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New Immigrant in Canada

Welcome to New Comer or New Immigrant in Canada

Buying a property in Greater Montreal or Quebec?

Are you a recent arrival or immigrant in Canada? Are you eager to own a home but facing challenges in securing a mortgage with favorable terms?

In the realm of home ownership, the majority of Canadians don’t make a single lump-sum payment to cover the entire cost of their home.

The process of identifying the ideal home to purchase often demands more time and consideration than renting, as it signifies a more enduring commitment.

Typically, the funds required to facilitate the acquisition of a new home originate from two primary sources:

Your mortgage

This is the money you will borrow from a lender such as a bank.

Your mortgage down payment

This constitutes a substantial portion of your personal funds that you allocate to support your home purchase. The greater your initial investment, the smaller the borrowing requirement and subsequently reduced overall interest expenses.

This aspect invariably hinges on factors such as your employment track record and immigration standing.

Individuals who meet the criteria as eligible homebuyers and have recently immigrated or moved to Canada within the last 5 years can take advantage of the “New to Canada” program. This program allows them to acquire property with a minimum down payment of just 5%.

General Guidelines for Home Ownership program:

  • The New Immigrant Home Ownership Program is for Canadians who have recently received Canadian Immigration status and who want to own a home, but who have not yet established a Canadian credit history

Eligibility for newcomers in Canada:

Clients must:

  • Be a new immigrant to Canada with a newly acquired Canadian immigration status
  • Have a Permanent Resident card which shows (on the back of that card) that they became a permanent resident of Canada within the last 5 years

Borrower Qualification:

  • Must have immigrated or relocated to Canada within the last 60 months
  • Minimum of 3 months of full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt of this)
  • Must have a valid work permit or obtained landed immigrant status (i.e. permanent resident)
  • For 95% LTV (Loan-to-Value), down payment must be from one’s own resources. For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy 
  • Income Confirmation
  • Down payment confirmation
  • Purchase and Sale agreement
  • Letter of reference from a recognized financial institution
    • OR 6 months of bank statements from a primary account
  • Foreign Diplomats who do not pay taxes in Canada are ineligible for this program.
  • For LTV ratios of less than 95%: customers must pay at least 5% of the down payment  by their own resources, the remainder can be from a non-traditional source
  • Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months.

The two alternative sources required are:

1) Rental payment history confirmed via a letter from landlord and bank statements

2) One other alternative source (hydro/utilities, telephone, and cable) to be confirmed via a letter from the service provider or 12 months billing statements

Note: The insurance premium is non-refundable, paid at the time of closing and may be added to the mortgage.

Target audience: this mortgage appeals to clients who:

  • Want to buy a home but have no Canadian credit history
  • Have saved enough for a down payment

Broadly speaking, each program maintains a parallel set of prerequisites in alignment with the criteria outlined earlier concerning residency status, credit history, and initial payments. Nevertheless, there exist slight nuances unique to each program that warrant attention, and a skilled expert can adeptly elucidate these distinctions for your comprehension.

By supplying the stipulated documents, we are poised to aid you in gaining access to a mortgage scheme, potentially requiring as minimal as a 5% down payment. However, it’s prudent to emphasize that if the circumstances permit, we consistently advocate for opting for a larger initial payment.

There are different types of properties and business:

RESIDENTIAL PROPERTY: House, Condo / Townhouse / Coop, New Home, Duplex, Triplex, Fourplex, Vacation Property, Land, Chalet Water Front, Chalet / Cabin / Country House, Farmland and Chalet in Mont-Tremblant, etc.

COMMERCIAL PROPERTY: Multi-Family/Unit, Strip Mall / Plaza & Investment Property, Land, etc.

BANK FORECLOSURE PROPERTY: Bank Repossession / Foreclosure Property.

BUSINESS: Oil / Gas Station (Esso, Shell, Ultramar, etc), Motel, Depanneur, Restaurant, Resto Bar, Coffee Shop, Grocery Store, Convenience Store, Dollar Shop, Boutique Shop, Salon, etc.

AGRICULTURAL PROPERTY: Agricultural land, Agricultural Farm and Agricultural Property.

HOLIDAY HOME: Chalet / Cabin / Country house: Mont-Tremblant Resort area. It is around a one and a half (1½) hours drive from Montreal and Ottawa, Quebec, Canada.

RESTAURANT FRANCHISE: Burger King, PIZZERIA, QUIZNOS Subs, VALENTINE, SUSHI Shop, etc.

I can assist you to find Home, Business & mortgage also for New Immigrant in Canada. “Canada makes it easier for a new immigrant to get a mortgage than someone who is already established here.

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