Recently moved to Canada—whether as a permanent resident, work permit holder, or new citizen? Homeownership is achievable, often sooner than you'd expect. Here's what you need to know about newcomer mortgage programs.
Welcome to Canadian Homeownership
Canada welcomes hundreds of thousands of newcomers each year. Homeownership is achievable, often sooner than you'd expect.
Newcomer Mortgage Programs
Many lenders offer special programs for newcomers:
Less Than 5 Years in Canada:
- Down payment options as low as 5-10%
- Flexible income verification
- Alternative credit history accepted
- Work permit holders may qualify
Typical Requirements:
- Valid work permit or permanent residency
- Canadian employment
- Proof of settlement funds
- Down payment (often needs to be in Canada)
Building Canadian Credit
Credit history is important. Start building immediately:
Quick Credit Builders:
- Secured credit card
- Cell phone contract in your name
- Car loan or lease
- Store credit cards
Timeline:
- 6-12 months of Canadian credit often sufficient
- Some programs accept international credit
- Employment history also considered
New to Canada?
Discover newcomer mortgage programs designed specifically for you.
Documentation You'll Need
Immigration Documents:
- Landing papers
- Work permits
- Permanent resident card
Employment:
- Letter of employment
- Pay stubs
- Job offer letter (if new role)
Financial:
- Bank statements (Canadian)
- Down payment proof
- Proof of settlement funds
Down Payment Considerations
For newcomers:
- Funds from home country are accepted
- May need documentation of source
- Currency exchange records required
- Gift letters if applicable
Special Challenges
Be prepared for:
- Limited credit history concerns
- Employment verification needs
- Document authentication
- Understanding Canadian property types
- Navigating a new market
FAQ
Q: Can I buy with just a work permit?
A: Yes! Many lenders have programs for work permit holders.
Q: Do I need Canadian credit history?
A: Helpful but not always required. Some lenders accept international credit.
Q: What if I don't have 2 years Canadian employment?
A: Newcomer programs have more flexible requirements.
Q: Can I use foreign income?
A: Generally no. Canadian income is required, though some lenders have exceptions.
What's Next
Explore newcomer mortgage programs. We've helped countless newcomers achieve homeownership and understand your unique challenges.
Ready to Get Started?
Contact us today for personalized mortgage advice and competitive rates.
