Canadians are purchasing homes in the Phoenix/Mesa Arizona residential home market in increasing numbers. There are many reasons behind this move to the Valley by our northern friends… with the main one being our beautiful winter weather temperature averages. If you like the warm weather and playing golf, this is an ideal place to live or own a second home. Additionally, the Canadian dollar remains strong, which eases the pain of the exchange to US dollars!
One question that many Canadians ask regarding purchasing a home in Arizona is, “can I get a loan in the US to purchase that home?” The answer is yes. The criteria for a Canadian to purchase a second home in Arizona are outlined below.
- Maximum loan amount $417,000
- 15 to 30-year fixed rates available
- 30% down payment required and must have 6 months reserves in a US bank before closing
- Must have 24 months of credit history
- Credit report must contain four (4) trade lines
- 700 FICO score minimum required
- Single family homes and condos allowed
- Can not own additional US property
Remember that cash is also welcomed… you would need to have proof of funds in US dollars which your banker can provide to you.
We recommend Barbara Tobar with imortgage (MORTGAGE PLANNER NMLS ID 227777) for all of you loan needs. Barb is from Calgary and knows the process to successfully help you purchase a second home in Arizona. You can contact Barb at 480 262 3623.
You can search our website without any obligation on real estate deals in the Phoenix/Mesa real estate market. This link will take you directly to our local MLS where you can search for that second home in the Phoenix/Mesa or the entire Phoenix metro area residential real estate market. We have many listings which might interest you, be sure to check them out. Should you ever have questions about a new home in Arizona, don’t hesitate to call us.
