How to Find Your Loan

Many Canadians and British who buy Arizona homes pay all cash. Most, however, will finance part of the purchase.

Here are the requirements for one loan available for foreign nationals to purchase Arizona real estate.

Foreign National Requirements For Arizona Loans

International credit report – we order it here.

If we need to build a credit history, we require a 12-month history for 3 trade lines which are credit cards, mortgages, car payments, or other charge accounts. Cost is $40 per bureau, and takes 1-3 days for Canadians and 10-15 days for buyers from other countries.

Copies of passport and visa
Last two pay checks
Bank statements for the last 2 months
Assets - most recent quarterly statements
Last two years tax returns.

If self employed, we need the business tax returns and a letter from an accountant stating number of years in business.

Verification of 2 years employment history in the same line of work
Need to put 20% into the deal. Investment properties need to put 35% into the deal
Need to set up American bank account for transfer of money.

For more information contact;

Robyn Robertson

Suburban Mortgage Inc.
8377 Hartford Drive, Suite 120,
Scottsdale Az 85255

Phone 480 355 8106
Fax 480 344 7937
Cell 480 415 2336

Next Tutorial: How to find your Arizona Realtor

3 Comments

3 responses so far ↓

1 robin hage // Nov 12, 2007 at 4:02 am

Do Canadians need a visa to purchase a vacation home that may only get used for a month or 2 at a time?How long can one stay before having to obtain a visa?How does one obtain a visa?
2 John Wake - Realtor // Nov 12, 2007 at 1:11 pm

Robin,

Here is an excellent book, “The Border Guide; A Canadian’s Guide to Living, Working and Investing in the United States.”
http://www.theborderguide.com

The author, who works as a financial planner in Phoenix, states;

“Canadian visitors to the United States may enter the country without any actual visa being issued… Techinically, Canadian visitors currently fall into the B-2 visitor category… allowing them to remain in the United States legally for up to six consecutive months.”

Crossing the border is not as easy as it was before 9/11. Bring your passport.

I would appreciate any comments from other readers who can help us with their experience.
3 Bob // Nov 24, 2007 at 12:04 am

Thge hardest part is trying to start a bank account. A Canadian needs a Certified Cheque from an American Bank. They distrust Canadian Banks, and Canadians, or any other foreign national, and lack even basic knowledge of other countries.

How to Buy Arizona Real Estate

Tips for Canadians and Brits - John Wake, Associate Broker, HomeSmart