Who lends to non-resident Canadians
Three categories of lenders serve Canadians in Florida:
1. Cross-border banks
- RBC Bank US (US subsidiary of RBC, distinct from RBC Royal Bank Canada). Cross-Border Mortgage program, often 25–35 % down, directly accepts Canadian income and RBC Royal Bank history.
- BMO Harris Bank (US subsidiary of BMO). Similar programs, often faster processing for BMO Canada clients.
- TD Bank N.A. (US subsidiary of TD). Strong East Coast presence, less in FL.
- Scotiabank via US partnerships; no direct FL subsidiary.
2. Specialized foreign national mortgage brokers
Independent FL brokers placing files with several specialized regional or national lenders. Often more flexibility on debt-to-income ratio and documentation.
3. Small Florida regional banks
A few regional banks (Truist, Centennial Bank, City National Bank of Florida) have foreign national programs. Variable terms; negotiable on large amounts.
Avoid
Mass-market online brokers (Rocket Mortgage, Better.com, Zillow Home Loans) do not serve non-resident Canadians. Don't waste time applying.
Typical foreign national loan terms
| Criterion | Foreign national 2025-2026 | US resident comparison |
|---|---|---|
| Down payment | 30–40 % (sometimes 25 % with strong file) | 5–20 % |
| 30-year fixed rate | 6.5–8.5 % | 6–7 % |
| 5/1 or 7/1 ARM | 5.5–7.5 % | 5–6.5 % |
| Loan cap | Variable, $1M–$5M USD by lender | Conventional limit ≈ $766,550 USD (2024) |
| DTI ratio | ≤ 43 % typical | ≤ 43 % |
| Reserves | 6–12 months of payments in cash | 2–6 months |
| PMI | Not applicable (down > 20 %) | If down < 20 % |
| Prepayment | Often allowed without penalty | Allowed |
Documents to provide
- Valid Canadian passport.
- 3–6 months bank statements from all Canadian and US institutions.
- T4 or T1 General (Canadian tax returns) for the past 2 years. For business owners: T2 corporate + statements.
- Employment letter with title, salary, employment duration.
- Reference letter from your Canadian bank (your account manager can write it).
- Target property summary: MLS sheet, negotiated price, photos.
- Other debts estimate: Canadian mortgage, autos, credit cards, personal loans.
- Source of down payment funds: accumulated savings, sale of another property, inheritance. Documentation required.
All documents must be in English or translated by a certified translator. Quebec T4/T1 in French generally accepted if the underwriter speaks French.
Process and timelines
- Pre-qualification (1–3 days). Preliminary discussion, high-level info, amount and rate estimate.
- Pre-approval letter (5–10 days). Document verification, conditional letter.
- Formal application (1 day). Loan Application Form 1003 or equivalent.
- Underwriting (15–30 days). Underwriter detailed review. Possible additional requests.
- Appraisal (5–10 days, parallel to underwriting). Lender orders appraisal.
- Title commitment received from title company.
- Written loan commitment (≈ day 30–35).
- Clear to close (≈ day 40). All conditions met.
- Closing Disclosure delivered (3 days before closing, TILA-RESPA requirement).
- Closing and wire of funds.
Alternatives: Canadian HELOC, cross-border loan, cash
HELOC on Canadian residence
If you have equity in your Canadian home, opening a HELOC in Canada can be simpler and cheaper: prime + 0.5–1 %, flexible limits, fast process. You wire funds to escrow agent at closing as a cash buyer.
Pro: no US underwriting, no additional FL costs (origination fee, points), 2–3 weeks faster process.
Con: your CAD/USD currency risk. If CAD weakens, your USD cost rises. Combine with a forward contract if possible.
Securities-based lending via Canadian portfolio
For larger wealth: securities-based lending at your Canadian broker (RBC Direct, Wealthsimple Trade, Questrade, BMO Investorline). Margin loans at 2–4 %. Risk: margin call if market drops.
Cash purchase
If you have the funds, cash purchase eliminates 100 % of financing fees. And makes a more competitive offer (sellers prefer cash). Con: ties up 100 % of capital in property.
Common pitfalls
- Submitting your file to a lender that doesn't serve Canadians. Always verify they have a foreign national program.
- Forgetting extended financing contingency to 45 days in FAR/BAR contract.
- Underestimating reserves required: 6–12 months PITI (principal, interest, taxes, insurance) in cash after down payment.
- Not checking currency conversion. Convert CAD→USD in tranches via FX broker or Norbert's gambit, not all at once at the bank.
- Not requesting a written loan estimate before contract signing. Lets you compare fees.
- Not checking prepayment penalty. Most foreign national loans don't have one, but verify.
Every figure, rate, threshold, and deadline in this guide is drawn from a verifiable primary source listed at the bottom of the page. The article is updated whenever the underlying rules change, with a fresh review date stamped at the top.
Sources and references
All sources were publicly accessible at the last review date. Figures and rules may change; verify the current version before any decision.
- RBC Bank US — Cross-Border Banking. rbcbank.com
- BMO Harris Bank. bmoharris.com
- CFPB TILA-RESPA Integrated Disclosure (TRID). consumerfinance.gov
- Florida Statutes Chapter 494 — Loan Originators. flsenate.gov
- FHFA Conforming Loan Limits. fhfa.gov
- Banque du Canada — taux directeur et taux préférentiels. banqueducanada.ca
Logical next step
Now know which US banks really accept Canadians.