Are you New to Canada and want to buy a home? Did you know there are programs available to help make that possible? You have the ability to purchase without having to live in Canada a set period of time or have established credit. Sagen (formerly Genworth), Canada Guarantee and CMHC (Canada Mortgage and Housing Corporation) are Canada’s three default insurers and they all offer similar programs for Canada newcomers.
Permanent Resident vs. Non-Permanent Resident
Permanent residents with good credit may qualify for a typical mortgage and can purchase with 5% or more down. Alternately, permanent residents with weak credit may be approved with alternative measures of verification. They will qualify under the New to Canada Program and can purchase with a minimum of 5% down.
If you are not a permanent Resident of Canada, have good credit and have a work permit you could also qualify for a typical mortgage. And in the event that you are not a permanent resident, have good or weak credit, you could qualify under the New to Canada program with a minimum down payment of 10% to purchase a home.
Before You Apply:
-Depending on which type of mortgage you will quality you will want to start saving up for your down payment which could be up to 10% of purchase price
-Start building up your credit rating here in Canada. Here’s some tips on building credit: Tips to build credit
-Alternative Credit Support Documentation (For Ex: Rental receipts, Paid Utility Bills, Income Verification etc.)
These programs are wonderful options to allow newcomers to Canada to get investing in themselves and build roots here. It also allows for access to home ownership and eliminating rental ups and downs.
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