New to Canada Mortgage
New to Canada Mortgage
Home
/ Financing Options
/ New to Canada Mortgage
Newcomers to Canada
play an increasing role in Canada’s future population growth. CMHC and Genworth insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada.
The Program Features:
What qualifies you for New to Canada for Mortgage financing?
- You must have immigrated to Canada within the last 5 years
- No issue if you are on a work permit or not a permanent resident yet (900 SIN)
- Financing rules are the same with permanent residency
- Borrower(s) is required to have a minimum of 3 months full time employment within Canada (part-time, self employed or working for a family owned company do not apply unfortunately)
- You must qualify with your own household income – only those moving into the home contribute to the qualifying for the mortgage
Details about this type of financing:
- This product is for purchases only
- 5% down is available
- BEST mortgage rates apply!
Down Payment:
- First 5% MUST come from your own money. It can be saved funds or money from home in your bank account being moved over to Canada
- If you are doing more than 5% down payment the rest above 5% can come as a gift from an immediate family member (sister, brother, parent, grandparent etc)
- We must show minimum 90 days history on all deposits and funds
- Not an issue if money is coming in from outside of the country as long as we can show the paper trail of where it came from (foreign bank accounts, asset sale docs, wire transfers etc)
If you do not have much credit we can also accept:
- An international credit bureau demonstrating a strong credit profile
OR
- 12 months rental payment history, (confirmed via a letter) from the landlord plus 12 months bank statements AND 1-2 bills (confirmed via a letter) from the service provider or 12 months bank statements confirming excellent repayment, with NO missed payments
- These service providers to show bill payment history can be companies such as you Cable/Internet providers, Utility Companies, Cell Phone Companies, Netflix, Gym Memberships etc.
Benefits to Newcomers
- Access to Homeownership Now - Newcomers with permanent residence status can purchase a home with as little as 5% down payment.
- Competitive Interest Rates - Access to insured financing which will give you access to competitive interest rates from many lenders in Canada.
