Most Canadians who buy Arizona homes pay all cash. Many, however, will borrow some of the money needed to buy their Arizona home.
The loan requirements for Canadians to buy Arizona property are constantly changing. These were the requirements for one loan available for foreign nationals to purchase Arizona real estate. This will give you a ballpark idea of the paperwork involved in getting a loan to buy your Arizona holiday home.
One Lender’s Requirements for Foreign Nationals
- Credit report
- Copies of passport and visa
- Last two pay checks
- Bank statements for the last 2 months
- Last two years tax returns.
- Verification of 2 years employment history in the same line of work
- Need to set up American bank account for transfer of money.
What’s the minimum down payment? It varies a lot over time but is running around 30% to 35% for Canadians, as I write this.
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