Maui Blog - Georgie Hunter R(S): Helpful Info for Canadian Borrowers Buying Property in Hawaii

Helpful Info for Canadian Borrowers Buying Property in Hawaii

Helpful Info for Canadian Borrowers Buying Property in Hawaii

Kihei Maui HI condos and condo-tels for sale

Loan to Value (Down Payment) Requirements: 

Single Family Residences and Conforming (non vacation rental) Condos: 

  • 20% Down to $625,500 Loan Amount 
  • 30% Down to $850,000 Loan Amount 

All Property Types including Condo-tels: 

  • 35% Down to $1,000,000 Loan Amount 
  • 40-50% Down to $5,000,000 Loan Amount 

Typical Program Types:

  • Most US mortgages are amortized over 30 Years even the Adjustable Rate Mortgages (ARM’s). 
  • Hybrid ARM’s are very popular with Canadians and are fixed for 5,7 or 10 years. 
  • Most US Mortgages do not have a Pre Payment penalty and if they do it is usually no longer than 12-24 months long. 

Income Documentation: 

  • US Mortgages now require full income documentation for at least 2 years. This would require T-1’s, T-4’s and Corp/Business Returns and current paystubs if applicable. 
  • We do have one program that will allow asset depletion to assist with income qualification and is a good option for those with strong assets and recently retired or self employed. 

Asset Documentation: 

  • Full liquid asset documentation required. Usually 2-3 months of bank, stock, mutual fund and/or retirement statements. 
  • We may not be able to use 100% of the value of retirement accounts. 

Closing Costs:

  • US closing costs are different than in Canada. The banks/lenders have fees here that are common and standard in the US: 
  • Points: These are a fee (percentage of loan amount…1 point equates to 1% of loan amount) that has a direct relationship with the rate. The higher the points, the lower the rate and vice versa. 0 Point options are not as available to Foreign National borrowers. 
  • Lender Fees: Underwriting, Loan Docs, Admin, Processing, Funding… some or all of these may be applicable and will be disclosed with our initial Good Faith Estimate.

Info provided by Elite Lending

  • Rebecca Ross, President 
  • 2679 Wai Wai Place, Suite 202, Kihei, HI 96753 
  • Office: 808-891-2005 
  • Cell: 808-250-6482 
  • Fax: 808-891-2044 

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Georgina M. Hunter Realtor(S) e-Pro  

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Comment balloon 5 commentsGeorgie Hunter R(S) 58089 • March 24 2011 06:47PM

Comments

Great information,gathered into one place.  Good luck to you, have a great week - and, thanks for the post!

Posted by Michael Kitsch (Coldwell Banker) about 7 years ago

Thanks Cheryl - and it's a long weekend over here too!

Posted by Georgie Hunter R(S) 58089, Maui Real Estate sales and lifestyle info (Hawai'i Life Real Estate Brokers) about 7 years ago

Georgina - great information! We have a lot of Canadian buyers down here in Florida as well!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) about 7 years ago

Hi Georgina, I bookmarked this as a reference for our Canadian buyers here.  In my market, the prices are considerably lower so many Canadians are able to get a loan in Canada and make their purchase here with cash.

Have a great weekend!

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) about 7 years ago

Georgina - that's great information for Canadian buyers.  I talked to one of my dear friends in Canada just yesterday and their mortgages are certainly structured more like our 5 year ARM's, from what she was telling me. 

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) about 7 years ago

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