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.