working in the USA (must have a valid work visa). The rates are higher for non Citizens of the USA
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Bill Eckler, Agent, Venice, FL
Sat Feb 7, 2009

Yes, Anna, you will find the interest rates slightly higher for foreign buyers today. The percentage difference will vary from company to company so it would be advisable to do some investigation to be certain you are obtaining the best rate.

Additionally, loans to foreign nationals are being made with the expectation of a 30-35% deposit on the subject property.

If you are interested in finding out about some terrific southwest Florida opportunities we would be happy to hear from you. Call today......

Best regards,
Susan & Bill Eckler
Michael Saunders & Company
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