Most Canadians pay all cash when buying their dream Arizona vacation home. Some folks, however, would prefer to take out a loan to preserve their cash.
That was no problem at all two years ago. Arizona lenders had tons of programs available for Canadian home buyers. Now, it’s a completely different story. It’s really tough now for Canadian vacation home buyers to borrow money for their Arizona holiday home.
That’s why I was happy to get a phone call earlier this week from Chris Wyatt, a Mortgage Consultant at RBC Bank (USA). According to Chris, RBC Bank (USA) has brought back the 30-year fixed rate mortgage for Canadian Citizens!
The program reopens the opportunity for our cross border buyers to use a U.S. mortgage to obtain their dream second home in sunny Arizona.
Details of the RBC Bank (USA) program (February 2010):
- Purchase, Limited Cash-out Refinance
- Second Home / Vacation Home
- Single Family Homes, Warrantable Condos, PUDS
- 70% Loan-To-Value
- No US credit score required
- Use Canadian credit, income and assets to qualify
- No pre-payment penalty
- Available on Arizona homes
This program gives Canadians the option of buying their Arizona winter home without using up all their savings. It’s always nice to have options.
For more information contact;
Chris Wyatt
RBC Bank (USA)
Mortgage Consultant
Canadian Lending Specialist
407-244-6002
