Arriving in a new country is an exciting time, but it can also come with many challenges.
The ‘Newcomers to Canada’ program makes homeownership accessible to all newcomers, through competitive interest rates and coast-to-coast availability. It is specifically designed to help permanent and non-permanent residents with little to no Canadian credit history. In other words, if you have not been in Canada long enough to establish the kind of credit history traditional lending institutions are looking for, this may be the option for you.
Your ability to secure a mortgage will depend on three main factors:
- Your status in Canada
- Your credit rating in Canada
- The size of your down payment for the property
Here are some of the requirements:
- Valid work permit or proof of landed immigrant status
- Confirmation of income
- Confirmation of available funds for down payment
- Reference letter from recognized and legitimate financial institution
- Bank statements for 6 months of a primary account
- Alternative sources to demonstrate your credit history. This can include:
- Confirmation of rent or room and board payments for the previous 12 months
- Utility or bill payments
- A letter of reference from your financial institution
- Proof of continuous source of income (paystubs or letter of employment)
Our team of mortgage brokers have extensive experience helping newcomers apply for a New to Canada mortgage and we can help match you with the right program for your specific situation.