Here in the Phoenix area, pretty much any lender can help you get a property financed if you are a US citizen and can meet the qualification criteria. A quick-and-simple overview of what loan options are available for US citizens include:
FHA loans – popular with first time home buyers and people who have less-than-perfect credit. Generally speaking, you will need higher than a 620 credit score and have a 3.5% down payment.
VA loans – popular with Veterans because of the zero down financing option, no monthly mortgage insurance and flexible guidelines.
USDA loans – popular in places like Queen Creek because USDA loans are only available in certain areas that are designated “rural” and they offer 100% financing.
Conventional loans – Popular with people who have good credit and are looking for the lowest possible rates.
Jumbo loans – Any loan that is over $417,000. Jumbo loans require great credit and a healthy down payment.
In addition to these types of loans, there are any number of niche programs that are also available for financing, but the common requirement to each of them is that you must be a US citizen to qualify.
What if you are from Canada and are interested in buying a second home or possibly even relocating to Phoenix – are there financing options available?
Yes.
Canadian Citizen Financing in 2012
Finding a lender in Arizona that finances Canadian citizens isn’t all that easy – but it isn’t impossible. Here is a general overview of what you can expect regarding guidelines for Canadian citizen financing with just one large lender with loan officers here in Phoenix.
General Guidelines For Canadian Citizen Financing:
- 15,20,25 and 30 year fixed rate terms available
- 5/1 adjustable rate terms available
- $50,000 minimum loan amount
- Will loan up to 75% for both purchase and refinance transactions up to $1,000,000
- No prepayment penalties
- Borrowers must have a checking account with the lender or open an account prior to closing
- Loans over $1,000,000 require one full appraisal
Eligible Property Types For Canadian Citizen Financing:
- Single family residences
- PUDs/CONDO must meet FNMA/FRMC guidelines
- Non-warrantable condos must have an LTV of 70% or less
- Property must be located in a market area served by a retail bank branch
Canadian Citizen Documentation Requirements:
- 2 years Canadian T1, T2′s and/or T4′s.
- Business balance sheet and income statement (if applicable)
- Passport
- 60 days of bank statements
- 30 days of paystubs
Canadian Citizen Financing Contact Information
Have more questions about your particular situation? Here is contact information for the best loan officer I know who can help you with Canadian financing.
BBVA Compass Apply Online
David Rush
david.rush@bbvacompass.com
Mortgage Lending – Mortgage Banking Officer II – NMLS# 512541
Mobile 480-254-6974
Biltmore Office
2850 E Camelback Rd Ste 170, Phoenix, AZ 85016
I'm Jay Thompson, and I have a little blogging problem... 
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