We understand that with the dollar on the decline, historically low interest rates, and incredibly low property values, now is the ideal time to invest in the US real estate market. As of June of 2009, the Canadian dollar was 91 cents to our dollar. Remember just one year ago the Canadian dollar rose to over $1.05, which was the highest since 1976. Fannie Mae (FNMA) recently announced a variance to their guidelines that will allow Canadian Foreign Nationals to be eligible for a US Mortgage.
Here is an outline of some of the new guidelines.
1. Eligible Properties/Purpose
1. Each Mortgage must be purchase money transaction
2. Borrower may not own more than one property
3. The mortgage must be secure by a one-unit residence located in an area where second homes are common and customary.
2. Credit and Eligibility Requirements
1. Minimum Fico score of 700 required from one major credit company in Canada
2. Credit must reflect 24 month history and a minimum of 4 trade lines, or three trade lines plus a written verification of mortgage reflecting a good payment history
3. The borrower must have a minimum of six months reserves deposited in a U.S. depository institution, which reserves must be the borrowerâ€™s own funds
3. Documentation (Full Documentation)
1. Lender must verify 2 years work history in the same line of work
2. The Borrowers assets must be verified and all figures must be converted to U.S. dollar amounts
The down payment requirement will be 30%. This is great news considering the only currently available in the US is private or hard money, which has extremely high rates and fees. For more information about properties in the US or foreign national mortgages, please give us a call. http://www.GlobalOneInvestor.com