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Financing your home

Loans and mortgages for Canadian Homes in Arizona

We work with a select group of lenders that offer financing and mortgages to Canadians for the purchase of a home in Arizona.  Please contact us for a list of lenders that may be able to help you.  Their lending guidlines can change from time to time but here are the most recent terms most are offering:
 
30% down on vacation homes
50% down on investment homes (rentals) 
3/1, 5/5, 7/1, and 10/1 ARMs;  20 and 30 year Fixed Rate
Property types:  Single Family, Condominiums and Townhomes
 
Required Documentation some lenders are asking for:
 
Mirroring the most conservative Canadian mortgage programs (Canadian insured Mortgage Programs), the following should be the minimum set of required documentation attained to analyze a loan request as part of this program.
 
  A. Complete application, including all disclosures.
 
  B. Copy of fully executed (by all parties) purchase contract with all riders, amendments, and disclosures.
 
  C.  Per occupancy status, appropriate documentation of legal ability to reside in United States.
 
  D.  Three depository merged in‐file Canadian credit report. In addition, if the Borrower(s) have a United States Social Security Number, a US credit report is required. Note: If US credit is ordered with a Canadian Social Security Number, credit alert status will indicate fraud.
 
  E.  Evidence of employment/income. Documentation which reasonably confirms current employment/income could include:
                1.  Copy of most recent 2 years of Canadian Tax Returns (complete copies if self employed), OR Canadian T‐4s for the most recent 2 years and verbal verification.
AND
               2.  Current pay stub (showing company name and computer generated) must show salary, hourly and YTD, OR employer letter confirming yearly salary.
                             
               3.  If borrower earns commission/bonus, which exceeds 25% of base income or is solely on commission, a copy of the most recent 2 years of Canadian Personal Tax Returns, to ascertain unreimbursed business expenses is required.
 
 
 
 
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HomeSmart
2680 S. Val Vista Rd. 101 • Gilbert, AZ 85295
Phone: (480)242-2896 • info@CanadianHomesArizona.com :Email





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