Would it be possible to obtain financing to purchase a property for a Canadian with an excellent credit in Canada?

Asked by Leon Sheiin, Naples, FL Mon May 17, 2010

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Sergio Herna…, , Naples, FL
Wed Aug 4, 2010
Yes and I have an outstanding mortgage broker I can recommend.
Web Reference:  http://www.golftobeach.com
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Cynthia Coro…, Agent, Marco Island, FL
Tue May 18, 2010
Absolutely! I just sold a lovely couple from Vancouver a condominium in Naples. They financed part of it through TD Bank. This is their bank when they are in Canada. I personally dealt with their account manager to facilitate the wiring of funds over the New Year period. It all worked beautifully.

I did provide three local banks for my buyers to shop a mortgage. They did but found staying with their home bank was helpful for the transfer of funds from Canada to the US while they are here on holiday.

Good luck and welcome to Naples!
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Jay Berube, Agent, Bonita Springs, FL
Tue May 18, 2010
Hi Leon, I am sure you know that more and more Canadians are buying property in South West Florida. It is a great opportunity for you to get your feet wet if you haven't already. I am finding that when Canadians are not purchasing cash, most are obtaining financing through RBC Bank. Their are a couple of local branches, and they usualyy require 25%-50% down. I can get you the contact info for my local RBC representative if you wish. Happy House Hunting.... Let me know if I can be of further assistance.... BTW, I attached a link to my blog regarding Canadian Buyers...
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Robert Vesci,…, Agent, Naples, FL
Tue May 18, 2010
I am both a REALTOR & a mortgage broker and I work with many Canadian Customers and I have some excellent loan programs for Foreign borrowers with my lenders.

Information foreign national buyers need to know about today's market:

1. You will not find foreign national investor mortgages at the Big Banks, Look for smaller mortgage banks and private investors to finance foreign national mortgages. Like stated in prior answer RBC Bank, TIB Bank, M&I Bank have good programs.

2. Be prepared with a downpayment of at least 30 percent in U.S. dollars. 30 percent is the minimum in today's market and it carries the highest interest rates and harshest loan terms for foreign nationals. A 40 percent downpayment can soften the rates and terms, but it's at 50 percent where the real shift happens. With a 50 percent payment or more, foreign nationals get access to most attractive mortgage rates and very loose terms. This can include reduced documentation, reduced costs, and easier underwriting.

3. For international buyers of U.S. real estate, there are two ways to make a profit. The first is to profit from the property appreciation on the investment unit itself. This is the form of profit that most investors talk about with respect to "buying in a down market". The lesser-known method is via currency appreciation. Currency appreciation happens when the dollars applied to a downpayment on a home gain value from changes in foreign exchange markets and currency conversion rates.

4. Make sure you work with professionals. The foreign national market changes very, very quickly in the United States and that's why every international buyer should be working with an experienced professional on both the real estate and mortgage part of the purchase.

If you need my assistance whether for real estate, mortgage or both please contact me for additional information.

Thank you,

Robert Vesci, PA
REALTOR, Broker-associate
Mari Vesci REALTORs, Inc.


Robert Vesci
Lic FL Mortgage Broker
Nations Funding Source
0 votes
Matt Magrone, , Naples, FL
Tue May 18, 2010
In some cases, there are lenders who consider loans to Canadian citizens in the same manner as American citizens or qualified resident aliens. It is typically determined by their "contacts" in the US. By contacts, I mean, do they work and live here, do they bank here, is a credit report available, etc? However, the worst case scenario is that they are considered a foreign national. Fortunately, for financially qualified foreign nationals, the credit market has freed up a bit this year and both loan to value and interest rates have become more competitive and attractive.
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The Krol Gro…, Agent, Naples, FL
Mon May 17, 2010
This should be no problem. RBC has some excellent loan programs for Canadians. If you need help, I have contacts to help you.
Web Reference:  http://www.johnkrol.net
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Ken Lowe, Agent, Naples, FL
Mon May 17, 2010
Please contact me or another loan originator to discuss your persoanl situation.
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