New to Canada – New Immigrant Mortgages in Canada
New to Canada and Looking to Buy a Home
It’s quite often that we receive calls from prospecting clients who are new to Saskatoon, Saskatchewan and Canada and wish to buy a home for their family. In the mortgage industry, lenders have different programs and will look for different specifications for each client. However; the real power of approval for new immigrant mortgages in Canada is through the mortgage insurers. These insurers are CMHC, Genworth, and Canada Guaranty. Included below are various insurer guidelines. Once we can meet their requirements, we are able to obtain the best rates available 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.
