If you have moved to Canada recently or are planning to immigrate, you might be wondering if you are eligible to buy a home. The answer is yes! On this page, we outline what a newcomer mortgage is and the requirements to qualify for one.

What is a newcomer mortgage?

This is a unique mortgage product designed for those who have recently relocated to Canada. As a newcomer, you may find that the standard mortgage options are limited due to income based qualifying and the requirements for established Canadian credit history. Here are the highlights of this program, designed to suit your needs:

Borrower Qualifications Highlights

• Must have immigrated to Canada within the last 5 years
• Have a minimum 5% down payment
• Legal status in Canada (permanent resident/non-permanent resident)
• Minimum 3 months full-time employment in Canada
• Maximum debt service ratios: Gross Debt Service ratio (GDS) 39% / Total Debt Service ratio (TDS) 44%. HERE is a short video to explain how these work

Not all lenders offer this specific program, however all 3 default insurers do. Here are the  specific requirements for each:

Newcomers | CMHC

New to Canada Program - Sagen

New to Canada - Canada Guaranty Mortgage Insurance Company

If you meet these basic qualifications (and/or have any questions), we would love to help you achieve your home ownership goals!  Connect with us today.

The information and services offered on this Site are provided with the understanding that neither site providers, nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice. If you require specific advice regarding your own situation please contact me for consultation.