Can I get real estate mortgage as a PR working in USA

[ImmiToCanada]

Dear fellow forum member,

I am a Canadian PR but I will start working in USA shortly. I have a good credit history in Canada since I always paid my credit card on time. I wonder does anyone know if I am eligible for a real estate mortgage? If so, I also greatly appreciate some recommendation of financial and real estate advisors.

Thanks a lot!

 

[torontosm]

Dear fellow forum member,

I am a Canadian PR but I will start working in USA shortly. I have a good credit history in Canada since I always paid my credit card on time. I wonder does anyone know if I am eligible for a real estate mortgage? If so, I also greatly appreciate some recommendation of financial and real estate advisors.

Thanks a lot!

Yes, you will be eligible. However, as a non-resident, you will have to put 50% down.

 

[luvanuj]

Yes, you will be eligible. However, as a non-resident, you will have to put 50% down.

This is a false information. You can get approved for a mortgage as low as 5% down. I recently got approved for 5%.

 

[luvanuj]

Dear fellow forum member,

I am a Canadian PR but I will start working in USA shortly. I have a good credit history in Canada since I always paid my credit card on time. I wonder does anyone know if I am eligible for a real estate mortgage? If so, I also greatly appreciate some recommendation of financial and real estate advisors.

Thanks a lot!

Yes, you are eligible. The approval will depend upon your income and capability of the down payment. If I were you I would not tell them about my job in USA if you are currently employed.

 

[torontosm]

This is a false information. You can get approved for a mortgage as low as 5% down. I recently got approved for 5%.

You need to get your facts straight. to qualify for a 5% mortgage, you have to be living in Canada. The OP will obviously not be living in Canada, so he won't qualify for the CMHC insurance (required for the 5% down). For non-residents, the minimum down payment used to be 30% (or 35% for some banks), but that was recently changed to 50%.

The only thing that's false is your supposed understanding of the system.

 

[SufferInCan]

You need to get your facts straight. to qualify for a 5% mortgage, you have to be living in Canada. The OP will obviously not be living in Canada, so he won't qualify for the CMHC insurance (required for the 5% down). For non-residents, the minimum down payment used to be 30% (or 35% for some banks), but that was recently changed to 50%.

The only thing that's false is your supposed understanding of the system.

Yes that is correct. For a non-resident it used to be 30% - 35% down payment. I did not hear about the change to 50%. When was it changed?

 

[torontosm]

Yes that is correct. For a non-resident it used to be 30% - 35% down payment. I did not hear about the change to 50%. When was it changed?

This happened a couple of months ago. Banks are getting increasingly conservative due to the real estate market downturn.,

 

[luckybuxtonhomeloans]

Yes, you can get a real estate mortgage as a PR working in the USA. Many lenders are open to providing mortgages to permanent residents, often with the same terms and conditions as U.S. citizens. The process generally involves proving your income, creditworthiness, and employment stability. It's important to shop around and compare offers from different lenders, including consulting a home loan officer to get tailored advice for your situation.

 

[milon45]

Yes, you can get a real estate mortgage as a PR working in the USA. Many lenders are open to providing mortgages to permanent residents, often with the same terms and conditions as U.S. citizens. The process generally involves proving your income, creditworthiness, and employment stability. It's important to shop around and compare offers from different lenders of spotify++, including consulting a home loan officer to get tailored advice for your situation.

As a Canadian PR moving to the U.S., your Canadian credit history won't automatically transfer, but you may still be eligible for a mortgage in the U.S. Some lenders may consider your international credit history, especially if you have a strong record in Canada. You might need to provide additional documentation, such as proof of income and employment in the U.S., as well as a sizable down payment. To navigate the process, I'd recommend speaking with cross-border financial advisors or real estate agents familiar with helping newcomers. Companies like TD Bank and RBC offer services for Canadians in the U.S., and a mortgage broker could help identify lenders who accept international credit histories.