Canquest Mortgage Inc.

New To Canada

The New to Canada Mortgage Insurance program makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 5% down. Learn How.

The New to Canada Mortgage Insurance program makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 5% down. Through this program, CMHC helps new Canadians purchase their first home, build equity, and become economically established in Canada.

Some of the Highlights

  • Access to all CMHC purchase and refinance products for 1-4 unit residential properties
  • No minimum period of residency required
  • No additional fees or premiums as a result in residency status
  • Where there is limited Canadian Credit history and where foreign credit bureaus are not available, CMHC will consider alternative sources of payment history
  • Amortization available up to 25 years

Program Guidelines

  • work visa and application for Landed immigrant status
  • Alternative Sources of Credit History - ie Renting - or room and board -confirmation of payment for 12 or documentation of regular savings for 12 months
  • Confirmation of any Utilities, cable bills, Childcare expenses, Insurance premiums for 12 months
  • These must show all payments made on time with no late payments.

Qualifications

  • Immigrated or relocated to Canada
  • 3 months minimum full time employment in Canada
  • Minimum employment requirement waived for those being transferred under a corporate relocation program
  • Valid work visa or obtained landed immigrant status
  • All debts held outside the country must be included in the total debt servicing ratios ( rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)

Documentation and Down payment requirements

Loan to ValueDocumentationDown Payment
90.01 - 95%
  • Work Visa or Verification of landed immigrant status
  • International credit bureau
  • 5% from own resources
85.01- 90%
  • Work visa or verification of landed immigrant status
  • Letter of reference from a recognized institution or
  • 6 months bank statements from primary account
  • 10% from own resources
  • 5% can be from a corporate relocation subsidy
85% or below
  • Work visa or Verification of landed immigrant status
  • If guarantor on file, only the work visa or verification of landed immigrant status is required to be sent to Genworth; otherwise, document requirements are the same as 90% LTV
  • 15% from own resources
  • 10% can be gift from the non-occupying guarantor