NEW TO CANADA PROGRAM
The New To Canada Program was designed for new Canadians who want to purchase a house, condo or build a new home. The clients must have:
1). Immigrated or Relocated to Canada within the last 60months
2). A valid work permit or permanent residency
3). Have minimum 5% down payment
4). Strong credit profile
5). Obtained full-time PERMANENT employment and passed their probationary period.
If the clients do not have an established Canadian History (2 years preferred), they can submit secondary sources of credit i.e. 12 month rental receipts, cell phone bills or utility bills. We can even request an international credit report from Equifax if available.
Should the clients have 10% down or more, they can submit a letter of reference from a recognized financial institution (In English preferably or translation costs will apply) OR 6 months of bank statements from their primary account.
Clients must have 5% down payment from their own resources, any gifted down payment funds will only be added to the clients own 5% down payment. The exception is A down payment gran provided under a Genworth Canada approved Affordable Housing Program may be used as down payment at 95% LTV.
Please watch our video and like it on YouTube and refer to our “New To Canada Program” handout for more information. Please feel free to share with your clients.
Click the link below for our YouTube video!
