New to Canada
Permanent Residents and Non-Permanent Residents
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 home ownership in Canada.
Newcomers with permanent residence status can purchase a home with as little as 5% down payment. For non‐permanent residents, we will require a minimum of 10% down payment. We offer competitive Interest Rates and no set maximum loan amount.
Features
For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, we will consider the use of alternative sources of payment history. No additional fees or premiums as a result of residency status ‐ standard product specific premiums apply. No minimum period of residency required.
Borrower qualification
Borrower must have immigrated or relocated to Canada within the last 36 months. You must have a minimum of 3 months full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt). You must have a valid work permit or obtained landed immigrant status. For 95% LTV, down payment must be from own resources. For LTV’s less 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). Standard insurance premiums apply.
Relaxed Credit Qualification
If you are not established with a Canadian Credit Bureau, alternative forms of credit may be allowed such as payment of rent or room and board, plus one additional obligation or documented regular savings, for the preceding 12 months. If confirmation of rent payments is not available, payment over the preceding 12 month period of any three regular periodic obligations such as: Payment of utilities, cable, childcare expenses, insurance premiums, documented regular savings etc. Call you broker for more details.
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