Are you new to Canada?
If you are buying a home and are new to Canada, there are two insurance companies that currently offer insured financing to the following class of borrowers: non-permanent and permanent residents. These insurance companies are Genworth Canada and CMHC (Canada Mortgage and Housing Corporation).
- If you are a permanent resident than you are eligible to apply for all financing that is currently insured by CMHC and Genworth.
- If you are a permanent resident but do not have much credit or a credit card, then the insurance companies listed above will still review your application on a case by case basis.
- If you have non-permanent resident status you can apply for a mortgage with these insurance companies but you will require at least a 10% down payment.
- You will still be eligible for the most competitive interest rates.
Acceptable Loan Purpose & Applicable Loan-To-Value Limits: