At a Glance: Mortgages for Canadians in Florida

• Who this page is for: Canadian citizens buying or refinancing U.S. homes.
• Eligible uses: Primary, second home, or investment property (the rules will vary slightly depending on the use for your U.S. property).
• Basic documents: Passport, proof of funds, and credit (U.S. or acceptable alternatives).
• Typical steps: Inquiry → Pre-qualification → Offer/Close → Post-purchase options (e.g., delayed financing).

Glossary

• Foreign National loan: A U.S. mortgage made to a non-U.S. citizen without permanent U.S. residency.
• ITIN: An Individual Taxpayer Identification Number, some lenders accept when an SSN is not available.
• Delayed financing: A post-purchase refinance that may recapture funds after a cash purchase when program criteria are met.
• DSCR: A method that qualifies investor loans based on property cash flow rather than traditional income.

Why mortgages for Canadians in Florida are attractive

Canadians remain one of Florida’s largest international buyer groups. In 2024, Canadian buyers accounted for about $1.3 billion in Florida home purchases (Florida’s numbers of Canadian investors have dropped since 2023, but we are still the top foreign ownership country by dollar volume).

The appeal goes beyond warm weather. Fixed-rate options are a key draw because they provide predictable payments, a contrast to the variable-rate focus common in Canada. This stability helps buyers plan long-term, especially for Florida second homes or investment properties.

Can a Canadian get a U.S. mortgage?

Yes. Several U.S. lenders serve non-U.S. residents, including Canadian citizens. Eligibility and document requirements will vary by lender and property type.

How does delayed financing work after a cash purchase?

In some cases, a post-purchase refinance can recapture funds without waiting a full six months. Requirements are lender/guideline-specific.

Do I need a U.S. SSN to qualify?

No, Canadians can use their existing Canadian credit history with a number of lenders, and depending on your financial history in the U.S.A. Do you have a U.S. bank account with a U.S.-based bank? This will help. Some programs accept ITINs or alternative credit documentation; eligibility differs by lender and loan type.

Navigating mortgages in the United States, for Canadians.

Any Canadian citizen can qualify for a mortgage and buy property in the U.S. However, specifics vary depending on your citizenship, naturalization, or residency status.

All non-U.S. individuals fall into one of these broad categories: 

Foreign Nationals (Non-Resident Aliens)

Canadian non-resident aliens, without formal U.S. status but interested in Florida’s real estate, can explore unique mortgage opportunities. These individuals can invest in properties or own a second home in the U.S.A., leveraging the attractive real estate markets in various states. I have a team of realtors, appraisers, home inspectors, and lawyers in a number of states, all of which are ready to make your foreign home ownership dreams a reality. 

Temporary residents

These are non-U.S. citizens who have received authorization to live in the U.S. for a limited period of time. Specifics vary with the type of visa. But generally, temporary residents can qualify for U.S. residential mortgages. You may face some additional underwriting requirements and limitations, however, depending on the type of visa you hold. 

As a temporary resident, you can qualify for a mortgage and buy a personal residence in the U.S., secure in the knowledge that if and when you do return to Canada, you can convert your U.S. residence into a rental property and continue to rent it out in the U.S. to generate income.

In fact, Florida is a great place to own an income property because Florida is one of only a few states in the U.S. that does not impose an income tax. However, there are other tax considerations to be aware of, if purchasing a U.S. property to use as a rental or income generating investment. 

Permanent residents

These include Green Card holders who are authorized to live and work in the U.S. indefinitely. Permanent residents can qualify for all the mortgage programs available to U.S. citizens, including mortgages on owner-occupied primary personal residences, which are not normally available to non-resident aliens and temporary residents.

Look beyond traditional bank lenders

Non-U.S. citizens (including foreign-owned corporations) often have trouble with traditional bank lenders. Their loan programs and underwriting standards aren’t set up to accommodate foreign borrowers other than permanent residents. 

