Canadian’s Choices When Buying US Real Estate

Foreclosures and New Builds are priced so well right now, it would be insane to overlook either of these options. Generally many resale homes are priced above market value.

Short sales in AZ are overrated because of the 2-6 month average response time on the offer. Many Canadians buying US Real Estate have made a decision, and are ready to move on it. Generally, the new build homes are complete with warranties, but foreclosures and short sales are sold as-is. When Canadians in Arizona come to visit, they don’t want to wait 4 weeks until they are back in Canada to find out their offer was not accepted.

It is better to put in several different offers on distressed foreclosures, in the time it would take to get a response on just one short sale.

Loans to Canadian Citizens for 2nd/Vacation Homes in Arizona

With a minimum 25% down payment and documentable income and assets. The loans are 30 Year Fixed and DO NOT have a pre-payment penalty. The rates are currently around 6%. Below is the information that we collect for Canadian loans.

  • Self Employed (YTD P/L and Balance Sheet)
  • Most recent 2 years T-4s
  • Most recent 30 day pay stubs
  • All pages of most recent 2 months bank statements (cannot be internet printouts unless they show your full name and full account#)
  • All pages of most recent RSP statements (cannot be internet printouts unless they show your full name and full account#)
  • Clear copy of your passports
  • An international credit report will be run. The report will need to list 4 accounts. If 4 accounts do not register, they’ll need a letter(s) from creditors confirming on time payments to meet the minimum of 4.
  • All pages/schedules of your most recent 2 years federal tax returns.

Keep in mind that the SELLER pays the fee to use a buyer’s Realtor in the US. I am sure this is similar in Canada. The seller, bank, or builder will pay my fees…so our services are free to you! Why not get some information on the housing market and help your client become a Canadian in Arizona?