Can Americans Qualify for Mortgages for Canadian Property?
Yes.
Finally there is a program that allows American residents to purchase or refinance Canadian properties by using their U.S. tax returns and U.S. Credit bureaus.
U.S purchasers of either primary or secondary residences may borrow up to80% of the value of their home.
Qualification is based on the same debt servicing and credit score requirements as Canadian purchasers. These U.S. clients will benefit from the same low fixed and variable rates now available to Canadian buyers. As of April 24th 2010 the 5 year fixed rate for this program is 4.6% and the variable rate is prime minus .40% ( presently 1.85% ). Purchasers must demonstrate the income required to cover U.S. and new Canadian debt.
American borrowers will need to provide two years of their Form 1040 and W2. A U.S credit bureau report will also be required.
If you are interested in this program, please call Ron Demmers, Mortgage Broker, toll free at 1-877-925-9079
Disclaimer: Coastal Life Realty Ltd. or Charmaine Harris has provided this information as a convenience to readers and does not accept any liability for the actions of Ron Demmers or Verico Paragon Morgage Group.
