My question is: US-specific
QUESTION: I am a US citizen, my wife is Canadian born, US citizen. Both of
us are in our early 30’s and just starting out in life. We do not own
property in the US. We want to buy a newly build condo in Steveston, BC. I
’ve read in the previous question/answers financing using Canadian banks
is the best route for US citizens, but 35% down payment is required for non
residents. How firm is the 35% requirement? The sales consults at the
condo quoted us a 10% was all that was necessary for the down payment on the
condo.
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david ingram replies
I presume you are looking at the Brunswick or the Village at Steveston.
These units are developed by OMNI and they may well have a financing deal
that would look after you at 10% down. If you are a really strong covenant,
that is entirely possible. Concord in Downtown, Vancouver was set up for
out of country buyers and had some very creative financing for well-heeled
out of towners.
In general, developers have made mortgaging arrangements in advance that do
not always work in a conventional manner. I remember many times when
developers were paying people to take units over.
However, that is not happening in today's market.
You have stated that you are just getting started and that implies a not so
strong covenant.
10% down might work with your wife's parents guaranteeing the mortgage for
instance.
The same would apply to the London Landing Development Corp's properties or
Polygon's Southampton
or
South First Financial Corp's Southwater or Britannia
I personally love the Steveston Area and wish you good luck.
A person you could call for some unconventional financing who also
understands how to make the interest on a Canadian mortgage deductible would
be Glen Kelleway who you can contact at glen#mortgageitright.com or (604)
476-0053.
I was having a real problem getting the mortgage I wanted to clear out a
divorce and Glen managed mine quite nicely.
If you are living in the USA and this is a pied a terre or a rental, the
interest is deductible on your US return anyway. However, if you are moving
to Richmond to live then arranging it right in the first place is important.
Goto www.centa.com and read the Nov 2001 newsletter in the box at the top
left for ideas about making Canadian mortgage interest deductible.
Also, we run a weekly free seminar in Vancouver every Thursday Evening.
Call (604) 732-8900 to register and if you want to get a question in on Fred
Snyder's radio program I am on there every Sunday morning. I am not at the
next two Thursday evenings and the next radio program however, taking a 10
day vacation starting on Thursday.
Hope this helps!
Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts one
of 17 different financial seminars at his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical care
insurance, income taxation, differences between stocks and bonds, and
usually the most innovative HELOC mortgage offered in Canada from Manulife
Bank
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Call (604) 280-0600 to have your question answered. BC listeners can also
call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone
outside of those hours as this is a home office)
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<http://www.david-ingram.com/>
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