New To Canada Mortgages

Mortgages for People New to Canada

A newcomer mortgage is a home loan specifically designed for first-time homebuyers or recent immigrants who may lack the necessary credit history or documentation required for a traditional mortgage. These unique loans aim to provide a leg up to individuals and families starting their homeownership journey.

At LowestMortgageInterest.ca, we provide the finest mortgage options catered specifically for YOU – those with permanent resident immigration status who may not align with conventional lending criteria.

To qualify, here are some things to consider for newcomer mortgage prgram:

1. Six consecutive months of two verifiable monthly payments (e.g., utilities, cable, childcare expenses, insurance premiums, or documented regular savings)
2. Evidence of creditworthiness through one of the following options:
3. • Up to 12 months of verifiable bank statements from Canada or the country of origin
4. • A letter of reference from a financial institution in the country of origin

CREDIT REQUIREMENTS

• Minimum beacon score of 550

LOAN-TO-VALUE (LTV) RATIO

• Up to 80%

AMORTIZATION PERIOD

• Up to 35 years

DOWN PAYMENT

• Funds must be deposited in a Canadian bank for a minimum of 90 days

• 10% must come from personal resources or be gifted; minimum 20% down payment required

PROPERTY TYPE

• Marketable, owner-occupied properties

• Second and vacation homes

• Mobile properties (maximum 10 years old; geographic restrictions apply)

I will help you find the best rates and best mortgage options to help you buy your home. Call me today, I am here to help!