Mortgage Options for Newcomers to Canada
Canada welcomes hundreds of thousands of newcomers annually. Many want to buy homes but face unique challenges.
Newcomer Categories
Permanent Residents:
- Best mortgage options available
- Most mainstream programs accessible
Work Permit Holders:
- Some programs available
- Higher down payments typically required
International Students:
- Limited options
- Often need co-signer or large down payment
Newcomer-Specific Programs
Credit History Challenges
No Canadian Credit?
Newcomer programs often:
- Accept international credit history
- Use alternative verification methods
- Consider bank statements and payment history
Building Credit Quickly:
- Get secured credit card immediately
- Add as authorized user on partner's card
- Set up utility bills in your name
- Pay everything on time
Documentation Checklist
- Valid passport
- PR card or work permit
- SIN number
- Employment letter
- Bank statements
- Down payment verification
- Landing paper (IMM 1000)
Frequently Asked Questions
How soon after landing can I buy a home?
Technically immediately with some programs, but 3-6 months of employment history strengthens applications.
Can I use foreign income to qualify?
Some lenders allow foreign rental or investment income. Foreign employment income generally not accepted.
Contact us for specialized newcomer mortgage guidance.
Welcome to Canadian Homeownership
Specialized mortgage guidance for newcomers to Canada
