New to Canada
Getting Started with Your First Home in Canada
Canada has seen a surge of international migration over the last few years and, with all these new faces in town wanting to plant roots in this great country, we wanted to touch base on some of the details surrounding mortgages and how new immigrants can qualify to be homeowners!
Buying a house is an exciting step for anyone, but it is especially so for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation.
If you are new to Canada and looking to get a mortgage, connect with a True Life Mortgage Team Professional today for expert advice and options that best suit you!
Securing a mortgage when you are new to Canada can be difficult. Lenders typically rely on credit history to determine your eligibility for a mortgage and this takes time to establish. When you are new to Canada, you likely have limited or no credit available for lenders to analyze your profile, but we have programs to help.
If you are already a permanent resident or have received confirmation of permanent resident status you are eligible for a typical mortgage with a 5% down payment - assuming you ahve good credit.
Some additional criteria for qualifying includes:
Must have immigrated or relocated to Canada within the last 60 months
Must have a valid work permit or obtained permanent residency
All debts held outside of the country must be included in the Total Debt Servicing Ratio (GDS/TDS
Rental income earned outside of Canada is excluded from the GDS/TDS calculation
Guarantors are not permitted
Owner-occupied properties if putting less than 20% down payment