Attention Canadian Nationals!
I am very sad to have to announce that as of about 90 days ago, we no longer offer mortgage financing for Canadian Nationals, or any foreign national, for that matter. We have waited a while before announcing, hoping that perhaps some programs would pop up in the meantime. Sadly, they haven’t. Once we could offer 2nd home and investment property financing to non-Americans who live abroad. As long as you had a good, solid 30-40% down and could prove you had income in your country, we were good to go.
Now…well, things have definitely changed. As so many of our veteran mortgage professionals quip…it is back to lending in the 80s. The basics. If you are a foreign national, here is what you will need to buy a home here.
- A valid US Social Security Number
- A valid, long-term visa
- Established US credit
- US income
Essentially, you need to be immigrating.
On a quick side-note. What does established US credit mean? Once you have lived here for at least 6 and ideally, a total of 12 months, and for the entire duration have used 3 credit lines on a consistent, monthly basis…then you will be be good to go. In other words, the agencies will begin reporting a score and your credit is established. Of course, be sure to make on-time payments and keep those credit card balances to less than 50%, or ideally…less than 30% of the maximum credit limit. This will ensure a top score. Oh…and some examples of credit lines: car loan, credit card, store credit card, note loan, student loan, etc. Remember, power bills, gas, electric and rent DO NOT report to the credit agencies.
To get back to our Foreign National financing, however. If anyone out there does know of ANY lender offering financing to Foreign Nationals, please let us know. We have so enjoyed servicing our Canadian Nationals and would love to do so again in the future! Until then…it is back to the basics.
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Great news for Canadians (and other Foreign Nationals!)!!
Do Canadians Need a Visa to Purchase US Real Estate?
Clarification on Mortgage Loans for Foreign Nationals Purchasing Real Estate in the United States
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on Oct 9th, 2008 at 7:24 pm
Sadly, they haven’t. Once we could offer 2nd home and investment property financing to non-Americans who live abroad. As long as you had a good, solid 30-40% down and could prove you had income in your country, we were good to go.
on Oct 10th, 2008 at 6:04 am
[...] hearing it for a while, but my friend over at the Arizona Mortgage Guru posted today about financing for Canadians purchasing homes in the states dryi…. Whereas at the start of the year, our lovely Canadian friends could purchase investment [...]
on Oct 12th, 2008 at 4:31 am
Thanks for posting this — we too are at a loss in regards to available programs.
“it is back to lending in the 80’s…” well said!
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on Oct 12th, 2008 at 2:12 pm
Justin,
I hear there are a few local lenders who may still offer this - but may not broker. We’re looking into this, so we’ll post as soon as we find out.
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on Oct 14th, 2008 at 7:24 am
Mrs Mortgage Guru - have you been able to contact the name I sent you?
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on Oct 16th, 2008 at 7:46 pm
[...] The bad news is that this could change at any time and many lenders who were doing these loans at the start of the year are no longer providing them. [...]
on Oct 17th, 2008 at 8:31 am
[...] some local discussion between some of the finest real estate professionals in Arizona, we have discovered multiple [...]
on Oct 31st, 2008 at 8:20 am
[...] 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 [...]