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