Purchases for Immigrants New To Canada
In 2010 immigration expected between 240,000 – 265,000 new immigrants to Canada. The numbers do not seem to be changing for 2011. Many will want to purchase a home and may not know what is available to them. If you know someone is happens to be a new immigrant or considering moving to Canada and would like help with home ownership options please pass along this information.
This policy applies to customers who have immigrated to Canada within the last 36 months and who are looking for an insured mortgage but do not have Canadian Credit Bureau history.
Purchases for Immigrants New To Canada*
- Must have immigrated/relocated to Canada within last 36 months and have no Canadian credit bureau
- Up to 95% financing on a purchase
- 3 months minimum full-time employment in Canada (borrowers being transferred under relocation program can be looked at on exception)
- Standard income confirmation
- Confirmation of Landed Immigrant Status (Permanent Resident Card)
- Must have obtained landed immigrant status
- The down-payment must come from the borrower’s own resources (at 95% no gifts allowed- if more than the
- 95% down payment then the difference can be gifted)
- 30 yr amortization is available
- Up to 2 units as long as one unit is owner occupied
- Fixed and variable rates available
*some conditions may apply, oac.
Some links include CMHC, Canequity, the Government of Canada website, and various other personalized sites via Google Search.
Posted by Paulette Upshall
on June 27, 2011