Non-resident mortgage in Florida for Canadians: complete 2026 guide

Section 01Why the rules differ for a Canadian buyer

US residential mortgages are priced and underwritten on the assumption that the borrower has a FICO score, files US tax returns, and earns income in US dollars. A Canadian non-resident has none of those: no FICO, no US tax return (only the Canadian T1), and income in CAD. A foreign-national or cross-border product is the lender's way of pricing the additional risk and operational cost of underwriting that file. The risk premium shows up in three places: a higher down-payment minimum (more equity cushion if the borrower defaults and the lender has to foreclose against a non-resident), a higher rate (the loan is harder to securitize through Fannie Mae or Freddie Mac, so it stays on the lender's balance sheet), and stricter reserves (proof the borrower can keep paying through a CAD/USD shock).

This is not a story about Canadians being treated as second-class borrowers. It is a story about a US lender pricing what it can verify. A cross-border bank that already holds the borrower's Canadian deposit and credit relationship can price closer to the resident rate (this is the entire RBC Bank and BMO Bank N.A. value proposition). A standalone Florida lender pulling a foreign-national file from an unfamiliar broker prices farther away.

Section 02Who lends to non-resident Canadians

The lender universe sorts into three groups. Each group has a different approval logic, a different rate band, and a different speed of execution. A buyer who shops the wrong group first wastes weeks.

Group 1: Canadian-owned US banks (cross-border programs)

These are US-chartered banks owned by Canadian parents. They underwrite using Canadian credit history and Canadian-source income. Five names matter for a Florida purchase.

RBC Bank. The US subsidiary of Royal Bank of Canada. Legal entity is RBC Bank (Georgia), N.A.; NMLS #878077; FDIC member. Operates the Cross-Border Mortgage program through a dedicated team of Cross-Border Mortgage Advisors. Accepts Canadian credit history, no US credit score required. Offers ARM products with initial fixed periods of 3, 5, 7, or 10 years and 30-year amortization, with free renewals at the end of each term. RBC Bank's published structural feature is a 20 percent down payment plus closing costs as the entry point on primary and second-home purchases, with no prepayment penalty and no bank or lender fees on the mortgage itself. Pre-approval is valid for 120 days; processing typically runs 40 to 45 days from full application to funding. RBC Bank lends in all 50 states.

BMO Bank N.A. The US subsidiary of Bank of Montreal. Legal entity rebranded from BMO Harris Bank to BMO Bank N.A. in 2023 after the integration of Bank of the West. Operates the Gateway Program, available to Canadian citizens who already hold a banking relationship with BMO in Canada. Offers conventional fixed-rate and adjustable-rate mortgages, accepts Canadian credit history, and recommends in-person attendance at the Florida title company for closing (US title companies generally do not accept a Canadian notary acknowledgment). The Canadian-side entry point is typically through BMO Private Wealth or a BMO Premier Services advisor.

Desjardins Bank. The US subsidiary of Desjardins Group (Quebec credit-union federation). FDIC-insured. Branches and online services for Canadians purchasing in Florida. Recognizes Canadian credit history; the maximum loan amount is generally between 65 and 80 percent of the purchase price (so a 20 to 35 percent down payment), with the exact ceiling driven by county and property type. Fixed-rate product; rate quoted by branch. Closing costs estimated at 3 to 3.5 percent of price when financing, around 2 percent in cash. Acts as a settlement-agent counterpart to a Quebec notary or an Ontario lawyer at closing. Particularly relevant for Quebec buyers already members of a Caisse Desjardins, since the file can be opened from the Caisse before departure for Florida.

Natbank. The US subsidiary of National Bank of Canada, present in Florida since 1994. Four Florida branches: Boynton Beach, Hollywood, Pompano Beach, and Naples. Recognizes Canadian credit history. Offers two main mortgage structures: a 5-year variable rate with interest-only repayment, and a 15-year variable rate with principal and interest repayment. Rates quoted by an advisor. Service available in French and English. Especially convenient for buyers in the Southeast Florida corridor (Boynton-Hollywood-Pompano) and on the Gulf coast around Naples.

TD Bank N.A. The US subsidiary of Toronto-Dominion. Strong East Coast retail footprint and a smaller Florida presence than RBC, BMO, Desjardins, or Natbank. Cross-border options exist but are typically routed through TD Wealth or TD Cross-Border Banking on the Canadian side rather than walked into a Florida branch.

