New To Canada Mortgage
A mortgage solution specifically designed to help new residents to Canada realize their dream
of home ownership.
Immigrated in the last 5 years. Must have Permanent Resident status/landed status OR work permit.
Must have permanent residency or landed immigrant status or valid work permit. Must have a minimum of 3 months with the same employer.
Owner Occupied purchase only. Maximum 4 units. Maximum 1 unit for temporary residents.
25 years. Certain lenders will allow up to 30 years
CREDIT REQUIREMENTS AND DOCUMENTATION
• Canadian or International credit report; or a letter of reference from the borrower’s financial institution in
their country of origin confirming a minimum 6 - 12 months of satisfactory banking relationship
• Confirmation of one utility repayment and rental payment history confirmed via letter from landlord and
supported by 12 months of bank statements
- Minimum 5% from own resources (up to 500k, 10% for anything over and above 500k)
- Over 5% can be gifted from an immediate family member (MOTHER, FATHER, SISTER, BROTHER, GRANDPARENT) or corporate subsidy
- Proof of down payment history for a minimum of 30 – 90 days in a Canadian account
- Applicants without PR status will be responsible for paying the non-resident sales tax. Consult an accountant or lawyer for further details.
- Verification of Landed Immigrant Status issued by Citizenship Canada and confirms they entered Canada in the last 5 years via either Confirmation of Permanent Residence form or a Permanent resident card.
- Does not apply if one of the applicants is a Canadian citizen.
- For 80% Loan to Value or less you may be required to provide evidence of 12 months principal, interest, and property taxes over and above the down payment. Assets must be liquid and held in a Canadian Institution and liquid assets.