New Immigrant Mortgages in Canada

We often receive calls from new clients who are inquiring about new immigrant mortgages in Canada. We are experts in providing mortgages for clients who are new to Canada.  In the mortgage industry, lenders have different programs and will look for differing things from each client however the real power of approval for new immigrant mortgages in Canada is with the mortgage insurers.  These insurers are CMHC, Genworth, and Canada Guaranty.  I have included information below about the various insurer guidelines, once we fit their requirements we are able to obtain best rates and terms for your new mortgage.

Summary of the credit and down payment requirements for new immigrant mortgages in Canada:

Permanent Residency with 5% down payment:

• 12 months of bank statements from a Canadian bank account showing regular rental payments and one other payment

OR

• Credit bureau report from your current country

OR

• Bank reference letter from your current country  (Credit bureau is preferred)
• Down payment source must be from your own personal savings or investments
• Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

Work Visa with 10% down payment:

• Bank reference letter from your current country  (Credit bureau is preferred)

OR

• Credit bureau report from your current country
• Down payment source must be from your own personal savings or investments
• Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

Permanent Residency with 10% down payment:

•  6 months of bank statements from a Canadian bank account showing regular rental payments and one other payment.

OR

• Credit bureau report from your current country

OR

• Bank reference letter from your current country  (Credit bureau is preferred)
• Down payment source must be from your own personal savings or investments
• Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

We want to work with you and our lenders to ensure you receive the best rates and terms available for your new home purchase.  As experts in new immigrant mortgages in Canada, our goal is to ensure your new home purchase is enjoyable, clear, and professional.