Financing for foreign nationals always has been tricky. As of yesterday, it may have become impossible.
My last lender who was able to close loans for Canadians told me (and a client yesterday) that he can’t get any more loans through. Apparently, the loans that were made to foreign nationals were defaulting at a hefty rate and the few ruined the party for the many.
I started looking at other lenders I’ve recommended in the past but the word seems to be just about universal. Hard money may still be a possibility but that’s a rather ugly way to go.
So if you’re looking to buy here in the States, the main method you have left is to finance at home via an equity line or similar vehicle and come down with cash.[tags]Phoenix real estate[/tags]