question about designation of personal residence/borrowing

Here goes…We have 1 property in BC Canada that we intend to sell in a few weeks. We have contacted the IRS and the state of Texas to confirm that yes in fact we can legally start a Real Estate Investment LLC in the state of Texas as long as we first get a ITIN, then the EIN for the company (no US status as of yet). We are allowed to stay for 6 months but then must return to Canada for at least 1 day before returning.
My questions are as follows…

  1. Does anyone know what a Canadian citizen would be looking at as far as a downpayment and rates for a no doc loan for a place where we will be residing for most of the time (less the required time the IRS requires us to leave temporarly for.)

  2. What about qualifications/rates for rehab loans?

  3. On the whole “principle residence” designation I’m not sure if I can own personal residence property in the states if we will no longer own property here in Canada. Anyone know??

Some of our history

Experience: We bought 1 property at a decent price here in BC to fix up and flip.

Our tax returns show $88 000 but once again that’s Canadian tax returns.

I am self employed (operate a very small corp) have done so for 6 years (with plans on letting an employee take over)
My husband has alot of contruction experience but after his first marriage ended he got a rat race job and now wants a life, I mean, he’d like to become a REI.
We have equity in our house but would prefer to use OMP
We are well read in REI with some experience and knowledgable enough to know it will take a team. We are in the process of establishing a reputable team that can help bring us and help us to confirm “reading the numbers to know the story” before we move forward.

Thanks in advance,

knowing valuations…

  1. Downpayment and rates should be about the same for a US citizen. You have to have a job here to live, etc. Nobody cares if I visit CA two days a year…why would they care if you do?

  2. Rehab? If your residence needs work, you can usually find financing that will escrow for needed repairs. Investment loan rates depend on many things.

  3. owning property in the states? why not? Lots of “non-citizens” own property here. What difference would “not living in Canada” have to do with it?

welcome to America.


You are incorrect regarding the types of loans available for people with ITIN numbers. The down payment ranges anywhere from 20-30% and the rates are in double digits most of the time. This customer would best off sitting down with a local bank or hard money lender and explaining their situation. They should then follow that up by working with a portfolio lender like World Savings to refinance the properties out of the interim financing.

Thanks so much for responding. A downpayment of 20-30% won’t be an issue. Do you have an opinion as to wheather or not we can refi to get out our intial downpayment for the next property, if we have difficuty selling? Do you think that with a 20-30% downpayment we can avoid showing proof of income docs or go in with stated income?