New To Canada
The New to Canada Mortgage Insurance program makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 5% down. Learn How.
The New to Canada Mortgage Insurance program makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 5% down. Through this program, CMHC helps new Canadians purchase their first home, build equity, and become economically established in Canada.
Some of the Highlights
- Access to all CMHC purchase and refinance products for 1-4 unit residential properties
- No minimum period of residency required
- No additional fees or premiums as a result in residency status
- Where there is limited Canadian Credit history and where foreign credit bureaus are not available, CMHC will consider alternative sources of payment history
- Amortization available up to 25 years
- work visa and application for Landed immigrant status
- Alternative Sources of Credit History - ie Renting - or room and board -confirmation of payment for 12 or documentation of regular savings for 12 months
- Confirmation of any Utilities, cable bills, Childcare expenses, Insurance premiums for 12 months
- These must show all payments made on time with no late payments.
- Immigrated or relocated to Canada
- 3 months minimum full time employment in Canada
- Minimum employment requirement waived for those being transferred under a corporate relocation program
- Valid work visa or obtained landed immigrant status
- All debts held outside the country must be included in the total debt servicing ratios ( rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
Documentation and Down payment requirements
|Loan to Value||Documentation||Down Payment|
|90.01 - 95%||
|85% or below||