“Good morning Gary! I am a Canadian that has always had a life long dream of moving to San Diego. Thinking I might take the plunge to try and avoid this upcoming Canadian winter. What percentage of a down payment do you need in California for a guaranteed mortgage approval? I won’t have any credit history in the US. I understand that Nevada is 40%. Please get back to me with any words of wisdom that you might be able to offer. Cheers.”
Answer:
Thanks for your email. I forwarded your question to my preferred lender, and his answer is below:
“In California he would also have to put 40% down. Even with 40% down he still needs to have income to qualify for the loan…there are no stated-income loans anymore, so it’s full doc just like any loan right now. These type of loans are not that easy anymore.”