Group 2: US foreign-national lenders (via a Florida mortgage broker)

A wider set of US lenders run dedicated foreign-national programs and price by file. These are typically non-bank lenders or regional Florida banks that hold the loan on their own balance sheet rather than selling it to Fannie Mae or Freddie Mac. Access is normally through a Florida mortgage broker who places the file with the lender most likely to clear it. Programs in this group tend to be more flexible on debt-to-income and documentation but charge a foreign-national premium of 1 to 2 percent of the loan amount in upfront fees and a rate 0.5 to 1.5 percentage points above what a US resident with comparable file strength would pay. The group includes a handful of regional Florida banks (City National Bank of Florida, Centennial Bank, Truist for select segments) and several non-bank specialists. This is the right channel for non-warrantable condos, condotels, short-term-rental properties, and most pre-construction situations the cross-border banks will not touch.

Group 3: Canadian HELOC and securities-based lending (no US lender at all)

A Canadian who has equity in a Canadian principal residence or a Canadian investment portfolio can borrow in Canada and close the Florida purchase in cash. There is no US underwriting, no Loan Estimate, no Closing Disclosure, no foreign-national premium. The trade-off is full CAD/USD currency exposure on the entire purchase price and the loss of the inflation hedge that a USD-denominated mortgage provides. This route is covered in detail in the alternatives section below.

Avoid. Mass-market US online lenders (Rocket Mortgage, Better.com, Zillow Home Loans, LoanDepot consumer-direct) do not serve non-resident Canadians as a category. A non-resident applicant submitting a file through their public funnel will be denied or rerouted late in the process. Time wasted runs from one to four weeks.

Section 03Mortgage in Canada vs foreign-national mortgage in Florida (Quebec reference)

The skill behind this manual requires the comparison to be presented at the correct jurisdictional level on each side. Mortgage law and practice in Canada is set partly federally (OSFI, Bank Act) and partly provincially (registration, foreclosure, notarial practice). For consistency with the FIRPTA reference page, Quebec is used as the Canadian reference province; readers in Ontario, BC, Alberta, and elsewhere should expect equivalent comparisons in forthcoming guides.

Section 04Typical foreign-national loan terms (2026)

The numbers below are a synthesis of cross-border bank disclosures and foreign-national lender practice as of April 2026. They are a typical range, not a quote. A specific file can land outside these bands.

Section 05Worked example: 500,000 USD purchase, foreign-national ARM

A Canadian household buying a 500,000 USD condo in Broward County with a 25 percent down payment through a cross-border bank, financed on a 7-year ARM at 5.875 percent with 30-year amortization (representative of RBC Bank's published 7-year ARM example). All figures USD, all monthly figures rounded.

Cash required at closing.

Monthly payment estimate.

Reserves to be shown on closing (typically 6 to 12 months of PITI plus HOA).

Total liquid USD required at the point the file goes to underwriting. Down payment plus closing costs plus 6-month reserve, around 161,000 USD; with 12-month reserve, around 183,000 USD. At the April 2026 spot rate this converts to approximately 220,000 to 250,000 CAD before any FX spread. The implication for a Canadian buyer is that the published 25 percent down payment is not the actual liquidity bar; the actual bar is roughly 32 to 37 percent of price held in liquid CAD or USD before the bank issues a clear-to-close.

Section 06Documents to provide

A foreign-national or cross-border underwriting file is heavier than a domestic US file. Expect to produce, at minimum:

1. Valid Canadian passport (every borrower).
2. Canadian government-issued secondary ID (driver's licence or provincial health card where permitted).
3. Three to six months of statements for every Canadian and US bank, brokerage, and credit card account.
4. Two years of Canadian tax returns: T1 General with notices of assessment; T4 employment slips; for self-employed or corporate borrowers, T2 corporate returns plus year-end financial statements.
5. Letter of employment stating title, salary, length of service, signed by the employer; or, for self-employed borrowers, a CPA letter confirming the structure and historical income.
6. Reference letter from the borrower's main Canadian bank, confirming the relationship, account standing, and average balance. The Canadian account manager writes this routinely.
7. Schedule of all current debts: Canadian mortgage balance and payment, auto loans, credit lines, student loans, child support, alimony.
8. Source-of-funds documentation for the down payment: paper trail showing the funds were accumulated from declared income, sale of a property, sale of securities, gift from a documented family member, or inheritance.
9. The Florida property file: signed FAR/BAR contract, MLS sheet, condo association documents (budget, reserves, recent special assessments), HOA estoppel.
10. T1135 reference if the borrower already files one, since the new Florida property will increase foreign-property exposure.

