How to Find Your Loan
Most Canadians who buy Arizona homes pay all cash. Many, however, will finance part of the purchase.
The requirements are constantly changing. These were the requirements for one loan available for foreign nationals to purchase Arizona real estate. This will give you a rough idea of the paperwork involved in getting a loan to buy an Arizona home.
Foreign National Requirements For Arizona Loans
- International credit report – It is ordered here in Arizona.
- 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.
- Verification of 2 years employment history in the same line of work
- Need to put X% down. The minimum down payment changes frequently.
- Need to set up American bank account for transfer of money.
If the lender needs to build a credit history, the lender may 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.
If self employed, the lender may need the business tax returns and a letter from an accountant stating number of years in business.
For more information contact;
Next: How to find your Arizona Realtor
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{ 7 comments }
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?
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.
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.
I think that the info you furnish is highly appreciated and can be very useful. I will try to get hold of this book. What is the most difficult aspect is to find real estate in a good neighbourhood. If you have good suggestions, don’t hesitate.
“Good neighborhood” is a loaded question here. Realtors here don’t often say X is a good neighborhood because “good” is so subject.
It helps us if you can be more specific on what you think “good” means. Tell me or your Realtor if you want a neighborhood with low crime, for example, and then we can refer you to web sites that publish those statistics, if available in the city you are looking in. But even the term “low crime” is subjective, what is low crime to you might not be for the next person.
A good neighborhood is often something you know when you see it. So you just need to look at some neighborhoods and then narrow down your search to your favorites.
With the foreclosure challenges going on at the moment are the banks more lenient on the lending rules above?
We are definitely interested in buying a few homes
Stephen,
In response to your questions about banks being more lenient on the lending rules. Unfortunately the rules have become stricter and we are being asked to provide more documentatio. But the good news is that we are still doing a lot of loans and the rates are INCREDIBLE!
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