Wednesday, October 20, 2010

CMHC NEW TO CANADA PROGRAM

Facilitating Housing Choice for Newcomers to Canada
Newcomers to Canada play an increasing role in Canada’s future
population growth, creating new market opportunities.

CMHC insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of home ownership in Canada.

Newcomers with permanent residence status can purchase a home with a minimum down payment of 5%.

Competitive Interest Rates
Access to CMHC-insured financing, and as a result, competitive interest rates.

Availability
Available coast-to-coast-to-coast with no maximum house price or loan amount.

Features
 Newcomers with permanent resident status have access to all CMHC
Mortgage Loan Insurance products (subject to product specific eligibility
requirements).
 For permanent residents, where there is limited Canadian credit history
and where foreign credit bureaus are not available, CMHC continues to
consider alternative sources of payment history for Loan-to-Value ratios
between 80.01% and 95%.
 Newcomers with non-permanent resident status have access to
CMHC-insured financing of up to 90% loan-to-value ratio for the
purchase of a 1 unit owner-occupied residential property.
 No additional fees or premiums as a result of residency status - standard
product specific premiums apply.
 No minimum period of residency required.
OPIMS 65628 04/19/10
This information provides product highlights on CMHC's Mortgage Loan
Insurance products. Any requirements that are described would be subject to
CMHC's mortgage insurance terms and conditions and underwriting policies.
Products and their terms and conditions may change at any time.
© 2010, Canada Mortgage and Housing Corporation.

Contact Amy Wilson
780-919-0475 or 1-866-902-7771
amy@brokersforlife.ca

I can answer any questions you have and get you started on getting your first home in Canada at very competitive rates!
Post a Comment