New to Canada Mortgages
If you are new to Canada and need a mortgage to finance a home purchase, there are several steps you must take and supporting documentation you may need to provide. The type of mortgage you will qualify for, and what documentation you’ll need to provide, depends on whether or not you are a permanent resident, what your credit rating is and how much you have saved for a down payment.
If you are a permanent resident and have a strong credit rating, you may be able to qualify for a typical mortgage. If, however, you don’t meet all of the qualification criteria for a typical mortgage, you may still be able to obtain a mortgage through one of the New to Canada Programs offered by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty.
New to Canada Program Mortgages
Canada’s three mortgage default insurance providers each have their own New to Canada Program, aimed at helping newcomers obtain a mortgage in order to purchase a home. The requirements for all three programs are similar.