PROGRAM

The New To Canada Program provides mortgage borrowers who have recently immigrated to Canada the opportunity to purchase a home.

Borrower Eligibility

• Must have a valid work permit or permanent residency
• Minimum 3 months full-time employment in Canada
• Immigrated to Canada within the last 5 years

Transaction Information

• Purchase a home with as little as 5% down payment
• For Properties valued at $500,000 or less, minimum 5% down payment
• For properties valued over $500,000 & Less than $1M, minimum of 5% down for the first $500,000 and an additional 10% for the portion over $500,000
• First Mortgage Only
• Maximum 2 units, where 1 unit is owner-occupied
• New Construction covered by a Lender Approved New Home Warranty Program
• Existing Resale Properties
• Readily marketable residential dwellings, located in markets with demonstrated ongoing resale demand
• Estimating remaining economic life of the property should be a minimum of 25 years
• Property Value must be less than $1,000,000.00
• Fixed, Standard Variable, Capped Variable and Adjustable Rate Mortgages permitted
• Current Qualifying Interest Rate is used
• Maximum Amortization is 25 years
• Standard income and employment verifications required
• Minimum of 3 months full-time employment in Canada (Borrowers being transferred under a corporate relocation program are exempt)
• International Credit Report demonstrating a strong credit profile may be required
• Two alternative sources demonstrating timely payments (no arrears) for the past 12 months. (Examples – Rental Payment, Hydro, Utility, Telephone, Cable, etc)
• Letter of Reference from a recognized financial institution or six months bank statements from a primary account
• All debts held outside Canada must be included in debt servicing
• Rental Income outside Canada is not acceptable for debt servicing
• Foreign Diplomats or other individuals not paying income tax in Canada are ineligible
• Clergy assigned to specific church requires only a visitor record
• Progress Advance Mortgage and Purchase Plus Improvement Mortgage acceptable
• Guarantors not permitted

Further requirements and/or qualifications may be applicable. Contact Chris Stewart to further discuss this mortgage program regarding your specific circumstances.