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New to Canada Immigrant Mortgages

New to Canada Mortgages

Welcome to Canada!

Newcomers to Canada play an increasing role in Canada’s future population growth, creating new market opportunities. Insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada.


Program Qualification

  • Must have immigrated or relocated to Canada within the last 60 months
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • Must have a valid work permit or obtained landed immigrant status
  • For 95% LTV, down payment must be from own resources. For LTV’s greater than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)

 

Documentation Requirements

Permanent Residency with 5% down payment:

  • 12 months of bank statements from a Canadian bank account showing regular rental payments and one other payment

OR

  • Credit bureau report from your current country

OR

  • Bank reference letter from your current country  (Credit bureau is preferred)
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

Work Visa with 10% down payment:

  • Bank reference letter from your current country  (Credit bureau is preferred)

OR

  • Credit bureau report from your current country
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

Permanent Residency with 10% down payment:

  • 6 months of bank statements from a Canadian bank account showing regular rental payments and one other payment.

OR

  • Credit bureau report from your current country

OR

  • Bank reference letter from your current country  (Credit bureau is preferred)
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.
   

Apply For a Mortgage

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