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Saturday, August 6th, 2022

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:

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%.
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.
Provision of a mortgage statement for the last 12 months reflecting that your mortgage payments have been made as agreed upon.
Provision of proof of landed status and/or work permit/visa.

For more information, look at Genworth and CMHC’s guidelines.