NEWCOMER MORTGAGE SPECIALITY
EXPERT MORTGAGE BROKERS
98%
Success Rate
2 Hours
PRE APPROVAL LETTERS
48 Hours
Mortgage Secured
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22 Frederick St Suite 700, Kitchener, ON N2H 6M6, Canada
Bringing newcomer’s dreams of home ownership in Canada a reality.
Program Features
- Newcomers with permanent resident status have access to all CMHC and Genworth Mortgage Loan Insurance products (subject to product-specific eligibility requirements).
- For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC and Genworth continue to consider alternative sources of payment history for Loan-to-Value ratios up to 95%.
- Newcomers with non-permanent resident status have access to CMHC and Genworth insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner-occupied residential property.
- No additional fees or premiums as a result of residency status – standard product specific premiums apply.
- No minimum period of residency required.
Benefits to Newcomers
- Access to Homeownership – Newcomers with permanent residence status can purchase a home with as little as 5% down payment.
- Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates from many banks in Canada.
- Availability – Coast-to-coast-to-coast with no set maximum loan amount.
Program Requirements
- Down Payment: 35% is the required minimum down payment from one’s own resource. Down payment must be available in a Canadian Bank account prior to the Mortgage funding. Down payment cannot be in the form of a Gift and proof of funds for 90 days prior to financing is also required.
- Proof of Income: To prove income, a letter of employment from your current employer confirming length of time at the company, your annual salary including bonuses and confirmation that you are not on probation and your salary, are required. A recent paystub will also be necessary.
- Proof of Credit: If a Canadian Credit bureau is not available to you, than an international credit bureau or letter of reference from the bank you currently deal with, should suffice.
Newcomers play a pivotal role in increasing Canada’s population growth, economy and market opportunities. Genworth’s New to Canada program helps new Canadians purchase their first home sooner, making it easier for these families to become economically established in Canada.
This program provides up to 95% loan-to-value ratio (LTV) for qualified homebuyers. The LTV indicates how much of the property is being financed, so this high LTV is ideal for first time buyers who may not have the necessary funds to pay a lot upfront for their new home.
our services
What We Can Offer You
Entering the housing market and aren't quite sure what you can afford? Simplifying the process is what we do best…
We help newcomers realize their dream of home ownership in Canada with as little as a 5% down payment.
Home Pass can help you get approved for the mortgage you need even if you get denied by the bank…
Save money with Home Pass’s lower rates and let us find the best mortgage solution for your needs
Refinancing your mortgage can help you get a lower interest rate and a cheaper monthly payment.
We understand that buying a house may be one of the most important decisions in your life, let our experts…