If you’ve watched the news lately you know that you can find incredible real estate deals in the US and especially in sunny Arizona.
One of the biggest hurdles for Canadian citizens buying real estate in the US has always been obtaining a mortgage from an American bank. The “credit crunch” has only made this situation more difficult. At this time, highly qualified Canadian citizens are able to obtain mortgages for properties in Arizona. This provides an excellent opportunity for Canadians that want/need a mortgage in order to purchase a home but also provides a unique financial opportunity for the Canadian buyer that would normally pay cash for a property.
Exchange rates have made a Canadian cash purchase a bit more “expensive” even with US real estate prices at historic lows. Savvy Canadian investors can still take advantage of the situation. Canadians can borrow mortgage money in strong US dollars today and then when the natural cycles of the financial world shift back in your favor you can pay off the loan with a more powerful Canadian dollar. Here are the basic details for qualifying as well as basic terms and conditions:
· Vacation home require a 25% down payment or an Investment Property with 35% down (maximum 2 investment properties)
· Arizona properties with Loan amounts from $60,000 to $400,000 US
· 30 Year Fixed Rates vary based on market conditions but they typically range from 7% (Vacation Home) to 7.5% (Investment Property)
· We run an international credit report based on Social Insurance #
· Two years of T-4 and 30 days paystubs OR 2 years Tax Returns and YTD P&L for self employed
· Two months of Asset account statements to document down payment funds plus “reserves” for 12 months worth of mortgage payments
· Please allow for 45-60 days from acceptance of purchase contract to loan closing
· Feel free to call or email with scenarios or a request for pre-qualification
Ryan Halldorson
Smart Financial Mortgage
MB-0905490
1715 W Northern Ave. #101
Phoenix, AZ 85021
Phone: 602.793.7204
E-Fax: 602.889.2258
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