How Canadian Citizens Get a Mortgage for Arizona Properties
Posted on November 26th, 2007 by Brian Brady
Canadians are looking to buy real estate in Arizona. The loonie is at parity with the dollar and Arizona housing prices are down some 20% from 2005. That presents quite a bargain if a Canadian is looking for a vacation home in Phoenix. We’ve talked to over ten Canadians in the past week; most are interested in the Phoenix area.
How does a Canadian get a mortgage for Arizona properties? Here is an example of the documentation American lenders look for when lending to Canadian citizens:
1- Identity Proof: Some lenders require a copy of your Canadian passport- many accept a Canadian driver’s license.
2- Proof of Employment or Business Ownership: Most lenders seek a two year history. We perform a verification of employment with your employer or look for a copy of your business registration or incorporation paperwork.
3- The very best terms are extended to Canadians who can document income by furnishing a two year history of the T-1 General Form.
4- Assets need to be documented by a recent bank statement.
Contact me at 858-503-2318 for more complete information.
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