If you’re a non-resident or temporary resident alien in the U.S., it’s best to work with an independent mortgage broker (like ME!) who is connected with many different lenders. This way, I can match you with the very best lender and mortgage product that fits your individual situation.

Fortunately, there are many non-bank lenders who have creative financing solutions specifically designed for foreign nationals and temporary U.S. residents. There are even credit unions that will work with Canadian buyers. These loans have alternative or streamlined documentary requirements that Canadian citizens and other non-U.S. persons can easily meet. 

What kinds of properties can Canadians buy in the U.S.A.?

As a Canadian citizen, you can get a mortgage and buy the same kinds of properties in The States, that you can buy in Canada. Generally, Canadians can get a mortgage to buy or refinance personal residences or investment properties, including primary and secondary homes in the U.S.

It may take a little creativity, but foreign nationals can purchase any of these types of properties, and more:

• Single-family residences
• Condominiums (including non-warrantable)
• Condotels
• Short-term rental investment property
• Multi-family (apartment) buildings
• Town homes
• Duplexes, triplexes, and quads
• Raw land
• Commercial properties
• Farms and ranch land
• Co-ops
• Planned urban development (PUD) properties

I’ve worked with many of the above types of purchasers, and can help you too.

Important note regarding residential property: Your planned usage of your property must align with your residency status. For example, non-resident aliens can’t claim they will use a property as an owner-occupied primary personal residence if their residency documents submitted along with their application show that they aren’t cleared to live in the U.S.

Difficult-to-finance-properties

Most traditional mortgage lenders won’t finance certain property types such as short-term rental investment properties, non-warrantable condominiums, and condotels. These properties include developments with fewer than 50% owner-occupants, properties still under construction, and properties with pending construction defect litigation (liens).

These property types, especially, will need a specialized mortgage broker with expertise in matching them with a specialized lender with an appetite for this kind of risk.

This is especially important for properties located in Florida, where there are many, many non-warrantable condos, condotels, and other investment properties that most bank lenders won’t touch – but that would make excellent investment properties if that hurdle can be overcome. Cash is King is a true statement when it comes to foreign ownership, but let’s discuss the possibilities. Why tie up all your hard-earned cash, when you may be able to leverage your financial position and borrow some at low rates? 

What loan programs can Canadians qualify for? 

As mentioned, Canadian permanent residents in the U.S. can qualify for any conventional residential loan program available to U.S. citizens. And all Canadian citizens, regardless of their residency status, can qualify for mortgages on investment properties in the U.S., as well. 

Even so, however, you still may need a specialty mortgage broker to help match you with a lender willing to provide creative financing for any number of other reasons. Examples include lack of U.S. tax returns, difficult-to-verify income, self-employment (again, this is my speciality), non-warrantable condominiums or condotels, short-term rental housing, and many others.

What documents must Canadians provide to get a mortgage in Florida?

Naturally, U.S. lenders will want to satisfy themselves that you have the capacity to repay the home loan, as well as other expenses like property taxes, maintenance, insurance, and HOA or condo association fees.

On top of that, lenders want to see that you have adequate reserves or extra funds (cash or cash equivalents) in the event of emergencies (many Florida condos have have special levies and assessments incurred after the 2021 Surfside condo collapse).  This is cash or reasonably liquid assets that are available to make your mortgage payments even after you close on the purchase in case your income is disrupted. 

Full-doc loans

For the best terms, Canadian citizens can apply for a “full-doc” loan. These loans have the most thorough paperwork requirements, but also allow the lender the most insight into their financial situations and credit history to assess the risk. Lenders will typically verify your income and use your verified income and credit information to calculate your debt-to-income ratio (DTI).

To qualify for a full-doc loan, you’ll need to submit the following documents:

• Canadian or other foreign tax returns
• U.S. tax returns, if any
• Proof of income, such as a proof of income statement from the Canadian Revenue Authority
• Pay stubs
• Foreign credit reports
• Bank statements

Alternative documentation loans

Of course, not all Canadian borrowers have easily verifiable incomes, tax returns, or an extensive credit history at hand. Self-employed borrowers, small business owners, professional investors, and day traders, for example, frequently need to find more flexible lenders who are willing to work with unconventional borrowers and special situations.

