How Canadians Can Finance a Florida Property

Financing a property in Florida as a Canadian is not the same as financing one back home. US lenders look at credit, income, and tax documents differently than Canadian banks do, and the mortgage products that exist for non-US buyers are a small, specialized corner of the market. The good news is that Canadians are one of the most welcomed foreign buyer groups in Florida, and there are three well-established paths to fund a purchase. The right one for you depends on your timeline, your existing equity, and how much complexity you want to take on.

Option 1: Canadian Bank Cross-Border Mortgages

The simplest path for most Canadians is a cross-border mortgage through one of the major Canadian banks that operate in the United States. RBC Bank (Georgia), BMO Harris, and TD Bank all have dedicated programs designed specifically for Canadian residents buying US real estate. They will pull your Canadian credit bureau, accept your T4s and Notice of Assessment as income proof, and underwrite the loan against the Florida property without requiring you to build a US credit history first.

Expect down payments in the 20–35% range, fixed and adjustable rate options, and terms that will feel familiar to anyone who has held a Canadian mortgage. Rates are typically a touch higher than what a US resident would pay, but the convenience of dealing with a Canadian bank, in Canadian customer service hours, with documents in formats you already have, is worth the small premium for many buyers.

Option 2: US Foreign National Mortgage Programs

If you want broader product choice, or your situation does not fit neatly into a Canadian bank's box, US lenders offer what are called Foreign National mortgage programs. These are designed for non-US persons buying US property and are available through a network of specialty lenders, mortgage brokers, and a handful of regional banks in Florida.

Down payments typically run 25% to 30%, sometimes higher if the property is a condo or in a building the lender considers non-warrantable. Interest rates tend to be roughly 1 to 2 percentage points above prevailing US conforming rates, and underwriting will rely on a combination of bank statements, a Canadian credit report, and an accountant's letter rather than US tax returns. Closing tends to be faster than a Canadian bank cross-border loan and the lender pool is more flexible on property type, which can matter if you are buying a vacation condo or a short-term rental in a resort community.

Option 3: Cash Purchase (the most popular path)

The single most common way Canadians buy in Florida is for cash, and it is not because every buyer is sitting on a pile of savings. The math just often works in favor of avoiding US debt entirely. Cash buyers close faster, win more negotiations, skip lender appraisals and conditions, and never have to wrestle with cross-border loan paperwork.

For buyers who do not have the full purchase price sitting in a chequing account, the usual move is to draw on a HELOC against a Canadian property. Canadian HELOC rates are competitive, the interest is straightforward to track, and the funds can be wired to a US title company in a few business days. You buy the Florida home for cash from the seller's perspective, and you carry the financing on your Canadian side where you already have a banking relationship.

Key Considerations Before You Close

Exchange rate timing matters more than most buyers realize. On a $500,000 USD purchase, a 3-cent swing in the CAD/USD rate is roughly $20,000 CAD. Talk to a foreign exchange specialist (not your retail bank counter) and consider locking part of your purchase amount with a forward contract once you are under contract.

FIRPTA only applies when you sell, not when you buy. Many first-time Canadian buyers worry about the 15% FIRPTA withholding, but it only kicks in at the future sale of the property by a non-US person. It is still worth understanding before you buy so there are no surprises in five or ten years. We wrote a full breakdown here: FIRPTA Explained for Canadian Buyers.

Work with a cross-border mortgage broker. A good broker who specializes in Canadian buyers will know which lenders are active that month, which condo buildings are approved, and which underwriters move quickly on Canadian files. This is not the place to DIY through an online application.

The Bottom Line

Most Canadians who buy in Florida land on one of two strategies: a cross-border mortgage through a Canadian bank, or a cash purchase funded by a HELOC at home. Both work, and the right answer depends on what you already own, how long you plan to hold, and how much flexibility you want on the US side. If you would like a candid walk-through of your options before talking to any lender, book a free Zoom consultation below and we will map out the path that fits your situation.