Documents in French are accepted by the Canadian-owned banks (RBC Bank, BMO Bank N.A., Desjardins Bank, Natbank, TD Bank N.A.) without a translator. US foreign-national lenders generally require a certified English translation for any document that is not already in English.

Section 07Process and timelines

The process maps to the TRID disclosure regime. The two anchored dates are the Loan Estimate (within 3 business days of application) and the Closing Disclosure (at least 3 business days before closing).

1. Pre-qualification (1 to 3 business days). Verbal or online intake. The lender produces a non-binding affordability range. No credit pull yet at most cross-border banks; a soft pull at others.
2. Pre-approval (5 to 10 business days). Submission of bank statements, tax returns, employment letter. Hard credit pull in Canada via Equifax Canada or TransUnion Canada. Output is a pre-approval letter valid for a defined window (RBC Bank: 120 days).
3. Property under contract. The buyer signs a FAR/BAR contract with a financing contingency. Best practice is to extend the financing contingency to 45 days for a foreign-national file.
4. Formal application (day 0 of the regulated clock). The borrower signs the federal Uniform Residential Loan Application (Form 1003 or its 1003a equivalent). The TRID clock starts.
5. Loan Estimate delivered (within 3 business days of application). The borrower can compare lenders on the standardized form. Quotes from different lenders are directly comparable line by line.
6. Underwriting (15 to 30 business days). Detailed file review. Conditional approval issues with a list of remaining items.
7. Appraisal (5 to 10 business days, often parallel). Lender orders the property appraisal through an Appraisal Management Company. Florida condos may require additional condo questionnaire and structural reserve documentation (post-Surfside, structural reserve studies are mandatory in many buildings).
8. Title commitment. The chosen Florida title company runs the title search, identifies any defects, and issues a title commitment to the lender.
9. Clear to close. All conditions satisfied. The lender issues the loan commitment.
10. Closing Disclosure (at least 3 business days before closing). The federal three-business-day waiting period starts. Material changes to the disclosure restart the clock.
11. Closing. Funds wired from the borrower (down payment plus closing costs less the loan) and from the lender (the loan amount) to the title company. The deed is recorded with the county clerk; the mortgage is recorded the same day.

Total elapsed calendar time from application to funding: 40 to 60 days for a Canadian-owned cross-border bank, 45 to 75 days for a US foreign-national lender working through a broker. Files involving non-warrantable condos, condotels, or properties with unresolved 4-point or wind-mitigation issues run longer.

Section 08Sourcing the down payment from Canada

The largest hidden cost on a Canadian-financed Florida purchase is foreign exchange on the down payment. A buyer who walks into their main Canadian bank branch and converts 200,000 CAD to USD on the spot pays a typical retail spread of 1.5 to 2.5 percent on the mid-market rate. On 200,000 CAD that is 3,000 to 5,000 CAD lost on day one, before the property tax bill arrives.

Three lower-cost techniques are widely used by Canadians funding US purchases.

FX broker (Convera, OFX, Wise, Corpay). A specialized FX broker quotes a tighter spread, typically 0.3 to 0.7 percent on a six-figure amount. Funds settle in two to three business days. The borrower must pre-register and complete KYC; allow a week of lead time the first time.

Norbert's gambit. A Canadian self-directed brokerage technique. The investor buys an interlisted equity (most commonly a TSX-listed dual-listed stock or a CAD/USD ETF such as DLR.TO and DLR.U.TO) on the CAD side, asks the broker to journal the same shares to the US listing, then sells in USD. The implicit FX cost is typically 0.05 to 0.15 percent depending on broker and spread on the day of execution. Available at Questrade, RBC Direct Investing, BMO InvestorLine, TD Direct Investing, and Wealthsimple Trade. Settlement: T+2 plus journaling time, normally a calendar week end-to-end.

Forward contract. A buyer with a fixed closing date can lock the CAD/USD rate today for delivery on the closing date. FX brokers and some Canadian banks offer forwards. Useful when the closing date is more than 30 days out and the buyer wants to remove rate risk; the cost is essentially the forward points priced off the interest-rate differential between CAD and USD.

