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
 

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.

We serve all of Alberta, with a focus on our local Edmonton, Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, Stony Plain, Beaumont, Leduc and surrounding areas!

We are franchised with our National Brokerage Mortgage Architects and can broker your mortgage in other provinces as well. We would love to work with you!