Applying for a mortgage in the US

[stepchuk]

I was wondering if anyone out there has purchased any rental property in the US? With our high dollar and the plummeting values in select US markets, some of these areas suddenly warrant further study in my opinion. I would love to hear from anyone that has purchased investment properties in the US, and if they were able to obtain financing through a US lender. I was told that I would need a US credit history, which as a full time Canadian resident, I don`t currently have. If anyone could shed some light in this area I would be very appreciative.

Chris

 

[DonCampbell]

Hi Chris,

Our research is showing that the market there hasn`t finished it`s drop (especially in the Sunbelt) as another $700B of sub-Prime mortgages are going be re-set between now and December 2008.

The whol ebuying process is different down there, so before you do make that move to buy down there, make sure you do your homework on the complete process (including Escrow and liabilities) so you are not caught unaware.

 

[stepchuk]

Thanks, Don. I have begun researching several areas, including the sunbelt region, and have discovered that the rental markets may not be all that buoyant. Despite the supposed "Great deals", many areas have higher vacancy rates (not what I expected with all the former foreclosed owners now requiring accomodations), and low rental rates, which would make cash flowing quite challenging. Will keep doing my due diligence for now.

 

[timk519]

When there`s reality show`s called "Please Buy My House", and final sales are 60% of the original asking price, you know the RE situation`s bad.