Real Estate Question

[jms627]

Hi Everyone,

I was wondering if anyone has any input on this. My husband and I are in the process of filing our application for residency (he's Canadian and I'm American). He's currently in Ontario, and I'm in Massachusetts with our son. We go back and forth as much as possible. He's in the Canadian Forces, and is being posted to a new location. When we met in 2010, he already owned his own home. Now he'll be looking for a new home in New Brunswick.

My question is, is it possible for me to get a joint mortgage with him, even if I currently have no status in Canada other than visitor? My income from the States would significantly increase the amount of money we could spend on a home.

Thanks in advance for any insight anyone may have!

 

[sashali78]

Hi Everyone,

I was wondering if anyone has any input on this. My husband and I are in the process of filing our application for residency (he's Canadian and I'm American). He's currently in Ontario, and I'm in Massachusetts with our son. We go back and forth as much as possible. He's in the Canadian Forces, and is being posted to a new location. When we met in 2010, he already owned his own home. Now he'll be looking for a new home in New Brunswick.

My question is, is it possible for me to get a joint mortgage with him, even if I currently have no status in Canada other than visitor? My income from the States would significantly increase the amount of money we could spend on a home.

Thanks in advance for any insight anyone may have!

It is possible. However, usually lenders require a higher % of down payment from non-residents. So you will have to check with various lenders to see which one will able to give you the best deal.

 

[jms627]

Thank you!

 

[MRheaB]

Thank you!

Just looked into this myself - most lenders require 35% downpayment if the income you are using is not Canadian sourced income, we were told that after 3 months of Canadian source income the downpayment would reduce down to as low as 5%.