Section 09Alternatives: Canadian HELOC, securities-based lending, cash purchase

The decision tree between a US-based mortgage and a Canadian-side borrowing strategy is not a question of cheaper rate alone. It is a question of currency exposure and the asset side of the balance sheet.

HELOC on a Canadian property

Canadian HELOCs typically price at the Canadian prime rate plus a small spread (often prime plus 0.5 percentage points), with limits up to 65 percent of the home's appraised value as a standalone HELOC, or up to 80 percent when combined with a mortgage. The Canadian borrower draws CAD, converts to USD, and closes the Florida purchase in cash. There is no US underwriting, no Loan Estimate, no foreign-national premium, no PMI, no Florida intangible tax (which only applies if a Florida mortgage is recorded). The trade-offs are full CAD/USD currency exposure on the entire purchase price, ongoing interest charged in CAD on a USD-denominated asset, and reduced borrowing capacity at home for any future Canadian project.

This route is most attractive when (a) Canadian prime is materially below the foreign-national rate offered in Florida, (b) the buyer plans to hold the property for less than 5 to 7 years, and (c) the buyer has a clear intention to refinance into a US mortgage later or to repay the HELOC quickly from another source.

Securities-based lending against a Canadian portfolio

Most Canadian discount brokers offer margin loans against marketable securities (RBC Direct Investing, BMO InvestorLine, TD Direct Investing, Questrade, Wealthsimple Trade, Desjardins Online Brokerage). Pricing is typically prime plus 0 to 1 percentage points for high-balance accounts, with loan-to-value limits varying by security type (typically 50 to 70 percent on equities, higher on Canadian government bonds). The cleanest version is a non-margin Investment Line of Credit at one of the Big Five, secured by a non-registered investment account. Risk: a market drop can trigger a margin call that forces sale of securities at the worst time.

Cash purchase

A purely cash purchase eliminates 100 percent of US financing fees, the Florida intangible tax on the mortgage, and the doc stamp on the note. It also strengthens the offer in a competitive market: Florida sellers consistently prefer a documented cash buyer over a financed offer, and a cash purchase removes the financing contingency from the FAR/BAR contract. The cost is full currency exposure and the opportunity cost of capital tied up in real estate. The decision between cash and finance is covered separately in the cash-versus-finance article on this site.

Section 10Common pitfalls

The following errors are recurring in Canadian-financed Florida purchases. Each is resolvable in advance.

1. Submitting a file to a lender that does not run a foreign-national program. Confirm at first contact that the program exists, and ask for the program name (RBC Bank Cross-Border Mortgage, BMO Gateway Program, Desjardins Bank US mortgage, Natbank mortgage). Mass-market online lenders do not qualify.
2. Setting the FAR/BAR financing contingency at the standard 30 days. Foreign-national underwriting routinely runs 40 to 60 days. The financing contingency should be extended to 45 days at minimum, ideally 60.
3. Underestimating reserves. Six to twelve months of full PITI plus HOA is required after closing in liquid form. On the 500,000 USD example above, that is 21,000 to 43,000 USD that does not get spent at closing but must be visible to the underwriter.
4. Converting the entire down payment in a single in-branch retail FX transaction. Spread of 1.5 to 2.5 percent on a six-figure conversion is several thousand CAD that an FX broker or Norbert's gambit would have saved.
5. Skipping the Loan Estimate comparison. The TRID Loan Estimate is standardized across lenders specifically so that quotes can be compared line by line. Two lenders' quotes on the same loan can differ by 5,000 USD in upfront costs without differing in rate.
6. Assuming the Canadian closing professional handles the Florida side. A Quebec notary or an Ontario lawyer cannot close the Florida transaction. The closing happens at a Florida title company. Canadian remote acknowledgments are not generally accepted by US title companies; in-person attendance, or a US Consulate notarization, is the safe path.
7. Forgetting the mortgage taxes. Florida taxes the act of recording a mortgage twice: a 0.35 USD per 100 USD documentary stamp on the note, capped at 2,450 USD for note amounts at or above 700,000 USD; and a 0.002 (2 mills per dollar) intangible tax on the mortgage with no cap. On a 1,000,000 USD loan that is 2,450 USD plus 2,000 USD, none of which appears in the rate quote.

Section 11Actionable checklist for a Canadian buyer

This is the working order for someone targeting a closing 60 to 90 days out.

