Mortage Loans for Canadians in Arizona Dries Up

Attention Canadian Nationals!

I am very sad to have to announce that as of about 90 days ago, we no longer offer mortgage financing for Canadian Nationals, or any foreign national, for that matter.  We have waited a while before announcing, hoping that perhaps some programs would pop up in the meantime. Sadly, they haven’t. Once we could offer 2nd home and investment property financing to non-Americans who live abroad. As long as you had a good, solid 30-40% down and could prove you had income in your country, we were good to go.

Now…well, things have definitely changed. As so many of our veteran mortgage professionals quip…it is back to lending in the 80s. The basics.  If you are a foreign national, here is what you will need to buy a home here.

  • A valid US Social Security Number
  • A valid, long-term visa
  • Established US credit
  • US income

Essentially, you need to be immigrating.

On a quick side-note. What does established US credit mean? Once you have lived here for at least 6 and ideally, a total of 12 months, and for the entire duration have used 3 credit lines on a consistent, monthly basis…then you will be be good to go. In other words, the agencies will begin reporting a score and your credit is established.  Of course, be sure to make on-time payments and keep those credit card balances to less than 50%, or ideally…less than 30% of the maximum credit limit. This will ensure a top score. Oh…and some examples of credit lines: car loan, credit card, store credit card, note loan, student loan, etc. Remember, power bills, gas, electric and rent DO NOT report to the credit agencies.

To get back to our Foreign National financing, however. If anyone out there does know of ANY lender offering financing to Foreign Nationals, please let us know. We have so enjoyed servicing our Canadian Nationals and would love to do so again in the future! Until then…it is back to the basics.

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