The best loans for Canadian foreign nationals buying homes in La Quinta and Palm Springs are for vacation homes. A vacation home is a home you intend to use for recreational purposes during a portion of the year and do not derive any monetary benefit from ownership. This means you do not rent to a tenant and you will have to sign  a disclosure to this effect.
 As a Canadian, you will need 30% down payment and 3-6 months liquid cash reserves. To get this, you multiply your monthly payment by 3-6 times.
  You will show 2-3 months bank statements showing funds are available. The assets need to be in a Canadian bank account and verification will be from the Canadian Bank.
  To buy a home in La Quinta or Palm Springs, Canadians need to show the Canadian Passport and/or driver's license.
  On an investment property, the terms are somewhat more stringent and even more than 30% down payment may be required.
  As you are aware, US markets are in a state of flux, so programs are changing more often than in the past.

 LORI BOWERS

http://www.loribowers.com

The Lori Bowers Group

A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs

La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.

78120 Calle Estado Suite 103

Old Town La Quinta

La Quinta, CA 92253

Phone: (760)8311595• Fax: (760)771-5327

 
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2 Comments on Residential Loans in La Quinta and Palm Srpings as a Canadian Foreign National

JAN
12
2010

I appreciate the info about canadian loan requirements.  I imagine you have seen an inlfux of attention being driven to this market of potential buyers.  I wish you well.
5:43pm • #1

We are seeing alot of Canadians due to the dollar and also the low interest rates. We also are seeing many people from the Midwest and Minnesota in particular. We are happy to pay referrals. Send your friends and relatives to the land of sunshine and fruits and nuts to buy a house. We  will be happy to pay a referral. We also rent the home when the owners are not here so they have some extra income even in the summer
Lori Bowers
5:54pm • #2


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