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.desertareahousingmarket.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.
78065 Main St., Suite 107
Old Town La Quinta
La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
