New to Canada Mortgages
January 31, 2018

Welcome to Canada! Owning a home in Canada is a dream for many new immigrants and new comers.  Immigrants or newcomers to Canada with a work permit can qualify for mortgage financing if they meet the insurer’s and the lender’s guidelines.

The general criteria for New to Canada Mortgages to qualify for a mortgage are as follows:

  • Immigrated/relocated to Canada within last 60 months.
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt).  Standard income and employment verification requirements apply.
    • Note:  If you have a substantial down payment (25% or more), and aren’t able to provide the usual confirmation of employment/income to prove you can service a mortgage, you still may be able to get a mortgage.
  • Lenders want to see a history of credit repayment, so if you can provide an International credit report demonstrating a strong credit profile or 2 alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months, you will strengthen your mortgage application.
  • Debts incurred outside of Canada must be included in the total debt servicing ratio
  • For a down payment, qualified home buyers may use traditional down payment sources including personal savings, non-repayable gift from immediate family member(s), proceeds from sale of property.
  • Guarantors are not permitted

This list just a general guideline, we encourage you to contact one of our qualified mortgage brokers to find you a mortgage solution that fits you and your situation.


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