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!