New Immigrant Programs
Temporary Resident Mortgage
- Temporary residents to Canada, such as foreign workers with valid work visas, can now obtain uninsured or insured mortgage financing
- Borrowers may choose from any of our mortgage terms, including fixed rate mortgage terms, closed term mortgage and a variable rate mortgage.
ELIGIBILITY
- Temporary foreign residents entering Canada with a valid work permit
BORROWER QUALIFICATIONS
- Non-permanent residents of Canada
- Must have valid work visa or a letter from current employer confirming customer is legally eligible for work in Canada
- Principal residence in country of origin does not have to be sold
- Must have no derogatory credit history
- Not available to Diplomats or any other political appointed individuals who do not pay income tax in Canada
- GNW Insured: application must be within 24 months of arrival and a minimum of 3 months full time employment in Canada is required
REQUIRED DOCUMENTATION
- Must have a valid work visa or a letter from the current Canadian employer confirming customer is legally eligible for work in Canada
- Must also provide any one of the following as a personal reference:
- A written reference from current employer
- A reference from a recognized Canadian financial institution
- An International Credit Bureau report (borrower must provide complete address from their country of origin for this purpose)
- If the borrower has a mortgage on their principal residence in their country of origin, the mortgage payments must be disclosed and included in the borrower's total debt servicing ratios
- If a corporate relocation subsidy is included in the down payment, a letter from the employer confirming the funds are being provided as a subsidy under its relocation program and are not repayable is required
- For CMHC insured mortgages only – proof of any steady rental income from the principal residence in the country of origin is required
ELIGIBLE PROPERTIES
- Owner occupied single unit properties up to 4 units (up to 2 units available insured by Genworth) in a good market
- Property type must have a good secondary market
- No maximum property value
MAXIMUM LOAN TO VALUE RATIO
- Uninsured: Maximum 65%
- Insured: With CMHC, maximum 90%; with Genworth, maximum 95%
MAXIMUM LOAN AMOUNT
- Uninsured: Up to $2 million
MORTGAGE PRODUCTS AVAILABLE
- Fixed rate mortgage terms from 6 months to 10 years
- Variable Rate Mortgage
AMORTIZATION
- 40 years
- Premium surcharge applies to amortizations in excess of 25 years
DOWN PAYMENT
- Uninsured: Minimum 35% from own resources; no gifted down payments
- Insured by CHMC: Minimum 10% from own resources; gifted funds in addition to the minimum from own resources are acceptable
- Insured GNW: Minimum 5% from own resources; for LVRs 85% or less, up to 10% can be a gift from a non-occupying guarantor
