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).

Program Benefits

• 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:

• Purchase transactions: 95% LTV
  • Property value ≤ $500,000 - 5% down payment required
  • Property value > $500,000 and < $1,000,000 - 5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000

Eligible Properties:

• Maximum 2 units where 1 unit must be owner occupied
• New construction covered by a lender approved New Home Warranty Program
• Existing resale properties
• Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
• Estimated remaining economic life of the property should be a minimum of 25 years