Frequently Asked Questions
1. Can Canadians get a mortgage to buy property in Florida?
Yes, Canadians can get bank mortgages to buy property in Florida through foreign national mortgage programs. These loans typically require 25-40% down payment and offer competitive rates from U.S. banks. No SSN required—you can qualify with passport, Canadian credit, and income documentation.
2. What down payment do Canadians need?
Most foreign national mortgage programs require 25-40% down payment, depending on the property type, your credit profile, and the lender. Primary residences typically require 25-30%, while investment properties may require 35-40%.
3. Do I need a U.S. credit score?
No, you don't need a U.S. credit score. Lenders will review your Canadian credit history, income, and assets. If you have a U.S. credit profile, that's a bonus, but it's not required.
4. What are the tax implications?
As a foreign national, you may be subject to FIRPTA (Foreign Investment in Real Property Tax Act) withholding on future sales. Consult with a cross-border accountant regarding reporting requirements, depreciation, and rental income implications.
5. How long does it take to close?
Typical closing timeline is 30-45 days from application to funding, depending on property appraisal, title search, and documentation verification. Expedited closings may be available in some cases.
6. Should I buy in my name or through an LLC?
This depends on your investment strategy, tax situation, and liability concerns. Consult with a cross-border accountant and real estate attorney to determine the best structure for your situation.