I’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