- March 12, 2012
- Posted by: ctornabe
- Category: Buying Real Estate, Real Estate Blog
No Comments
With the large influx of Canadian residents interested in buying real estate in the Phoenix and Scottsdale area, financing options for non-US citizens are somewhat limited, however there are financing options available for Canadians and other foreign nationals with select lenders throughout the valley.
A few highlights of the Canadian Citizen financing include:
- 15,20,25 and 30 year fixed rate terms available
- 3/1 or 5/1 adjustable rate terms available
- $50,000 minimum loan amount
- Will loan up to 75% for both purchase and refinance transactions up to $1,000,000
- No prepayment penalties
- Borrowers must have a BBVA Compass Bank checking account or open an account prior to closing
- Loans <= $1,000,000 require one full appraisal
Eligible Property Types For Canadian Citizen Financing:
- Single family residences
- PUDs/CONDO must meet FNMA/FRMC guidelines
- Non-warrantable condos must have an LTV of 70% or less
- Property must be located in a market area served by a Retail Compass Bank Branch
Canadian Citizen Documentation Requirements:
- 2 years Canadian T1, T2’s and/or T4’s.
- Business balance sheet and income statement (if applicable)
- Passport
- 60 days of bank statements
- 60 days of Paystubs
For more information on Canadian Financing please email or call me at 602.708.0296.
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