New Immigrant Programs
Permanent Resident Mortgage
- Amortization periods up to 40 years^
- More options have been added to the borrower documentation requirements
- The program has been expanded to include insured financing through CMHC or Genworth (GNW), and both insurers now offer alternatives to the standard Canadian credit bureau report for validating a borrower’s credit history
ELIGIBILITY
- Immigrants who have relocated to Canada within the last 6 years
- Applicants who do not have Canadian credit history
- Applicants who do not qualify following standard adjudication requirements but have good down payment from own resources
BORROWER QUALIFICATIONS
- Application must be within 6 years of the date applicant arrived in Canada for uninsured mortgage
- For insured mortgage, application must be within 6 years with of date of arrival with CHMC, 2 years with GNW
- Must have established residence in Canada and landed immigrant status
- Must have no derogatory credit history
- GNW Insured: minimum 3 months full time employment in Canada is required
REQUIRED DOCUMENTATION
- A document in the applicant's name, issued by Citizenship and Immigration Canada, which bears an official stamp and identifies an entry date
- Permanent resident card
- Copies of both a valid immigration visa plus evidence that the customer's Application for Permanent Residence in Canada has been approved
- Uninsured mortgage additional requirements:
- A satisfactory credit background, as supported by one or more of the following:
- A written reference from a former employer or financial institution in the country of origin
- A letter from current Canadian employer or landlord
- Canadian bank reference (e.g. letter from a recognized financial institution or 6 months bank statements)
- International credit bureau report
- Insured mortgage additional requirements:
- Standard requirements for proof of employment and income
- Verification of landed immigrant status
- Insurer's specific requirements
ELIGIBLE PROPERTIES
- Owner occupied or rental properties of up to 4 units
MAXIMUM LOAN TO VALUE RATIO
- Uninsured: Maximum 65% for property values less that $1.5 million; maximum 50% for property values of $1.5 million to $4.0 million
- Insured: Maximum 95%
