Newcomers to Canada play an increasing role
In Canada’s future population growth, creating new market opportunities. CMHC and Genworth insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada.
The 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 continues 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.
Non Residence Lending
Non residence lending is a program for Canadians living abroad and non Canadian Citizens that wish to purchase a property in Canada. Do note that various lenders have restricted lending areas, and in some cases, certain lenders will not lend under this program.
