Financing For Canadian Buyers In Fort Lauderdale

Thinking about a Fort Lauderdale home but unsure how to finance it from Canada? You are not alone. Cross‑border purchases come with extra steps, different documentation, and currency decisions that can feel complex. In this guide, you will learn the loan paths available to Canadian buyers, how much to plan for down payments and reserves, what documents lenders expect, and how to manage currency and timing. Let’s dive in.

Loan options for Canadians

Foreign‑national mortgages

Most Canadian buyers use a foreign‑national mortgage from a U.S. lender. These loans are designed for non‑residents and typically come with higher down payments, more documentation, and slightly higher rates and fees compared to standard U.S. mortgages. Product availability can vary by property type, with condos facing extra association reviews.

Jumbo and private bank solutions

If the price exceeds conforming limits, you may look at jumbo or portfolio products. Private banks and wealth management teams can tailor terms for high‑net‑worth clients, often with bespoke underwriting. Expect stricter criteria for high‑value waterfront and luxury properties.

Hybrid and private lending

Some institutions operating in both Canada and the U.S. offer cross‑border programs. Availability changes, so confirm early. Private or asset‑based lenders can move quickly with lighter documentation, though you will usually see higher rates and fees. Paying all cash is common for second‑home buyers and can shorten timelines.

Down payment and reserves

• For second homes, plan on a minimum 25–30% down payment. Many lenders prefer 30% or more.
• For investment properties, down payments are often 30–50%, depending on lender and property type.
• Expect 6–12 months of PITI in reserves. Self‑employed buyers and investors may be asked for more.

Documents lenders expect

• Identity: valid passport and a secondary photo ID. Some lenders request visa status if available. An ITIN can often substitute for a Social Security number.
• Income: two years of Canadian tax returns and Notices of Assessment, recent pay stubs, and an employment letter. Business owners should provide corporate financials and tax filings.
• Credit: Canadian credit reports are often acceptable. If not, lenders may ask for bank reference letters or larger reserves.
• Funds: clear source and seasoning of down payment and closing funds. Provide 3–12 months of bank and investment statements, sale proceeds documents, and any gift letters with donor documentation. Clean wire trails matter.

Currency and banking essentials

Currency strategy

Your mortgage and closing will be in U.S. dollars. Plan conversion early to avoid last‑minute rate shocks. Many buyers use their Canadian bank or a specialist FX provider. You can reduce risk with tools like forward contracts to lock a rate, or partial hedges and limit orders to balance protection and potential upside.

U.S. accounts and wires

Opening a U.S. bank account simplifies deposits, monthly payments, and tax or escrow handling. Cross‑border wires typically take 1–3 business days. Always verify wiring instructions by phone using a trusted number provided by the title company or lender to avoid fraud.

Tax and legal basics

If you do not have a Social Security number, arrange an ITIN for U.S. tax reporting when needed. Investors who plan to rent must file U.S. tax returns and may have withholding requirements. FIRPTA applies to foreign sellers, not buyers, but be aware of it if you purchase from a foreign seller. Discuss ownership structure and estate planning with U.S. and Canadian counsel.

Timeline to close

• Lender selection and consultation: 1–7 days, faster if your documents are ready.
• Pre‑qualification or pre‑approval: 3–14 days. International verification can add time.
• Contract to closing with financing: usually 30–60 days. Cash can be much faster.
• Appraisal and inspections: inspections within 1–2 weeks of contract. Appraisals often take 1–3 weeks, longer for unique waterfront assets.
• Common delays: income verification, condo association approval, appraisal scheduling, documenting source of funds, and obtaining an ITIN.

Closing costs in Broward County

Expect roughly 2–4% of the purchase price for standard closing costs, excluding prepaids and lender‑specific fees. Jumbo and foreign‑national loans can push costs higher. Typical items include lender fees, title insurance and settlement, Florida documentary stamp and intangible taxes on the mortgage, recording fees, appraisal, survey when required, flood certification, and prepaid insurance and taxes. HOA or condo estoppel and transfer fees may apply.

Property and condo factors

Condos in Fort Lauderdale often have stricter lender reviews. Lenders look at owner‑occupancy ratios, reserves, insurance, and financial health of the association. High investor concentrations or limited reserves can limit loan options. Waterfront or unique luxury homes may require a specialized appraiser and additional risk review. Lenders will also require hazard coverage and, in flood zones, flood insurance.

Build your cross‑border team

• U.S. lender or mortgage broker experienced with foreign‑national loans in Broward County.
• Local real estate advisor who understands Fort Lauderdale waterfront and condo dynamics.
• Florida title company or closing attorney with international closing experience.
• Cross‑border CPA for U.S. and Canadian tax coordination, rental income treatment, and ITIN support.
• FX specialist for currency timing and hedging.
• U.S. estate planning and real estate attorney for ownership structure and inheritance considerations.

Simple prep checklist

• Passport plus a secondary photo ID.
• Two years of Canadian tax returns and Notices of Assessment.
• Recent pay stubs, employment letter, or corporate financials if self‑employed.
• 3–12 months of bank and investment statements showing the source and seasoning of funds.
• Canadian credit report or bank reference letter.
• Plan to open a U.S. bank account and set up cross‑border wires.
• Contact details for a cross‑border CPA and your Canadian bank.

Next steps

Financing a Fort Lauderdale property from Canada is very achievable with the right plan. Start early on documentation, confirm the condo or HOA status before you write an offer, and line up currency and wiring logistics well ahead of closing. With an experienced cross‑border team, you can move with confidence and protect your time and capital.

If you want a discreet, end‑to‑end experience tailored to Canadian buyers, connect with Brady Thrasher for a private, step‑by‑step plan from pre‑approval to keys in hand.

FAQs

What is a foreign‑national mortgage in the U.S.?

• A loan designed for non‑U.S. residents, typically with higher down payments, more documentation, and a small rate and fee premium compared to standard U.S. mortgages.

How much down payment do Canadians need in Fort Lauderdale?

• For second homes plan on 25–30 percent down, and for investment properties expect 30–50 percent depending on the lender and property type.

How long does a financed purchase take for Canadians?

• With financing, plan for 30–60 days from contract to close, depending on documentation, condo approvals, appraisal timing, and wire logistics.

Do I need a U.S. credit score to qualify?

• Many lenders accept Canadian credit reports or bank reference letters; if not, you may need larger reserves or a bigger down payment.

Can I close remotely from Canada?

• Many Florida title companies and lenders allow remote or mail‑away closings, but requirements vary, so confirm early in the process.

What closing costs should I expect in Broward County?

• A typical range is 2–4 percent of the purchase price, plus prepaids and any lender‑specific fees; jumbo or foreign‑national products can push costs higher.

How should I handle currency conversion for closing?

• Plan USD funding early and consider hedging tools like forward contracts, partial hedges, or limit orders to manage exchange rate risk.