After mourning the loss of our own access to Foreign National loan programs and letting the “Blogiverse” know about it, we have actually come across several new sources for Foreign National loans. We STILL cannot lend on these ourselves, sad to say, BUT I would be more than happy to pass on our contacts to anyone in need of this type of financing.
What do these loans look like? Well, let’s say you are a Canadian from Toronto. The bank will need a minimum of 20% down, a clean Canadian credit report (with nice high scores, of course!), and your tax returns for the past 2 years. It is a full documentation loan, which means the bank checks your income and assets to make sure all is still current. Your debt ratio cannot exceed 41%. In other words, all of your debt, including your home in Canada, credit cards, note loans and new Arizona home cannot add up to more than 41% of your total income. Finally, you will have to have your down payment in a US bank account. The rates on these loans are surprisingly low…right on par with the 30 year fixed conventional rate.
I am delighted that there are banks still financing Foreign National loans. Though they may seem risky on the one hand, these mortgages contain borrowers with top credit scores, excellent assets and residual income. These are the folks banks want to lend on. Thankfully, they still are!
And…kudos to the Phoenix Real Estate Guy, Jay Thompson, who was a big factor in us uncovering one of these sources and realizing we had not exhausted our options!
Welcome to the Arizona Mortgage Guru blog, a great resource for all your home financing needs. If you're new here and like the content, you can subscribe to my RSS feed to get regular updates on all things related to mortgages. Thanks for visiting.
Mortage Loans for Canadians in Arizona Dries Up
Washington Post Doesn’t Understand Credit Scores
Related posts brought to you by Yet Another Related Posts Plugin.
on Nov 24th, 2008 at 2:52 pm
[...] buying a home in the Phoenix area, you may have been discouraged with the lack of loan options. Here’s a local lender that can direct you to sources of funding that may get you a new Arizona [...]
on Dec 10th, 2008 at 9:01 am
I am in desperate need of lenders that can still provide funding to Canadians. The majority of my Canadian clients are cash buyers but I always have a few that require financing options. Any information you could provide would be greatly appreciated. Thanks!
on Dec 17th, 2008 at 10:44 am
Hi Aimee,
Am I blind or do I not see the contacts for getting a loan for our property in the Phoenix area? I am a foreign national that paid cash for property there but would like to refinance. Any ideas?
on Jan 13th, 2009 at 2:03 pm
Hello Aimee, I have quite a few FNs that are looking for financing - if you could provide me with some contacts, I would really appreciate it!!!
on Jan 13th, 2009 at 2:04 pm
I think I provided the wrong email address in my previous post. Sorry.
on Jan 15th, 2009 at 1:28 pm
Ok. So I found some new financing but has anyone found a provider that will do a cash out refi? We paid cash for our places and it would be nice to cash out to convert back to Canadian Pesos in case the USD takes a big hit with the massive stimulus planned.
on Feb 10th, 2009 at 4:00 pm
Can you please direct me to some lenders now making loans to Canadian Citizens or foreign nationals for that matter. Thank you
on Feb 27th, 2009 at 9:50 am
Hello Aimee, I have a couple of FNs that are looking for financing - if you could provide me with some contacts, I would really appreciate it. Thank you.
on Mar 12th, 2009 at 10:57 am
Hi Aimee,
I am a Canadian preparing to move to California - I’d appreciate having your contact info if they can set me up with a foreign national loan there.
Thanks.
on Mar 22nd, 2009 at 1:44 pm
Hi Joel,
I can no longer do loans for Canadians (foreign nationals). Sorry.
Please refer to this link: http://www.azmortgageguru.com/foreign-nationals/
Thanks for visiting the blog.