Monday, October 26, 2015

New to Canda Mortgage Programs for Permanent or Temporary residents


There are many programs offered by the numerous lenders in Canada and backed by our three mortgage Insurers: CMHC, Genworth and Canada Guaranty. If you contact me, I am happy to get you pre-qualified for a mortgage and set up a plan and a timeline for you to purchase your first home in Canada.

Borrower Qualifications:
 1. Mortgage application must be within 5 years of the date the applicant arrived in Canada
 2. Borrower must have established residence in Canada and obtained permanent resident status or have work permit.
 3. Not available to diplomats or any other foreign political appointed individuals who do not pay income tax in Canada.
     4. A minimum of 3 months full time employment in Canada is required with no probation.
     5. Verification of 12 months of payments with no late or missed payments and must be in good current standing, no exceptions.  We would need this verification from two different sources, example:  cell phone bill, power bill, rent payments.  Call me to discuss your specific situation and get properly pre-qualified with a plan that is tailored to your current credit and job status.  Everyone's situation is different and a well thought out plan is the best way to get you into your first home.
     6. Minimum 5% of the purchase price down payment is required, possibly up to 10% for temporary residence.

CMHC has an excellent website with a wealth of information for New to Canada Mortgage programs, click the link below:

For all you mortgage needs, Contact Amy Wilson
Phone: 780-919-0475
Fax: 780-640-1243
Verico Brokers For Life


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