Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

168
Posts
123
Votes
Brianne H.
  • Investor
  • Calgary, Alberta
123
Votes |
168
Posts

Financing options for a Canadian (and a Brit) in the US

Brianne H.
  • Investor
  • Calgary, Alberta
Posted

Hi, I am fairly new to BP and am considering investing in the US. I am quite familiar with financing options and rules in Canada, but the US is a totally different ball game. I'm still in the process of just starting out and researching different markets, but I would like to buy small multis (duplex/triplex/4 plex) for our first few investments. 

I'm wondering what options are out there for financing to foreigners - I am Canadian, my husband is British (and Canadian permanent resident). From what I've read, there's usually an extra 1-2% interest charge for conventional mortgages. What options are there for <20% down payment? What other options are out there that would be ideal for financing a rental that I may not be aware of? 

I've heard mortgages in the US take 45-60 days to process (!) Is it that long for everyone, or just non-Americans? How does that work? Is the property still only conditionally sold until the mortgage is fully processed, 2 months after you've put in an offer? Is it also true you have to be physically present in the title office on closing day? 

If a new corporation was to buy the property, how does financing work for that? Am I correct to assume that the corporation would still need to be backed by a personal guarantee? If the property is in a corporation's name, is it acceptable to have only one shareholder sign all the documents and be present on closing? 

Thank you for any answers and advice! 

Most Popular Reply

User Stats

22
Posts
4
Votes
Allan Snow
  • Thorold, Ontario
4
Votes |
22
Posts
Allan Snow
  • Thorold, Ontario
Replied

@Brianne H.

Hi Brianne, this is copied and pasted from my post last week. hope it helps

Update on Banks

TD will finance a US Mortgage for Canadians

BMO Harris will Finance a U.S. mortgage for Canadians just not in NY (where i'm looking right now) or Texas.

RBC- Minimum $65,000 mortgage plus 40% down. Need to have 24 months reserve mortgage payments in bank

Hope this helps any Canadians

Loading replies...