Mortgage for Canadian Professionals working in US on a TN Status.

Asked by Tner, Arizona Tue Feb 21, 2012

My company transferred me to US from Canada and I have been living here since Aug 2010. I have an established credit history with score 700 . My legal status in US is TN-1, which is NAFTA qualifying status awarded to Canadian/Mexican Professionals. For more info on TN Status visit: I would prefer a loan with a down payment of 5% or less and none to minimum closing cost. Thanks.

Help the community by answering this question:

+ web reference
Web reference:


Loren Hoboy, Agent, Phoenix, AZ
Tue Feb 21, 2012
As has been pointed out, there are loan programs that can work for you. To achieve the low or no closing cost seek, your buyer's agent will need to draft your offer in such a way as to have these cost covered in the transaction by the seller. Sometime that means increasing the offer price to keep you offer competitive against the other buyers.

When selecting a lender, you will want to explore their fee structure (ask for a detailed breakdown). Then explore how much of these cost your will cover. Some lender's investor may have incentives. Keep in mind that nothing is free, so you might expect to spend a little more for interest or have the closing cost added on top of the loan. I will need to check and see if the 0% down loan program from the USDA would work for you (applies to property in Buckeye, Queen Creek and San Tan Valley).

If you are converter Canadian currency to USD, consider using a currency trader. They can save you 2-3% over using a bank.

I can recommend both lenders and currency traders to Canadian client.
Please call with any questions.
Loren Hoboy 623-688-0004
0 votes
Bill Parker,…, , Scottsdale, AZ
Tue Feb 21, 2012
Hi Tner:

I believe I can help you, with some caveats..

At 95% loan to value, it will require mortgage insurance (MI) and the approval of the MI company.

Also, you ask for "none to minimum closing costs", which will take some planning on your part. You will either want to have the Seller contribute to your closing costs, which will come with a higher purchase price and an appriasal to allow for them to be covered. Or, you will want to ask for a slightly higher interest rate so the lender will be able to help cover some or all of your costs.

Give me a call and we can walk through the process involved.

0 votes
Tony Valdez, , Avondale, AZ
Tue Feb 21, 2012

I have a program that would work for you. Give me a call and we can discuss the details.


0 votes
Search Advice
Ask our community a question

Email me when…

Learn more