I have been brought some concern from my great friend and loan officer that all the Foreign National Loan Programs have gone away! At least all of the ones he knows of. Now this is not an issue with internationals that have cash, but I have yet to run into a problem with anyone that has cash to purchase. Has anyone else heard of this news?

This can be a major concern for several Realtors that have international marketing campaigns going on and loan officers that have made a living dealing with foreign nationals. I think all of us have known what foreign investors can do for our business with a weak dollar vs other international currencies. The opportunity for investors from abroad is huge! A depressed housing market with a weak dollar means large purchase power and increased returns.

Here in Arizona we have seen a large increase in Canadian buyers for investment, second home and retirement. I have friends and associates involved in marketing campaigns and actively working with these buyers. I have also created connections and would love to have answers to solve this possible problem.

Any solutions or ideas would be greatly appreciated. Thanks!

Just spoke with a loan officer here locally and I found out some great news! Here is what he sent me-

"Wachovia gave a lot of people bad news and it was only the Cosi Pick-a-pay program that was discontinued a couple of weeks ago NOT the foreign national program and so we have 2 program options available for them with this program one of which is a 30 year fixed at 7.25%"

This came care of Doug Kutilek who is also an new active rain member.