What is the lowest downpayment option for Canadia buyers? Does anybody know?

Asked by Anne Hensel, Madeira beach, FL Thu Sep 27, 2007

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Darla Schroe…, Agent, Madeira Beach, FL
Wed May 4, 2011
Hi Anne. Hope real estate is being good to you! Representatives from our local Royal Bank of Canada state that they can finance with a flexible FHA mortgage up to 96.5 percent loan-to-value, for owner occupied, primary residences for Canadians. Contact N. Pat Pineda; cell 727-422-4790; e-mail: NUBIA.PINEDA@RBC.COM

Darla Schroeder, Realtor, CIPS, GRI, e-PRO
Century 21 Real Estate Champions
Certified International Property Specialist
Madeira Beach, FL
0 votes
Caroline York, Agent, St Petersburg, FL
Fri Oct 3, 2008
As a foreign buyer I see no criteria stipulating a minimum downpayment. Those terms would be determined between the client and their lender. As far as foreign Sellers are concerned there is a "Foreign Investment in Real Property Tax Act " which defines FIRPTA Section 1445 of the Internal Revenue Code which requires the Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the Internal Revenue Service unless an exemption applies. I would be sure your client understands this when they purchase the property because the day will probably come that they sell it--and how many of our clients like surprises.
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Bill Eckler, Agent, Venice, FL
Wed Sep 3, 2008

We have a Canadian customer that found a branch of his bank in the Venice area that was willing to do a loan package for less then 10% deposit.
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Antonio, Agent, Tampa, FL
Tue Oct 2, 2007
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Anne Hensel, Agent, Madeira beach, FL
Fri Sep 28, 2007
Hi Paula
Thank you for your answer
Canadians or for the matter all foreigners usually have to have about 30% down, once in a blue moon we find 25% and yes it has to do with a lot of the things you mentioned but it is a different set of rules when you are a foreigner
I have sold property to a lot of Canadians and being German myself I have a lot of German clients too.
With the mortgage market as it is and the US dollar so weak compared to the Canadian $ or the Euro I thought some lenders might have gotten a bit more creative or flexible towards foreigners
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Paula Bean, , Orlando, FL
Thu Sep 27, 2007
Hi Anne! I checked out your profile and you are living in my favorite part of Florida ;-) You have a lot of Canadians that buy there as well as a lot of seniors that buy second homes for the winter.

I don't believe there is any criteria for the lowest down pmt based on if you are from Canada. It has more to do with if it is a second home, investment property or if it is a primary residence, how much they put down and what the LTV is.

Get in touch with a good loan officer there who can help you out. Local loan officers are used to dealing with the Canadians and the Snowbird traffic you have there.

Good luck!
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