Call me: 403 991-2198 |
New Immigrants
New to Canada - New Immigrant Mortgage Programs
If you have recently immigrated to Canada, you may feel a little overwhelmed with information. If you wish to buy yourself and your family a home, you're in luck! The insurers have stepped up to the plate and now offer very convenient lending guidelines to assist you with your first home purchase in Canada.
Some of the criteria include:
Highlights |
Borrower Qualifications |
|---|---|
- Up to 95% LTV (5% down payment) - No minimum income requirements Increased qualification options - Available up to 24 months after you arrive - Standard premiums - Extended amortization's up to 35 yrs |
- Immigrated or relocated to Canada within the last 24 months - 3 month min full time employment in Canada - Minimum employment requirement waived for those being transferred under a corporate relocation program - Valid work visa or obtained landed immigrant status - All debts held outside the country must be included in the total debt servicing ratios (rental income earned outside of Canada is to be excluded from the GDS/TDS calculation) |
Loan to Value |
Documentation |
Down Payment |
|---|---|---|
90.01% - 95% |
* Work visa or verification of landed immigrant status * International Credit Bureau is required |
5% from your own resources (no gifts) |
85.01% - 90% |
* Work visa or verification of landed immigrant status |
10% from own resources 5% can be from a corporate relocation subsidy |
85% or below |
* Work Visa or verification of landed immigrant status |
15% from own resources 10% can be gift from non-occupying borrower |
