Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

If Canadian Citizen, can I buy a home in the United States?

Real Estate. I am Sick & tired of the housing market in Canada. I see so many nice homes south of the border in the United States. Am I legally allowed to buy a home in the US as a Canadian Citizen? Thank you.

4 Answers

Relevance
  • Anonymous
    1 decade ago
    Favorite Answer

    It should not be a problem. You will have to fill out a few additional documents required for out of country buyers (Patriot Act) but other than that it is not an issue. Many Canadians are coming down to our area in particular (Phoenix/Scottsdale) to purchase homes. Prices have retreated dramatically and your Canadian dollar is very strong against ours. So in essence you're getting a double discount.

    Of course, any Canadian resident can buy a piece of property in the US. It is up to the mortgage company to decide if they will loan you money by way of a mortgage.

    If you qualify in Canada, you should qualify in the US. However, you have to realize that in general, Banks and Savings and Loans in the US are not like our big six chartered banks. Few banks cross state lines and even something like the Bank of America which may have multi-branches is usually designated "Bank of America NA" where the NA stands for National Association and is really a form of franchise not a branch of "THE" Bank of Amercia.

    Therefore, with some exceptions, you are usually dealing with a smaller institution than you are used to and all decisions are made locally as opposed to a national policy. Mortgage and title insurance are also different things you have to deal with. In reality, Many, if not most Canadians who are wanting to buy a summer or winter place in the US will try and arrange financing in Canada to cover the purchase.

    Source(s): Experience in this field.
  • Anonymous
    1 decade ago

    I have a couple of neighbors from Canada who have bought homes here. They usually come down for winter and spring and head back for summer and part of fall (Florida gets really hot). They seem to enjoy the best weather in both countries.

  • Anonymous
    1 decade ago

    Sure.

    If you rent it out, you have to pay 30% of the rent in tax.

  • Anonymous
    1 decade ago

    what not good enough for you go then!!!!!! just kidding

Still have questions? Get your answers by asking now.