Mortgages for Newcomers to Canada
Mortgage Solutions for Newcomers to Canada
Newcomers to Canada play an increasing role in Canada’s future population growth, creating new market opportunities. CMHC and Genworth insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada.
The Program Features:
Newcomers with permanent resident status have access to all CMHC and Genworth Mortgage Loan Insurance products (subject to product-specific eligibility requirements).
For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC and Genworth continue to consider alternative sources of payment history for Loan-to-Value ratios up to 95%.
Newcomers with non-permanent resident status have access to CMHC and Genworth insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner-occupied residential property.
No additional fees or premiums as a result of residency status – standard product specific premiums apply.
No minimum period of residency required.
Benefits to Newcomers
Access to Homeownership – Newcomers with permanent residence status can purchase a home with as little as 5% down payment.
Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates from many banks in Canada.
Availability – Coast-to-coast-to-coast with no set maximum loan amount.