Welcome to Canada!

Being a temporary resident or new immigrant doesn't mean you have to delay buying a home. Even you just hold a work permit and have been employed full-time in Canada for at least three months, you can still qualify for a mortgage.

Newcomers Mortgage programs cater to different residency statuses with varying requirements:

1. Non-Residents: Typically, these programs require a substantial down payment and proof of strong financial stability, but specifics can vary by lender.

2. Temporary Residents: Requirements often include a significant down payment and at least 3 months stable income from full-time employment in Canada, with possible additional criteria based on the lender.

3. Permanent Residents (Within 5 years): There are specialized mortgage programs that might allow you to borrow significantly more than traditional programs. Specifically, with the right criteria met, you could potentially borrow up to 10 to 17 times your annual income. These programs often require:

• Substantial Down Payment: Typically, a high percentage of the purchase price (e.g., 35% or more).
• Adequate Savings: Additional savings for closing fees and other costs.
• Proof of Employment: At least three months of full-time employment in Canada.
• Credit Requirements: Depending on the loan amount and the program, you may need strong credit history or alternative proof of creditworthiness.

Each type of residency status has distinct standards, so it's important to consult with a mortgage professional to understand the best options for your situation.