CMHC and Genworth insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada.
The Program Features:
- For permanent status residents, with limited Canadian credit history and unavailable foreign credit bureaus, CMHC and Genworth will consider alternative sources of payment history for Loan-to-Value ratios up to 95%.
- Non-permanent status residents can access CMHC and Genworth insured financing of up to 90% loan-to-value ratio, but only for the purchase of a 1 unit owner-occupied residential property.
- No additional fees or premiums as a result of residency status – standard product specific premiums apply.
- No minimum period of residency required.
Benefits to Newcomers
- Access to Homeownership – Newcomers with permanent residence status can purchase a home with as little as 5% down payment.
- Competitive Interest Rates – Access to CMHC insured financing, and competitive interest rates from many Canadian banks.
- Availability – No set maximum loan amount.
Non Residence Lending
- Non residence lending is a program for Canadians living abroad and non Canadian Citizens that wish to purchase a property in Canada.
- Some lenders have restricted lending areas; certain lenders will not lend under this program.
Program Requirements include:
Down Payment:
35% is the required minimum down payment from one’s own resource. Down payment must be available in a Canadian Bank account prior to the Mortgage funding. Down payment cannot be in the form of a Gift and proof of funds for 90 days prior to financing is also required.
Proof of Income:
To prove income, a letter of employment from your current employer, confirming time at the company, annual salary including bonuses and confirmation that you are not on probation are required. A recent paystub will also be necessary.
Proof of Credit:
If a Canadian Credit bureau is not available to you, then an international credit bureau or letter of reference from the bank you currently deal with, should suffice. Some lenders will require a year’s worth of mortgage payments in a Canadian bank account before they will approve.