Canadian Buyer Information

Interest in Arizona home purchases continues to show strong interest from our friends in The True North.   Lenders realize that there is a steady supply of  Canadians flocking to the Valley of the Sun for the winter months.

Since there is much confusion regarding the US mortgage process, I have asked John Creighton from OnQ Financial to provide some basic information.

Q. What homes qualify for a US mortgage?
A. Second homes or vacation homes qualify.

Q.  Is there any limit on what type of dwelling qualifies?
A. Single family homes are easier to work with but some condominiums qualify.  I recommend contacting us before you make an offer on a condo project.

Q. What size down payments to lenders require?
A. Lenders are looking for 30% down.

Q. Is there a minimum FICO score necessary to qualify?
A. A FICO score of 680 qualifies; customers should know that a Canadian credit report is used.

Q. Can Canadian buyers qualify for jumbo mortgages?
A. Yes.  There are both 30 year fixed rate and adjustable rate mortgages available.

Q.  What is the average closing time for a strongly-qualified applicant?
A.  Closing times can be as short as 30 to 45 days but I would plan on 45 to 60 days to be safe.

Q. How often does the mortgage market change?
A. Very frequently. I recommend that buyers contact a lender before they start looking at homes.  That way you have the latest mortgage information regarding interest rates, down payment and reserve requirements. 

John's office is located in Scottsdale, Arizona.  He  can be reached at or via phone at 602.430.3164.

(OnQ Financial BK # 0906866)

Home Page | Metro Phoenix RE Blog | Buyers | Sellers | About | Save My Home Information | Home Buyer Assistance Programs | Property Search (ARMLS - Residential) | Free Market Update | Property Search (ARMLS - Rental/Lease) | Real Estate and Mortgage Glossary | Testimonials | Considering a Foreclosure Property? | Home Auctions | Sellers Request | Buyers Request | Investor Information | Properties | Mortgage Information | Free Real Estate Reports | Dream Home Finder | 1031 Tax-Deferred Exchanges | Featured Listings | School Links | Area Info | May 2011 Sales Reports | Request Info | Home Buying Info | Additional Real Estate Info | Free E-mail Property Updates | Free Real Estate Newsletter | General Request | Home Moving Assistance | How Much Real Estate Can You Afford | Our Valued Business Partners | Real Estate Mortgage Programs | Real Estate Refinancing Information | Real Estate Tax Info | Tourism and Travel | Real Estate Mortgage Calculators | Property Search (ARMLS - Multiple Dwellings) | More Listings | Buyers Request | General Request | Property Search (Greater Phoenix - Residential) | Property Search (Greater Phoenix - Multiple Dwellings) | Property Search (Greater Phoenix - Rental/Lease) | Property Search (Greater Phoenix - Land) | Property Search (Greater Phoenix - Commercial Income) | Property Search (Greater Phoenix - Commercial Lease) | My Listings | Important Events in Real Estate | Ten Mistakes Home Buyers Make | Canadian Buyer Information
Site Map | E-Mail

Fiduciary Real Estate Services
4802 E Ray Road Suite 23509 • Phoenix, AZ 85044
Office (480)263-1339 • Fax: (480)718-8296
Mobile 4806508865