Can Canadians get a loan for a home in California?

Dear William,

I live in Vancouver and love Palm Springs. I dream of having a vacation home and visit often. I’m open to also renting it out when I’m not there but I would need help. I’d like to buy something there but I’m Canadian. I’d like to get a loan. Is that possible?

Sheryl K, Kitsilano Beach, Vancouver Canada 

Hi Sheryl,

How exciting that you are thinking of buying a home in Palm Springs as your vacation home! Lots of Canadians like yourself enjoy the warm weather in the fall and winter seasons in the Coachella Valley. Generally speaking, lenders have options where you can obtain a loan if you have a great credit among other essentials and 30% down roughly. You can also hire a local property management company to take care of your property and rent it when you’re not there. Remember, once you start earning income in California you will need to also hire an accountant! 

The great news is that most rentals are able to pay for their total mortgage for the entire year. The most productive part of the year for tourism is generally at the end of the year and beginning of the year. If you would like me to refer you to a lender, we’re always here to help! Let’s get you into vacation mode!

William