Mortgages For Canadian Citizens: Now Available

We now have financing available for Canadian citizens who want to buy a 2nd home here in Arizona. I haven’t been to Canada recently, but someone told me that it can get awfully cold up there during certian times of the year. What better way to thaw-out than buy a home somewhere where you can pretty-much-wear-shorts-every-day-in-January if you want?

Starting about 6 months ago, lenders were pulling out of financing these loans, but we are starting to see some of them come back now. Not a lot of lenders,mind you — but at least one!

Mortgages For Canadian Citizens: Guidelines

  • Must be a second home
  • Will loan up to 75% loan-to-value
  • International credit report required
  • Verification of mortgage on primary residence
  • Last 2 pay stubs and 2 years of T4′s required
  • 2 months bank statements
  • Drivers license and copy of passport
  • If self employed, last two years of Canadian tax returns along with a profit/loss statement and balance sheet.

Simply put, this is pretty much a full documentation loan for people with good credit. The interest rate on this 30 year fixed rate loan currently is 6.25% with a 3 year 1% hard prepay penalty. This means that if you refinance or sell the home inside of one year, the lender will charge a 1% fee. The interest rate changes from time to time, but not every day.

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Comments

  1. Rich says:

    Justin,
    We have a retirement community in Casa Grande and we get many prospective Canadian buyers.

    Is there still not a program for these buyers? Do you foresee one coming soon?

    Thanks

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  3. Eric Myers says:

    Wow. Very interesting. I will have to forward this article to my Canadian friends who are looking to move here to Arizona next year. Thanks!

Trackbacks

  1. [...] Jerry also pointed me toward Justin McHood over in the East Valley. One day after I said financing for Canadians all but disappeared, Justin proudly proclaimed “Mortgages for Canadian Citizens: Now Available.” [...]

  2. [...] In late March, I sat down with a “Assistant Vice President” from a regional FDIC insured bank and talked about a great program they had for Canadian citizens who wanted to buy a house in Arizona.  I was excited because we managed to finally get signed up with a lender who was willing to provide Canadian citizens mortgage loans for homes here in Arizona. [...]

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