can a canadian get a mortgage for a house that needs substancial renovation ....?

Asked by Pam, Orlando, FL Tue Aug 20, 2013

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6
Alan Martin, Agent, Orlando, FL
Thu Aug 22, 2013
unlikely. But you could perhaps borrow the money on another asset that you have in Canada and pay cash here ?
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Aug 21, 2013
It Steve says no, then it's no.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Aug 21, 2013
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Not likely.

However, money for repairs like for roofs, A/C, etc can be escrowed.

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Steve Graul, Agent, Altamonte Springs, FL
Tue Aug 20, 2013
Hi Pamco,

Actually there are a lot of lenders working with Canadians these days and some that have programs that can assist with renovations.

I'm not sure what your final goal is... but if you plan on using the home as a Primary Residence, a Second Home or Investment Property I would recommend that you work with an accountant to properly guide you through any possible tax treaties that might be available as well as to see if you need a TIN (Tax Identification Number).

Also, one very important thing that you should be aware of is what the IRS calls FIRPTA (Foreign Investment in Real Property Tax Act), nothing to be afraid of but at least be aware of it in case should you decide to sell in the near future and an accountant that specializes in international real estate can help you with this as well... here's the link to give you a more in-depth idea:

http://www.irs.gov/Individuals/International-Taxpayers/FIRPT…

It's important to know all the facts before you buy. If there is anything else I can help you with please feel free to contact me and I'll be more than happy to help you anyway I can.

Steve Graul
Coldwell Banker Residential
352.638.0530
Steve.Graul@FloridaMoves.com
0 votes
Velita Rolle…, Agent, Orlando, FL
Tue Aug 20, 2013
Hi

I can't answer this not knowing all of the criteria. Please email me with the specifics of the property as well as your financial status.

Thank you!
0 votes
Marion Thack…, Agent, Winter Park, FL
Tue Aug 20, 2013
Feel free to contact me. There are lenders that will lend to Canadians as American buyers. There are loan programs specifically for homes that need work providing you will qualify for them.

Marion Thacker
Engel & VÖLKERS
321-662-7550
Marion.thacker@evusa.com
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