Newcomers to Canada Mortgages

 In Housing for Newcomers, Newcomers to Canada

You’ve arrived in Canada. One of the most important tasks ahead of you is finding a place to live. Canada offers many different types of housing options and a wide range of prices depending on where you’re settling. Finding the right place for you and your family to live will take some effort based on your lifestyle, working requirements, schooling options to name a few. Once you have found a home and decide to make an offer you will likely require a mortgage. At this point a pre-approval should be obtained to determine how much of a property and mortgage you qualify for. A reputable mortgage broker can assess your situation and help you obtain the appropriate financing based on your unique individual situation.

CMHC and Genworth Financing – Program Features:

  • Newcomers with permanent resident status have access to all CMHC and Genworth Mortgage Loan Insurance products (subject to product specific eligibility requirements).
  • For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC and Genworth continues to consider alternative sources of payment history for financing up to 95% of property value.
  • Newcomers with non-permanent resident status have access to CMHC and Genworth insured financing of up to 90% of the property value for the purchase of a 1 unit owner-occupied residential property.
  • No additional fees or premiums as a result of residency status – standard product specific premiums apply.
  • No minimum period of residency required.

List of Requirements:

  • Immigration period must have occurred within the last 36 months.
  • Borrower must have at least three months of full time employment in Canada.
  • Valid work permit or proof of landed immigrant status.
  • Confirmation of income.
  • Confirmation of available funds for down payment.
  • Agreement of purchase and sale for house.
  • Reference letter from recognized and legitimate financial institution.
  • Banks statements from six months of a primary account.
  • International credit report revealing a good credit history.
  • Otherwise two alternative credit sources from the past year revealing no missed payments.

These two alternative sources are:

  • A rental history which is verified with a letter from the landlord and includes the tenant’s name, monthly rent, length of tenancy, payment history, as well as applicable bank statements. The letter’s description of promptness of payments and rent expenses must line up with the provided bank statements.
  • A letter from a service provider at least one year of hydro, utilities, telephone, and/or cable may also be used.

Non Residence Lending:

  • Non residence lending is a program for Canadians living abroad and non Canadian Citizens that wish to purchase a property in Canada.
  • Do note that various lenders have restricted lending areas, and in some cases, certain lenders will not lend under this program.

Program Requirements include:

Down Payment 35% is the required minimum down payment from one’s own resource. Down payment must be available in a Canadian Bank account prior to the Mortgage funding. Down payment cannot be in the form of a Gift and proof of funds for 90 days prior to financing is also required.

Proof of Income:

To prove income, a letter of employment from your current employer confirming length of time at the company, your annual salary including bonuses and confirmation that you are not on probation and your salary, are required. A recent paystub will also be necessary.

Proof of Credit:

If a Canadian Credit bureau is not available to you, then an international credit bureau or letter of reference from the bank you currently deal with, should suffice. Some lenders will require a year’s worth of Mortgage payment in a Canadian bank account before they will approve.

New to Canada Mortgage Program for Newcomers to Canada

If you are a new immigrant in Canada for more information on the new to Canada mortgage for newcomers to Canada  contact Jeff Ames at 416 904 1884 or jeff@safebridgefinancial.com

Jeff Ames
Mortgage Lic. M09000425
SAFEBRIDGE Mortgage Solutions
1500 Don Mills Rd. Suite 501
Toronto, ON M3B 3K4
Direct Line. 416.904.1884
Direct Fax. 1.866.350.6797
http://www.safebridgefinancial.com
http://www.jeffamesmortgages.com

Recent Posts
  • Harminder

    great information. thanks you

  • Gurpreet

    Jeffrey thank you for helping us. We couldnt done it without your helping. Gurpreet

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.