New to Canada
There are programs to assist new residents in arranging a mortgage in Canada. The following is some information from CMHC, one of the insurers for this program that is used by several lenders.
For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC continues to consider alternative sources of payment history for Loan -to- Value ratios between 80.01% and 95%.
Newcomers with non-permanent resident status 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.
No additional fees or premiums as a result of residency status - standard product specific premiums apply.
No minimum period of residency required.
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