New to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.
The New to Canada mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.
The following are some borrower qualifications for the New to Canada Mortgage:
- High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
- Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
- Amortization up to 30 years in Conventional & 25 years insured mortgages
No 3rd party/Guarantors
Number of units, Max 2
Must provide valid work permit or verification of landed immigrant status
International Credit Report or 2 alternative sources of credit
- Bank reference letter or 6 months bank statements
- 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
- All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
|Call or text 416-262-7139|