The benefit you have as a newcomer to Canada is that you are not expected to have established Canadian credit history.
*Whether you have a work permit or have permanent residency it is possible for you to purchase a home of your own with a minimum of 5% down so long as you have immigrated or relocated to Canada within the last 5 years. If there is more than one person going on the mortgage or required to be on the mortgage to qualify, the below information would apply to each person.
*The borrower and property must not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act
*The borrower and property must not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act
To qualify to purchase with a minimum of 5% down payment you will need to provide:
- 12 month’s bank statements of the bank account (s) that is used to pay your monthly rent and bills
- Rental payment history confirmed via letter from landlord.
- One other alternative source such as hydro/utilities, telephone, cable, auto insurance.
- Valid work permit with a minimum of 6 months remaining or landed immigrant status.
- Employment and Income confirmation.
- Down Payment that demonstrates it is from your own resources.
It is simplified if you are able to come up with a 10% down payment as you need:
- Six (6) months of bank statements from a primary account that is used to pay your rent and bills.
- 5% of the down payment must still must come from your own resources.
- Valid work permit with a minimum of 6 months remaining or landed immigrant status.
- Employment and Income confirmation.
Lets work together to get a strategy in place that best prepares you for you new home in Canada.