About Me
- The Desert Real Estate Blog
- De gustibus non est disputandum - There's no excuse for good taste. Living Well Begins At Home. As the broker of choice for countless celebrity clients and Fortune 500 CEOs, I take pride in a level of service, experience, and discretion that is without peer in the communities of La Quinta, Rancho Mirage, Indian Wells and Palm Desert. Searching for a residence of uncommon distinction and grace? Share your wishes with me and reap the benefits of an insiders’ knowledge of the upscale desert communities. And if you are planning to place your home on the market, no one is more skilled at providing exposure and finding qualified buyers across the nation and the world. I specialize in luxury homes and fine golf properties within the Coachella Valley.
Thursday, October 25, 2012
Canadians Buying Homes in Palm Springs Area
11:42 AM | 
Posted by
The Desert Real Estate Blog
Home Financing for my
Canadian clients
For the past four years Canadians have been purchasing homes in droves in the desert cities that make up the Coachella Valley. Of my client base, 75% are Canadians, primarily from the western states of Canada.
My goal is to make the purchasing process simple, straightforward and rewarding both in terms of value and long term investment potential for my clients. I regularly assist Canadian clients in finding excellent real estate opportunities, be it a condo, townhome, home or a prime lot for a custom home.
Canadian buyers generally do not need a U.S. Social Security number, unless you plan to rent your local property. You just need your valid passport. Additionally, there are a few forms that I will help you complete, but the process overall is straightforward and fairly simple. The services of an attorney, while always recommended, are not usually needed, since my team is trained to process all the escrow papers.
There are numerous reasons Canadians are choosing the Desert:
• A strong Canadian Dollar
• The best inventory selection of homes and condos in many years
• Historically low real estate prices in the United States
• A perfect sunbelt location for your dream home away from home
• A strong resort rental market for owners wishing to rent their property
• Phenomenal weather, numerous activities and the cultural attractions
Favourite desert cities are La Quinta, Indian Wells, Rancho Mirage, Palm Desert and Sun City Shadow Hills, especially La Quinta and Sun City Shadow Hills due to utility costs being 35% to 40% lower than the other desert cities.
California Property Taxes
The annual property taxes in Riverside County are set at a rate of 1.25% of the appraised value of the property. The new appraised value will be set at your purchase price, even if the previous value was higher. Annual property taxes are divided into two payments and paid semi-annually. If you are purchasing a property using a loan, you can request that your lender add the property taxes to your loan amount each month (called impounding taxes) with the lender then paying the property taxes for you.
Some communities in the desert may also add a supplemental tax called Mello-Roos which funds new infrastructure for the communities. We can tell you if a property is located in a Mello-Roos area.Canadian Loan Programs
Mortgages are available for Canadian buyers. Financing your acquisition might just be a good strategic option during times when the Loonie is lower against the U.S. Dollar.
When financing a property, a buyer will just need to establish a U.S. bank account before submitting their loan application. The financed property must also be a second home or investment property – not a primary residence. I can recommend several excellent mortgage company referrals for Canadian buyer loan programs, so please don't hesitate to call for more information.
These are the most recent and typical loan requirements for Canadian Buyers:
• No U.S. residence required
• 30% to 50% down payment
• Minimum loan amount of US $200,000
• No pre-payment penalty for early payoff
• No social security number required
• No credit scoring – no credit report
• Full documentation
• Second home only (not for a primary residence)
From $200,000 to
$7,000,000
Stated Income Available to 50% Loan to Value
Full Doc Available to 70% Loan to ValueSecond Homes and Investment Properties — O.K.
Professional Investors — No limit to number of properties owned
Loans to Entities — O.K.
Rates Starting at 5%
Many Programs Available — Call me for additional information
Our mortgage company is licensed with the State of California Department of Real Estate #01846290.
Stated Income Available to 50% Loan to Value
Full Doc Available to 70% Loan to ValueSecond Homes and Investment Properties — O.K.
Professional Investors — No limit to number of properties owned
Loans to Entities — O.K.
Rates Starting at 5%
Many Programs Available — Call me for additional information
Our mortgage company is licensed with the State of California Department of Real Estate #01846290.
(c) 2012
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