New Immigrant Programs

Temporary Resident Mortgage

  • Temporary residents to Canada, such as foreign workers with valid work visas, can now obtain uninsured or insured mortgage financing
  • Borrowers may choose from any of our mortgage terms, including fixed rate mortgage terms, closed term mortgage and a variable rate mortgage.
ELIGIBILITY
  • Temporary foreign residents entering Canada with a valid work permit
BORROWER QUALIFICATIONS
  • Non-permanent residents of Canada
  • Must have valid work visa or a letter from current employer confirming customer is legally eligible for work in Canada
  • Principal residence in country of origin does not have to be sold
  • Must have no derogatory credit history
  • Not available to Diplomats or any other political appointed individuals who do not pay income tax in Canada
  • GNW Insured: application must be within 24 months of arrival and a minimum of 3 months full time employment in Canada is required
REQUIRED DOCUMENTATION
  • Must have a valid work visa or a letter from the current Canadian employer confirming customer is legally eligible for work in Canada
  • Must also provide any one of the following as a personal reference:
    • A written reference from current employer
    • A reference from a recognized Canadian financial institution
    • An International Credit Bureau report (borrower must provide complete address from their country of origin for this purpose)
  • If the borrower has a mortgage on their principal residence in their country of origin, the mortgage payments must be disclosed and included in the borrower's total debt servicing ratios
  • If a corporate relocation subsidy is included in the down payment, a letter from the employer confirming the funds are being provided as a subsidy under its relocation program and are not repayable is required
  • For CMHC insured mortgages only – proof of any steady rental income from the principal residence in the country of origin is required
ELIGIBLE PROPERTIES
  • Owner occupied single unit properties up to 4 units (up to 2 units available insured by Genworth) in a good market
  • Property type must have a good secondary market
  • No maximum property value
MAXIMUM LOAN TO VALUE RATIO
  • Uninsured: Maximum 65%
  • Insured: With CMHC, maximum 90%; with Genworth, maximum 95%
MAXIMUM LOAN AMOUNT
  • Uninsured: Up to $2 million
MORTGAGE PRODUCTS AVAILABLE
  • Fixed rate mortgage terms from 6 months to 10 years
  • Variable Rate Mortgage
AMORTIZATION
  • 40 years
  • Premium surcharge applies to amortizations in excess of 25 years
DOWN PAYMENT
  • Uninsured: Minimum 35% from own resources; no gifted down payments
  • Insured by CHMC: Minimum 10% from own resources; gifted funds in addition to the minimum from own resources are acceptable
  • Insured GNW: Minimum 5% from own resources; for LVRs 85% or less, up to 10% can be a gift from a non-occupying guarantor

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