Canadian Buyers?? Slow on Down!!

True to form, the powers that be continue to tighten lending parameters...even for our Canadian friends to the

north:(

In one month's time the generous offerings of one of our lenders have been slashed, cut and constrained to the

point that...well, they just try to take all of the fun out of this business!!

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Canadian Foreign National Purchases of U.S. Properties

As of 8:am April 29, 2008

2^nd home purchases only

Cannot have a U.S. credit score

Stated Income Verify Assets Documentation

LTV's   50% to 60% maximum - determined by postal zip code

Must have U.S. bank account for monthly auto pay, not optional

LTV's can be increased by 5% for bi-weekly auto payments

Minimum loan amount $75k U.S.

All contiguous states except Maine, Vermont, W. Virginia, Montana & N. Dakota

Copy of current valid Passport

Check for application fee

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This particular program no longer allows purchases of investment properties, and at the substantially lower LTV's it certainly increases the cash due at closing.

Perhaps some time down the road, as the market normalizes, the parameters will loosen...

Please see previous blog "Canadian Buyers?? Come on Down!!" posted April 4, 2008

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