New to Canada
Many lenders have created mortgage products for individuals that are new to Canada. As every individual's circumstances can vary greatly, it is best to speak to one of our specialists for specific information.
The programs vary widely based on your residency status (permanent, temporary) and how much of a down payment is available to you. Mortgages are available for up to 95% financing through CMHC and Genworth insured programs. Conventional borrowers may qualify for up to 80% of the property value for owner occupied or investment properties and usually are not required to purchase mortgage insurance.
Typically lenders will require the following documentation from new to Canada clients:
- Confirmation of permanent resident status or valid work visa.
- 3 months full time employment in Canada (borrowers being transferred through a corporate relocation program may be exempt).
- Full disclosure of all financial obligations inside and outside of Canada.
- Confirmation of credit history by an international credit report demonstrating a strong credit profile and/or a reference letter from a recognized financial institution.
- Proof of down payment on deposit in a Canadian financial institution 30 days prior to funding.
- Full property appraisal may be required.
- Proof of Income – All declared employment income from Canada or offshore sources must be confirmed as well as any declared investment income generated from investments within Canada.
- Single family dwellings up to and including four units, condos and townhouses are eligible.
- Recent evidence (within 60 days) of liquid assets equal to at least 12 months principal, interest and taxes in addition to the down payment may be required.
- A completed application that we will assist you with
- copy of 2 pieces of picture ID
