New to Canada, Non-Permanent Resident & Non-Resident
A new-to-Canada applicant is someone who has obtained permanent resident status or landed immigrant status within the last 36 months. Employment, income and taxes are all earned & declared in Canada.
A non-permanent resident is someone who is living, working and filing taxes in Canada with all the appropriate & necessary work visa documentation in place. These applicants may be here with an intention to apply for permanent resident or landed immigrant status in the future, or they are temporarily re-located to Canada for a specific period of time for work purposes.
A non-resident is someone who is earning their income and filing their taxes outside of Canada. As long as the income is being declared outside of Canada, applicants are viewed as non-resident without exception.
Available financing & paperwork needed for new-to Canada & non-permanent residents:
Up to 95% financing is available for new-to-Canada applicants with CMHC insurance.
Confirmation of permanent resident or landed immigrant status.
Other documents as outlined below.
- Up to 90% financing is available for non-permanent residents with CMHC mortgage insurance.
- Although CMHC allows a fully gifted down payment, many banks do not. Plan to have at least 10% of the purchase price as verifiable from your own resources.
- Bank statements, family gift letter(s), RRSP and/or any investment statements to confirm the source of down payment funds. A 90-day history will likely be required.
- Valid work permit(s).
- - Employment letter(s) confirming length of time employed, position, and salary. Letters must confirm that applicants are past any probationary period + current paystubs. Minimum employment time should be at least 3 months.
- For credit reference, a combination of 1 or all of the items below may be required:
- Banker's reference letter confirming how long clients of the bank and if all dealings satisfactory.
- Credit report from country of origin.
- Canadian Equifax credit report.
- Six months of bank statements from primary account.
For the CMHC information sheet for Newcomers & Non-Permanent Residents, click here.
Available financing & paperwork needed for non-residents:
- US residents only may be eligible for up to 80% financing depending on the value and type of property being purchased. Applications must be fully qualifying.
- Qualifying applications under this program need to have a purchase contract that has fully witnessed signatures.
- For all other non-residents, maximum 65%. The maximum loan amount could be reduced to 50% depending on the type of property and value.
- Last 2 year's income tax returns.
- Verification of down payment and/or other liquid assets.
- ID via passport and driver's licence.
- Credit reference documents, as noted above.
Please note that upon review of any application and for bank approval and/or qualification, more documentation may be requested.