Mortgage for Husband in Canada and Wife in US

[pseetha]

Me and my wife are PR in Canada. I am working in Canada and my wife is working in US and earning in USD. Can I get a mortgage with my wife included in it, considering that she is residing in US and earning in USD? Has any one encountered a similar situation and aware of its outcome?

 

[red_rom]

Yes, you can get a mortgage, since both your PR statuses are valid. And you can use the funds from your wife for down payment and also include her in the agreement of purchase and sale.

Now, depending on your length of stay in Canada and how much credit score has been reached, different lenders look at it in different way. Besides, your wife's credit score in US may not be directly considered by lenders, different lenders look at it differently. Even we were in a similar situation, but my wife was not working in US, she was in Canada and we had issues with mortgage back then, albeit a decent household income and down payment. The reason prime lenders hesitated to give a pre-approval was, our credit score in Canada was not built yet, it was just 4-5 months.

Having said that, there are many factors that come into picture, just not the credit score, such as:

• Nature of your Work (Fulltime / Permanent / Contract etc.)
• Down Payment & Purchase Price (these will greatly dictate your CMHC insurance, HBP, term rates etc.)
• GDS / TDS scores
• Nature of occupancy (Matrimonial home / Rental / Investment etc.) - For a matrimonial / principal residence, non-owner spousal consent is required for various documents (mortgages, clauses, etc.)
• Many others as well

We did go around and look at re-sale properties and builder homes then. We finally settled on Builder homes for various reasons.

Let me know if you need further info, I could help, DM me.

 

[pseetha]

Yes, you can get a mortgage, since both your PR statuses are valid. And you can use the funds from your wife for down payment and also include her in the agreement of purchase and sale.

Now, depending on your length of stay in Canada and how much credit score has been reached, different lenders look at it in different way. Besides, your wife's credit score in US may not be directly considered by lenders, different lenders look at it differently. Even we were in a similar situation, but my wife was not working in US, she was in Canada and we had issues with mortgage back then, albeit a decent household income and down payment. The reason prime lenders hesitated to give a pre-approval was, our credit score in Canada was not built yet, it was just 4-5 months.

Having said that, there are many factors that come into picture, just not the credit score, such as:

• Nature of your Work (Fulltime / Permanent / Contract etc.)
• Down Payment & Purchase Price (these will greatly dictate your CMHC insurance, HBP, term rates etc.)
• GDS / TDS scores
• Nature of occupancy (Matrimonial home / Rental / Investment etc.) - For a matrimonial / principal residence, non-owner spousal consent is required for various documents (mortgages, clauses, etc.)
• Many others as well

We did go around and look at re-sale properties and builder homes then. We finally settled on Builder homes for various reasons.
Let me know if you need further info, I could help, DM me.

Thank you so much for an elaborate response and the details provided. I have Canadian credit history in the last 14 months. Have a full time job since I was transferred from US with the same employer. I am planning to buy for my primary use and hoping to put a 20% down. The plan is once we buy the house, my wife would move to Canada from US. The main reason she is continuing in US is to get a loan approval for our Canadian home

 

[red_rom]

Thank you so much for an elaborate response and the details provided. I have Canadian credit history in the last 14 months. Have a full time job since I was transferred from US with the same employer. I am planning to buy for my primary use and hoping to put a 20% down. The plan is once we buy the house, my wife would move to Canada from US. The main reason she is continuing in US is to get a loan approval for our Canadian home

Perfect ! You shouldn't worry too much then. Let me know if you plan to look for any properties / mortgage in Ontario, I could help.

 

[gurpreet.ts]

Thank you so much for an elaborate response and the details provided. I have Canadian credit history in the last 14 months. Have a full time job since I was transferred from US with the same employer. I am planning to buy for my primary use and hoping to put a 20% down. The plan is once we buy the house, my wife would move to Canada from US. The main reason she is continuing in US is to get a loan approval for our Canadian home

Considering your situation yes mortgage is absolutely doable.