Canadian Buyer Information
US MORTGAGES- FREQUENTLY ASKED QUESTIONS

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 john.creighton@onqfinancial.com or via phone at 602.430.3164.

(OnQ Financial BK # 0906866)


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