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Your Canadian credit file does not transfer, which is the single biggest difference and the reason down payments are larger.
| Down payment | Commonly 20% to 30%, higher than a domestic purchase, because the lender is underwriting a foreign borrower. |
| Credit history | Canadian credit reports generally do not transfer. Some cross border lenders will consider them; others require a US file first. |
| Lender options | Cross border lenders, and some Canadian banks with US operations. Local US lenders rarely accommodate non-residents. |
| Currency | The mortgage is in US dollars. Exchange movement affects your effective payment every month. |
Yes, through cross-border lenders and some Canadian banks with US operations. Expect a larger down payment than a domestic purchase, commonly 20% to 30%, because your Canadian credit file does not transfer and the lender is underwriting a foreign borrower.
Proof of income, Canadian and sometimes US banking history, and a substantial down payment. Some lenders will consider your Canadian credit report through a cross-border arrangement; others require you to establish a US credit file first, which takes time and is worth starting early.
US property taxes, potential state and federal income tax on rental income, estate tax exposure for larger holdings, and Canadian reporting requirements on foreign property. Involve a cross-border accountant before purchasing, since ownership structure is difficult and expensive to change afterward.
