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.,