Photos from Brian Brady- America's VA Home Loan Broker
HMS Rose, this ship was used in the movie "The Master and the Commander" used with permission- © Copywright Charles Lasnier 2004 Located in: #
Canadian investors have been flocking to the California coastline and Arizona desert to buy prime American real estate at a bargain. The strong Canadian dollar, while inopportune for Canadian manufacturing firms, is giving Calgary investors built in downside protection when they buy American real estate. I explain that here:
In January of 2007, a Canadian investor, buying a $300,000 (US) property in Long Beach, CA, , would have to pay $352,600 (Canadian). That was based on an exchange rate of $1.17553 Canadian to $1.00000 (US). Today, the exchange rate has dropped to $.98188 Canadian for one US dollar. That means that the same property in Long Beach, would costs $294,300.
The vacuum, however, lies in the mortgage financing for Canadian investors. Mortgage companies require as much as 35% down payment for Calgary citizens buying a vacation home in America. In some areas (California, Arizona, Nevada, and Florida), that financing is about to be suspended. The leading bank suspended its loan programs, for Canadian investors, in those four states, as of April 1, 2008.
There's still money available for Calgary residents buying U.S homes- click here to find out where
A compendium of articles about how Canadian investors need mortgages from U.S. Banks:
Western Canadians are buying real estate in Arizona. There are four reasons for this modern day land grab:
Let me lay it out for you in a story. Bob Miller, from Calgary, earned some $150,000 Canadian in 2006. Bob works as a petroleum engineer. His 2007 income rose some 25% to $190,000 because of the high demand for petroleum engineers in Western Canada.
Bob’s purchasing power, in 2006, was about $127,000 American. He could afford to buy a golf course property, in Avondale, AZ, for about $350,000. To do that, he’d need about $135,000 Canadian for a down payment and have a mortgage payment of about $2,000 Canadian, or 16% of his monthly income.
A compendium of articles about how Canadian investors need mortgages from U.S. Banks:
Canadian investors are buying Phoenix, Arizona homes faster than the mercury rises in direct Arizona sunlight. We have helped over a dozen Canadians secure mortage financing for Arizona properties.
Arizona real estate broker, Greg Swann, reports that his listed properties are being viewed by Canadian investors because of his strong internet presence. He listed a golf property near my old Arizona home and I cant help noting the opportunity it might be for my Canadian clients. Heres what Greg Swann says about this property on 12214WestMadisonSt.com:
Too much of Arizona gets lost in the crush of events. Work, school, errands, rush, rush, rush. Where are the mountains? Where is the desert? Where are those boundless horizons, those awe-inspiring desert sunsets? Good grief, wheres the pool? We came here to find paradise, but it got lost in the shuffle¦
Until now.
Here, at last, is paradise found, an oasis of spacious luxury, a vast redoubt against the chaos of modern life. From the lush landscaping to the pool to the immense Master Suite to the perfectly-appointed kitchen, this home is Arizona redeemed. Make it yours today¦
Take a look at the website for this property which shows:
This property can be acquired, by Canadian investors, with about $90,000 cash (downpayment and closing costs) and $1,138 monthly payment (7.32% APR).
Financing for Canadian citizens just got easier! Documentation needed for an American mortgage approval:
American mortgage financing differs from Canadian banks inasmuch as we offer 30 year fixed rate loans, amortized over 30 years, with no prepayment penalty. Canadian mortgages are typically set for a 3-7 year term, amortized over 25 years, with a hefty prepayment penalty. While our interest rates for Canadian residents are higher than you might receive in canada, the risk of rising mortgage rates is mitigated with the comfort and convenience of a fixed rate mortgage.
Call me at (858)-777-9751 for financing options. Secure your financing over the telephone, fly down to Phoenix, play a round of golf, and see this property from the greens of Coldwater Springs Golf Course. If you love it, Ill make it affordable for you!
A compendium of articles about how Canadian investors need mortgages from U.S. Banks:
The sub-prime mortgage crisis has hit San Diego County especially hard. Declining housing prices and an erosion of alternative mortgage products leaves many San Diegans high and dry when looking for a "quick" loan.
Homeowners with solid equity positions can breathe a sigh of relief; sub-prime mortgages are still available, today. Some of the borrowers we've helped, include:
1- Foreclosure Bailouts: Big banks have turned their backs on borrowers who have had a notice of default filed against the property. We are able to fund sub-prime loans up to 65% of the property's value (as determined by comparable values)
2- Alternative Income Documentation: Stated income loans are available for non-owner occupied properties. Owner-occupied properties can qualify using the "cash-flow" method of income documentation. In short, the borrower can use 3-6 bank statements to justify the income disclosed on the loan application. We are able to make a sub-prime mortgage loan if the borrowers income is at least twice the month debt obligations (inclusive of the new mortgage payment). Loans can be made up to 70% of the property's valuation.
3- Small Multi-Family Loans: Sub-prime mortgages can be funded on investment properties up to 15 units. Fisrt and second liens are available. The income from the property must exceed the new mortgage payment, taxes, and property insurance.
Loan programs offered are typically five-year terms (for owner-occupied properties), interest only, with rates ranging from 9.99% to 15.99%. Discount fees can range from 0-5%. Good-Faith-Estimates, Mortgage Loan Disclosure Statements, Truth-In-Lending Disclosures, and California High-Cost Loan Disclosure Statements are furnished at the time of full loan application.
Brian Brady, of World Wide Credit Corporation, has direct access to sub-prime mortgage capital for San Diego County homeowners, with equity positions of 30% or greater. Contact him:
Call me at my office at (858)- 777-9751
E-mail me at brian (at) californialoanconnection (dot) com
Apply for a loan online at http://www.californialoanconnection.com/apply
I don't quite know how to write this because I've never had to do it before. In 14 years of mortgage lending, I have never seen banks treat their good San Diego customers this way. As you probably know, many big banks and mortgage companies have
and closed the home equity lines of credit to San Diego County homeowners. Apparently, Countrywide did just that last week. They spun the whole thing as the "Preserving American Home Ownership" initiative but you and I know that the only homeownership they were saving was their employees'. I must admit, those banks and mortgage lenders did some pretty stupid stuff these past few years. They made loans to anyone who could fog a mirror based on the idea that home prices would skyrocket faster than a thermometer in the Arizona sun. Well, we all know that what goes up... comes down (and goes back up again) so you're probably in as much in shock as I was. Let's face it, the banks
PICKED UP THEIR MARBLES AND WENT HOME, LIKE SPOILED CHILDREN
At first, I was angry. You see, I live here in Solana Beach and many of my neighbors, with really good credit, had this happen to them. They all know me as "America's #1 Mortgage Broker" (at least that's what GOOGLE says about me) so they call me or grab me after Church to ask me all sorts of questions. Believe me, I didn't get home until 2PM this past Sunday; I was surrounded by continued
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