New to Canada – Work Permit
New immigrants/residents generally arrive in Canada in one of three ways:
| 1. | As permanent landed residents |
| 2. | On work permits, or |
| 3. | On entrepeurial visas |
These individuals are able to secure mortgage financing based on the following criteria:
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Applicants who have secured employment and who are not on probation may borrow up to 95% of the purchase price, based on income qualification. All other applicants will be required to put down 35%.
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Provision of a status report from their current banker in their country of origin – this bank reference must confirm the tenure of the banking relationship and confirm the account is in good standing.
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Provision of a mortgage statement for the last 12 months reflecting that your mortgage payments have been made as agreed upon.
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Provision of proof of landed status and/or work permit/visa.
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For more information, look at Genworth and CMHC’s guidelines.
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