# Canadian first time home buyer with a foreign investor co-signer



## Toronto_New (Dec 21, 2016)

I am a permanenet resident of Canada since Jan 2015. I am planning to buy a house in Ontario and since my parents are US citizen they are going to help me to make this process easy for me.
I would like to know if they can help me for quick approval by showing their properties/investements/bank balance etc. and by being co-signer. Since they are from US this would be considered foreign investment but how would it work if I am a canadian resident? 
How much down payment will be required in this case?

it is very complicated question I guess but I hope experts here could help me.


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## Just a Guy (Mar 27, 2012)

Being a consigner isn't the same as an investor. They are basically guaranteeing the loan, if you fail to pay, they are also responsible. They don't own the property, and aren't on the title so it's not an investment. 

The issue may be that, being outside of the country and thereby may not be subject to Canadian laws, he bank may not accept them as guarantors. The bank want to be able to collect if you default. Of course, they still have the house as collateral, so it may not be a sticking point.


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## Mortgage u/w (Feb 6, 2014)

Non residents cannot qualify for a mortgage in Canada. Therefore your parents cannot co-sign with you.
You will need to qualify alone with your own income. There exists a New Resident program however its only to shelter a limited credit history and recent job.


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## chaseadam (Dec 8, 2016)

*choose the lender*

hi,

choose the private lender who can help you for providing the loan.

A Foriegn national loans are designed especially for non-national people.


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