New Immigrant Mortgages
The New to Canada program allows you to purchase a house in the first 3 years after you immigrate to Canada!
The New To Canada(TM) Mortgage Insurance Program makes it possible for individuals relocating to Canada to purchase a home with as little as 5% down. This program helps new Canadians purchase their first home, build equity, and become economically established in Canada.
Target Borrower:
This program is designed primarily for those borrowers who have little or no credit established in Canada and those who still have a temporary Social Insurance Number.
Minimum & Maximum wait time:
As a minimum, you must have three months of full time employment in Canada (although this requirement is waived if you were transferred as part of a corporate relocation program.) As long as you have a valid work permit, or landed immigrant status, you may apply. You can only qualify under this program during the first 3 years after your arrival.
Downpayment:
Your 5% down payment must come from your own resources. This means that we must prove that the money is yours and has not been given to you as a gift or a loan. We will look for bank statements or investment statements showing the money has been in your name for at least 3 months. Down payment in excess of the 5% can be a gift from a family member or a subsidy from a corporate relocation program.
Credit Requirements:
At 5% down payment, we will look for one of the two following sources to determine your credit worthiness:
- International Credit Report
- Landlord reference letter confirming 12 months of on-time payments, confirmed by 12 months bank statements, AND 12 months statements from a telephone, cable or utility bill showing 12 months of on-time payments.
At 10% down payment all we will require is 6 months bank statements from a recognized financial institution. In many cases this can be from your country of origin.
