Although many Canadians are cash buyers here in Arizona, some are seeking financing options in order to reduce their exposure to the US market. For those seeking financing there are a few options.
Listen to our 3-minute tutorial; “Is There Financing Available for Canadians?” to learn more.
Some guidelines for Canadian Buyers financing US Property:
- Must be a primary residence or 2nd/Vacation home
- 15,20,25 and 30 year fixed rate terms
- 3/1 or 5/1 adjustable rate terms
- This is not financing for investment properties or if you already have a mortgage in the United States.
- There is a $50,000 minimum required loan amount
- Will loan up to 75% for both purchase and refinance transactions up to $1,000,000
- No prepayment penalties
- Borrowers must open a bank specific account prior to closing. This helps for your proof of funds you must show to the seller as well.
Some Documentation Requirements for Canadian Buyers.
- Personal balance sheet and income statement
- Business balance sheet and income statement (if applicable)
- Job Verification
- Bank statements for the most recent 30 days
- 2 years of payment history on two past or existing loans or lines of credit
Before you buy a home in the United States, check into FIRPTA for tax information.
Call us for a reliable referral for a loan officer that specializes in financing Canadian Buyers?
