Welcome to Canada! You don't need years of credit history to own a home. Discover specialized mortgage programs designed specifically for newcomers to help you achieve homeownership faster.
Understanding eligibility requirements for newcomer mortgage programs in Canada
Landed within the last 5 years with PR card
Valid work permit with 12+ months remaining
Study permit holders with job offer or PR application
Refugees or protected status holders
Your international credit can be considered
As low as 5% down for eligible buyers
Job offer letters accepted in some cases
International income can help you qualify
Access prime rates from major lenders
Support navigating the Canadian system
Understanding your down payment options based on purchase price
Minimum Down Payment
5% minimum down payment
CMHC insurance required
Example: $25,000 on $500K
Blended Rate
5% on first $500K
10% on amount over $500K
Example: $60,000 on $700K
Conventional Mortgage
20% minimum required
No mortgage insurance
Example: $240,000 on $1.2M
Your own funds in Canadian or international accounts
Non-repayable gift from immediate family
Proceeds from selling property abroad
Returns from stocks, bonds, or other investments
All down payment funds must be verified and show a 90-day history. Borrowed funds (loans, line of credit) are not acceptable as down payment.
What you'll need to apply for a newcomer mortgage in Canada
Start gathering these documents as soon as you arrive in Canada. Opening a Canadian bank account and building a credit history early will give you more mortgage options and better rates when you're ready to buy.
Your step-by-step journey to securing a newcomer mortgage
Meet with me to discuss your situation, goals, and review your eligibility for newcomer programs.
Submit your documents and get pre-approved to know exactly how much you can borrow and your estimated rate.
Armed with your pre-approval, work with a realtor to find your perfect home within your budget.
Once your offer is accepted, we'll submit a full mortgage application with all supporting documentation.
The lender reviews your application, orders a property appraisal, and verifies all documentation.
Receive final approval, meet with your lawyer, sign documents, and get your keys!
Let's get you pre-approved and on the path to homeownership in Canada.