New to Canada

The 'New to Canada' Mortgage Insurance Program makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 5% of the purchase price of a home as down payment.

Lenders will look for the following conditions to be met for a mortgage with 5% of purchase price for down payment:

	Immigrated or relocated to Canada within the last 24 months
	Work Visa or verification of Landed Immigrant status
	Employment - minimum of 3 months full time employment in Canada

        (Minimum employment requirement waived for those being transferred under a

         corporate program)

	Copy of International Credit Bureau
	5% Down Payment must be from own resources
	Gross Debt Service(GDS) Ratio to be 32% or less (lower the better)

         (home expense vs. annual gross income ratio)

Total Debt Service (TDS) Ratio to be 40% or less (lower the better)

         (GDS + all other loans, credit cards etc vs annual gross income)

All debts held outside the country must be included in the total debt servicing ratios.  (Any rental income earned outside of Canada will be excluded from the

        GDS/TDS calculations.)

If you have more than 5% down payment, there are exceptions to the above list, please contact me for more information.

Apply Now to get pre-approved   OR    Contact Me for more information.