Great news for Canadians (and other Foreign Nationals!)!!

After mourning the loss of our own access to Foreign National loan programs and letting the “Blogiverse” know about it, we have actually come across several new sources for Foreign National loans. We STILL  cannot lend on these ourselves, sad to say, BUT I would be more than happy to pass on our contacts to anyone in need of this type of financing.

What do these loans look like? Well, let’s say you are a Canadian from Toronto.  The bank will need a minimum of 20% down, a clean Canadian credit report (with nice high scores, of course!), and your tax returns for the past 2 years. It is a full documentation loan, which means the bank checks your income and assets to make sure all is still current. Your debt ratio cannot exceed 41%. In other words, all of your debt, including your home in Canada, credit cards, note loans and new Arizona home cannot add up to more than 41% of your total income. Finally, you will have to have your down payment in a US bank account.  The rates on these loans are surprisingly low…right on par with the 30 year fixed conventional rate.

I am delighted that there are banks still financing Foreign National loans. Though they may seem risky on the one hand, these mortgages contain borrowers with top credit scores, excellent assets and residual income. These are the folks banks want to lend on. Thankfully, they still are!

And…kudos to the Phoenix Real Estate Guy, Jay Thompson, who was a big factor in us uncovering one of these sources and realizing we had not exhausted our options!

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