Did you just move to Canada from another Country, or know someone who did? Are you planning on staying in Canada? You CAN own a home in Canada in as little as 3 months. The New to Canada program is a very easy to use program that makes home ownership in Canada possible for new residents.
To qualify for this program, you must have immigrated to Canada within the last 3 years. Of course with any mortgage approval, there is conditions that need to be met before the mortgage is fully approved. Some main conditions to the approval are:
Full time job with No probation. On your employment, the probationary period must be completed. This is usually just a 3 month period, but some employers have extended probation periods.
5% down from own resources. You must show at least 5% down payment from your own savings/investments. The down payment can not come from a gift, personal loan, or unverified savings. The lender will ask that you show a 3 month history of the saved funds. This can be 3 months banking statements, or a RRSP, or investment statement. they will not accept funds that have been saved “under a mattress”. If you are doing a down payment larger than the 5%, the remainder CAN be gifted from an immediate family member.
Credit bureau from your homeland. If there is not enough credit established in Canada, the lenders and insurers will require you to bring in a copy of your credit bureau from your homeland. This can be something that is easily obtained online.
Letter from your bank. Depending on the size of the down payment, the lender will ask for a reference letter from your bank. This is usually the bank that has been holding the down payment on deposit. They are looking for a letter that states all account have been operated as agreed.
All outside debt must be included. If there is any debt back home, Mortgage, loans, or Credit cards, this must be included in the debt ratios on the new home purchase.
Must have a valid work permit or landed immigrant status. Pretty self explanatory.
Home ownership is available to everyone. So keep in mind that you may not need to rent the home when you move here. There are ways to get you into home ownership in Canada.
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Thanks for reading
Scott Bourke, AMP
Regional Mortgage Corporation
Red Deer, Alberta