Are You New to Canada?

Saskatoon has had tremendous growth over the last couple of years in the real estate market.   This is largely due to a booming economy and an increased number of immigrants  in our city.  There seems to be confusion as to how these New to Canada applicants qualify for their mortgage when they purchase real estate.  Genworth lays out the details as follows:

Borrower Qualifications:

  • Must have immigrated or relocated to Canada within the last 60 months
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • Must have a valid work permit or obtained landed immigrant status
  • For 95% LTV, down payment must be from own resources.  
  • 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)
  • Guarantors are not permitted
  • Foreign Diplomats who do not pay tax in Canada are ineligible for this program


All LTV's

  • Valid work permit or verification of landed immigrant status
  • Income Confirmation
  • Down payment confirmation
  • Purchase and Sale agreement


90.01 - 95%

  • International credit report demonstrating a strong credit profile OR Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months.
  • The two alternative sources required are:
    • Rental payment history confirmed via letter from landlord and bank statements
    • ** One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter from the service provider or 12 months billing statements


Up to 90%

  • Letter of reference from a recognized financial institution OR Six (6) months of bank statements from primary account


Eligible Properties:

  • Maximum 2 units where 1 unit must be owner occupied
  • New construction covered by a lender approved New Home Warranty Program
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand Estimated remaining economic life of the property should be a minimum of 25 years


For more details or questions about the right mortgage for you, contact guest blogger Elise Hildebrandt,  Mortgage Associate with The Mortgage Centre. She can be contacted at www.elisehildebrandt.ca or 306-221-2373.

Kent Braaten

Kent Braaten

REALTORĀ®
CENTURY 21 Fusion
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