This week, we were asked by a few people whether or not it was still possible for a Canadian citizen to get financing on an investment property in Arizona, which could have been prompted by our friend in Tucson Kelly Kholer’s post since her blog is read by thousands and thousands of people each day (just a hunch!).
The good news is that it is still possible and there at least two lenders that we are aware of who are providing these loans.
The bad news is that this could change at any time and many lenders who were doing these loans at the start of the year are no longer providing them.
High-level guidelines at one of the lenders that we are aware of who is providing these loans include:
- Must be a second home
- 400,000 max loan amount
- 75% Loan-to-Value
- International credit report required
- Verification of mortgage history on primary home
- Purchase/Sale agreement on 2nd home
- Last 2 paystubs and 2 years T4′s
- Proof of income
- 2 months bank statements
- Picture ID (Drivers license, coy of passport)
- If self employed, last 2 years Canadian tax returns, along with profit and loss statement and balance sheet
- Verification of all assets listed on application
H/T to Jay Thompson for sharing Compass Bank is still providing these loans as well.
Contact us directly if you are a Canadian citizen who is interested in getting an Arizona mortgage!
{ 5 comments… read them below or add one }
I’ve been working with a buyer from Canada and we are having a tough time, but we are almost there! It’s a long story, but it’s certainly getting tougher. My last two Canadian buyers were so patient and a treat to work with!
@Candace – Since January, it has gotten tougher for Canadian citizens to get financing — BUT — it is still happening. As long as the exchange rate favors Canadians, we will try to keep you updated on Canadian financing options!
I am in Phoeniz for vacation and have been looking at some properties. I would like to know what my options are for financing here. Is there someone I could meet with to discuss. Thanks.
Hi Andy,
Thanks for writing in and we are happy to help.
Call David Rush – he is with BBVA Compass Bank and is the best in the business when it comes to helping people from Canada get financing arranged.
His direct phone number is:
623.815.2100
Enjoy the weather!
Best,
Justin
Hello, I am a Canadian looking to purchase property in Arizona and I am looking for some help with financing. Is this something thtat your company would be interested in and could help with? Please advise.
Thank You.
Don Stewart
dstewart@coastpaper.com
604 202 0270