T minus 90 days. Pull a current Canadian credit report from Equifax Canada and TransUnion Canada. Address any items. Open a USD chequing account at the same Canadian bank where the application will be submitted, if not already done. Request the bank reference letter.

T minus 75 days. Submit the pre-approval application to one or two cross-border banks. Receive pre-approval letters valid 90 to 120 days. Decide on the lending channel based on the pre-approval terms.

T minus 60 days. Open the FX channel that will move the down payment (FX broker registration and KYC, or self-directed brokerage account for Norbert's gambit). Begin moving funds in tranches if the rate is favourable, into a USD account.

T minus 45 days. Sign the FAR/BAR contract with a 45-day or 60-day financing contingency. Submit the formal mortgage application within 5 business days. Receive the Loan Estimate within 3 business days. Compare quotes if more than one lender is in play.

T minus 30 days. Underwriting is in motion. Appraisal scheduled. Title commitment ordered. Confirm reserves are in liquid form on a Canadian or US statement. Schedule the in-person closing trip to Florida.

T minus 7 days. Receive Closing Disclosure. Confirm the federal 3-business-day waiting period. Reconcile every line on the Closing Disclosure against the Loan Estimate. Wire instructions verified by a phone call to the title company at a number obtained independently, not from any email.

Closing day. In person at the title company. Sign the deed, the mortgage, the note. Funds disbursed. Property recorded.

Section 12FAQ

Can a Canadian without a US Social Security Number get a Florida mortgage? Yes. RBC Bank, BMO Bank N.A., Desjardins Bank, and Natbank do not require a US Social Security Number for their cross-border programs. A US foreign-national lender will typically ask for an ITIN (Individual Taxpayer Identification Number), which the buyer can obtain from the IRS using Form W-7. Some foreign-national programs accept the file without any US tax identifier at all.

Will the lender accept Canadian self-employment income? Yes, with documentation. Two years of T1 with notices of assessment, two years of T2 (corporate) returns where applicable, plus a CPA letter is the typical baseline. Self-employment income is more scrutinized than salaried income, and the underwriter normally averages the last two years.

Does Florida have provincial-equivalent transfer tax? Florida does not have a Quebec-style "welcome tax" (mutation duty) at the municipal level. The state collects documentary stamp tax on the deed (typically 0.70 USD per 100 USD outside Miami-Dade) and, where a mortgage is recorded, doc stamp on the note plus the intangible tax. There is no foreign-buyer surtax of the kind that exists in BC or Ontario.

Can the spouse stay in Canada and only one borrower be on the US loan? Yes, and this is common. The non-borrowing spouse's income is not used in qualifying, but the file is generally cleaner if both spouses are on the title (joint with rights of survivorship is the standard Florida default) even if only one is on the note. Cross-border tax and estate consequences vary; consult a cross-border CPA before fixing the structure.

Can a Canadian corporation or LLC borrow directly? Yes, but the product is different: a commercial or DSCR (Debt Service Coverage Ratio) loan rather than a residential foreign-national mortgage. DSCR loans qualify the file on the rental cash flow of the property rather than personal income. They are covered separately in the DSCR loans for Canadian investors article on this site.

What happens at term renewal on a 5-year or 7-year ARM? On the cross-border bank ARM products described above, the loan converts to a periodic adjustable rate at the end of the initial fixed period. The 30-year amortization continues. RBC Bank advertises free renewals; BMO Bank N.A. and Desjardins Bank quote case by case. The rate adjusts against an index (most commonly SOFR plus a margin defined in the note), with rate caps documented in the note.

Section 13What this article does not cover

This guide is the overview of Canadian-non-resident mortgages in Florida. It does not cover, and dedicated articles in this chapter address separately or are forthcoming:

• Detailed lender-by-lender comparison of cross-border programs (RBC Bank vs BMO Bank N.A. vs Desjardins Bank vs Natbank vs TD Bank N.A.).
• DSCR and other commercial loan products for Canadian investor borrowers.
• Foreign-national mortgages on non-warrantable condos, condotels, and pre-construction in Florida.
• Building US credit from zero (the parallel project to running on Canadian credit forever).
• Reading a Loan Estimate and a Closing Disclosure line by line.
• Florida documentary stamp and intangible tax mechanics in full, including Miami-Dade variations.
• Ontario, British Columbia, Alberta, and other-province equivalents to the Quebec reference used here. These are forthcoming.