New to Canada.

With a rise in international migration to Canada, many newcomers are eager to make this diverse and welcoming country their home. If you're a new immigrant dreaming of owning a home in Canada, we are here to assist you throughout the mortgage process.  As a new immigrant, becoming a homeowner might seem challenging, but rest assured it's achievable with the right guidance and preparation. We specialize in helping new immigrants achieve their homeownership dreams. Our experts offer tailored mortgage advice and various options to suit your unique needs.

 

Embrace the opportunities Canada offers and start your homeownership journey with confidence. Connect with us today and let us turn your dream of owning a home in this wonderful country into a reality!

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Permanent Residents

If you are a Permanent Resident or have received confirmation of Permanent Resident Status, you can qualify for a typical mortgage with a 5% down payment, assuming good credit. Additional criteria include relocating to Canada within the last 60 months, having a valid work permit or permanent residency, including all debts held outside Canada in the Total Debt Servicing Ratio, excluding rental income earned abroad from the GDS/TDS calculation, no guarantors allowed, and owner-occupied properties if putting less than 20% down payment. Achieve your homeownership dream with these qualifying factors.

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Limited credit or no credit

The New to Canada mortgage programs are designed for Permanent Residents with limited credit or individuals yet to obtain Permanent Residency. 

 

These programs, offered by CMHC, Sagen™, and Canada Guaranty Mortgage Insurance, cater to newcomers who have immigrated or relocated within the last 60 months.

 

Requirements for credit vary from 90% credit with a reference letter or bank statements to 90.01% to 95% credit with an international credit report or alternative credit sources demonstrating timely payments. Embrace the opportunity to own a home in Canada with these tailored mortgage options.

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Alternate lending

For some residents with unique credit history and residency status, alternative lenders like B-Lenders and MICs offer viable options. These lenders accommodate individuals with limited credit history or self-employment income, providing lower entry qualifications but higher interest rates. A 20% down payment is typically required for these alternatives.

 

Alternative lending becomes necessary for various situations, including CRA arrears, non-traditional income for self-employed borrowers, credit issues like low credit scores or bankruptcies, unexpected liens on title, foreclosure scenarios, and specific financing needs. If you don't qualify for New to Canada programs or traditional mortgages, consult a DLC Mortgage Professional for guidance on exploring alternative options.

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Before submitting your application

New to Canada residents have options beyond traditional mortgages, including alternative lenders like B-Lenders and Mortgage Investment Corporations (MICs). These lenders cater to individuals with unique credit histories or self-employment income, offering lower entry qualifications despite higher interest rates. A 20% down payment is typically required for these alternatives.

 

Alternative lending becomes essential in various situations, such as CRA arrears, credit issues like low credit scores or bankruptcies, unexpected liens on title, foreclosure scenarios, and specific financing needs. If you don't qualify for New to Canada programs or standard mortgages, we can help show you alternative options available to you.