New Immigrant Programs

Permanent Resident Mortgage

  • Amortization periods up to 40 years^
  • More options have been added to the borrower documentation requirements
  • The program has been expanded to include insured financing through CMHC or Genworth (GNW), and both insurers now offer alternatives to the standard Canadian credit bureau report for validating a borrower’s credit history
  • Immigrants who have relocated to Canada within the last 6 years
  • Applicants who do not have Canadian credit history
  • Applicants who do not qualify following standard adjudication requirements but have good down payment from own resources
  • Application must be within 6 years of the date applicant arrived in Canada for uninsured mortgage
  • For insured mortgage, application must be within 6 years with of date of arrival with CHMC, 2 years with GNW
  • Must have established residence in Canada and landed immigrant status
  • Must have no derogatory credit history
  • GNW Insured: minimum 3 months full time employment in Canada is required
  • A document in the applicant's name, issued by Citizenship and Immigration Canada, which bears an official stamp and identifies an entry date
  • Permanent resident card
  • Copies of both a valid immigration visa plus evidence that the customer's Application for Permanent Residence in Canada has been approved
  • Uninsured mortgage additional requirements:
    • A satisfactory credit background, as supported by one or more of the following:
    • A written reference from a former employer or financial institution in the country of origin
    • A letter from current Canadian employer or landlord
    • Canadian bank reference (e.g. letter from a recognized financial institution or 6 months bank statements)
    • International credit bureau report
  • Insured mortgage additional requirements:
    • Standard requirements for proof of employment and income
    • Verification of landed immigrant status
    • Insurer's specific requirements
  • Owner occupied or rental properties of up to 4 units
  • Uninsured: Maximum 65% for property values less that $1.5 million; maximum 50% for property values of $1.5 million to $4.0 million
  • Insured: Maximum 95%

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Local: 1-204-697-5880
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