If you’re one of the above-noted borrowers, an “alternative documentation,” or “alt-doc” loan might be the way to go. Interest rates and required down payments may be slightly higher for alt doc loans, or private mortgages  compared to full-doc loans. 

Specifics vary with the individual and with the lender. But in general, if you can show that you have the capacity to repay the loan, you can qualify for a very competitive loan via an alt-doc program. 

“No-doc” loans

These loan programs don’t require any income verification at all. Instead, borrowers qualify by showing that the property itself, or other assets they own, provide adequate security for the loan. This is an option for borrowers with lots of assets, but who don’t want to show a source of income, who don’t have tax returns, or who simply want to close quickly without going through a lot of underwriting. 

You can potentially use any asset of value as collateral for a mortgage in the U.S., including real estate, investment accounts, mutual funds, stocks, bonds, life insurance, and even crypto. 

To get the loan to go through, you’ll need some asset documentation.

Click here for more details on residential loan programs available to non-U.S. borrowers. 

Buying in Florida, Texas, or Arizona as a Canadian (condos, insurance, property taxes)

• Condo documents & assessments: Florida condos often require “HOA” (home association documents [budgets, reserves, special assessments] for underwriting. Review early to avoid delays. See our Foreign National financing overview and Florida condo guidance.
• Wind & flood insurance: Coverage requirements and premiums vary by coastal exposure and flood zone. (I’ve been through Hurricane Ian in 2022, ask me about Flood Insurance!!) Factor insurance quotes into total cost and timelines. Explore cash-out/refi options if you plan improvements or reserve planning.

This guidance helps streamline mortgages for Canadians in the United States, when condo documentation and insurance vary by building and location.

FAQs: Mortgages for Canadians in Florida (Florida & Beyond)

Can a Canadian get a U.S. mortgage?

Yes. Several U.S. lenders serve non-U.S. residents, including Canadian citizens. Eligibility and documents vary by lender and property type.

What documents do Canadians typically need for a U.S. mortgage?

Expect a valid passport, proof of funds, and either U.S. credit or acceptable alternatives. Exact documentation depends on the lender and the loan program.

How does delayed financing work if I buy with cash first?

In some cases, a post-purchase refinance can recapture funds after closing on a cash purchase. Requirements are lender/guideline-specific; see our Delayed Financing overview for details.

Can Canadians finance property in Florida specifically?

Yes. Florida follows general U.S. lender rules, but local items, insurance, condo documentation, and taxes can affect timelines and terms.

Do I need a U.S. SSN to qualify?

Not always. Some programs accept ITINs or alternative credit documentation. Lender eligibility criteria vary.

Client Snapshot: Bridge Solution for a Canadian Buyer in Florida

Profile: Canadian citizen purchasing a new-construction home in Florida.

Challenge: Traditional/builder financing fell through late in the process; the closing deadline was approaching.

Structure: A short-term bridge solution to meet the builder’s timeline while longer-term options were evaluated.

Considerations: Florida condo/home documentation, insurance, title/closing logistics, and funds verification coordinated early.

Result: Closing timeline preserved with a bridge structure consistent with program requirements. Terms and eligibility vary by lender, property type, documentation, and market conditions.

Conclusion & Next Steps for Canadian Buyers

• Yes. Canadians can finance U.S. homes in Florida. Eligibility, documents, and terms vary by lender, loan program, and property type.
• Prepare early: passport, proof of funds, and credit (U.S. or acceptable alternatives). For condos, expect association documents and insurance considerations.
• If buying with cash: ask about post-purchase options such as delayed financing; availability and requirements are program-specific.

We specialize in mortgages for Canadians in Florida, including complex income and documentation profiles. Contact Janet Hong Mortgages today and share your scenario. Let’s structure an approach that fits your goals.