Canadian Financing in Arizona

Canadian Financing in Arizona

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:

  1. Single family residences
  2. PUDs/CONDO must meet FNMA/FRMC guidelines
  3. Non-warrantable condos must have an LTV of 70% or less
  4. Property must be located in a market area served by a Retail Compass Bank Branch

Canadian Citizen Documentation Requirements:

  1. 2 years Canadian T1, T2’s and/or T4’s. 
  2. Business balance sheet and income statement (if applicable)
  3. Passport
  4. 60 days of bank statements
  5. 60 days of Paystubs 

For more information on Canadian Financing please email or call me at 602.708.0296.