Welcome to Canada!
A number of lenders have created mortgage products exclusively for those new to Canada. As circumstances vary greatly, it is best to Contact Us for specific information. The programs vary widely based on residency status (permanent, temporary or U.S.) and how large of a down payment is available. Financing is available for 90-95% financing through CMHC and Genworth insured progams. Conventional (uninsured) borrowers may qualify for up to 70% of the property value for owner occupied or investment properties. Typical requirements may include:
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Recent immigration to Canada (within the last 24 months).
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3 months full time employment in Canada (borrowers being transferred through a corporate relocation program may be exempt).
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Full disclosure of all financial obligations inside and outside of Canada.
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Letter of reference from a recognized financial institution and/or an international credit report demonstrating a strong credit profile.
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Proof of down payment on deposit in a Canadian financial institution 15 days prior to funding.
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Full property appraisal is required.
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Income – Applicant’s declared employment income from Canada (or offshore) must be confirmed and/or Applicant’s declared investment income generated from investments in Canada confirmed.
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Borrowers/guarantors must have a Permanent Resident Card confirming landed immigrant status or valid work visa.
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Single family dwellings up to and including four units, condos and townhouses are eligible.
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Evidence of liquid assets equal to at least 12 months principal, interest and taxes in addition to the down payment. The investment statement or confirmation must be dated within 60 days of the application.