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New to Canada Mortgages 2017-04-02T18:53:17+00:00

Mortgage Rules are Very Welcoming to New Residents in Canada

Canada is welcoming to new citizens from all over the world and provides special programmes to make home ownership an easier process. Central to the new to Canada mortgages programme benefits include:

  • Canadian credit score is not needed for approval. This is significant as Canadian born citizens need at least 2 years of credit payment history as a very important part of the mortgage application. New Canadians do not need a credit score.
  • Lowest Rates are available. There is no premium or penalty on rate, or any other aspect of mortgage financing as long as employment and income are good.

In some cases, for permanent Canadian residents with less than 3 years of history living in Canada NO credit and NO income is needed to purchase a house. This is true if Net Worth (savings minus debts) are over two times the size of the requested mortgage, and is available in Canadian accounts.

How Much Down Payment is Needed?

As a fully landed immigrant with a permanent SIN number – newcomers with full time employment are able to buy with as little 5% down payment. The Canadian Mortgage and Housing Corporation (CMHC) apply the same rules as all other citizens without the need for a Canadian credit history. Alternative credit history such as an international credit report, paid utility bills or a letter from a landlord can be enough.
With a work permit, but not full landed immigrant status – a home can be purchased with as little as 10% down payment if full time income is sufficient. The Canadian Mortgage and Housing Corporation (CMHC) apply the same rules as all other citizens without the need for a Canadian credit history. Alternative credit history such as an international credit report, paid utility bills or a letter from a landlord can be enough.

At this level, for non permanent and permanent residents, no CMHC fee is required for these mortgages.

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