Canadian Buyers- Buy with cash or mortgage, now you have choice!

    1st bankI’ve been talking to a friend of mine over to 1st bank and the conversation came around to Canadians being able to get a mortgage here in the US without having to jump through too many hops. Below is a brief outline of how we look at or what we need for loans to Canadians who do not have US Citizenship or Permanent Legal Residence.

    Here’s the details!

    –          70% Loan to value on second homes (1% origination)

    –          65% Loan to value on investment properties (1.5% origination)

    –          Canadian personal tax returns

    –          Canadian business returns if applicable

    –          Verbal employment verification of applicable

    –          Verification of assets and income

    –          No need for US credit, we pull Canadian credit

    These would all be portfolio loans that are adjustable.  We can do a 15 or 30 year amortization with either the initial 5 or 7 years on a fixed rate.  They are tied to the 1 year CMT and  have adjustment and lifetime caps.  The 5 year loans have a 2% max initial and annual adjustment, and 5% max lifetime adjustment.  The 7 year loans have a 3% max initial adjustment, a 2% max annual adjustment, and 5% max lifetime adjustment as well.  We also offer 10 year fixed rate deals for second homes.

    For more information call Sebastian Porchini at 1st Bank

    602-224-4324 or Sebastian.Porchini@efirstbank.com

    NMLS ID #: 963390

     

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