With newcomers to Canada playing an ever increasing role in Canada's future population growth, mortgage insured financing is readily available to borrowers with a permanent and non-permanent residence status with the goal of helping newcomers realize their dream of home ownership in Canada.
Some clients may qualify for the "New to Canada program" including permanent residents, where there is a limited Canadian credit history. CMHC for instance, will consider other alternative sources of payment history in order to determine whether a client qualifies for CMHC-insured financing.
Newcomers with non-permanent resident status also have access to CMHC-insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner occupied residential property. There are no additional fees or premiums as a result of residency status aside from the standard product specific premiums that apply.
Most lenders have policies in place which can accommodate clients who have immigrated to Canada within the last 36 months and who are looking for an insured mortgage. CMHC offers financing that is available to borrowers with both permanent and non-permanent residence status; helping new comers realize their dream of home ownership in Canada.
Contact one of our Accredited Mortgage Professionals today to see if we can assist you in becoming a new Home Owner.