NEW CANADIANS

Borrower qualifications

  • Must have immigrated or relocated to Canada within the last 60 months
  • 3 months minimum full time employment in Canada ( borrowers being transferred under a corporate relocation program are exempt)
  • Must have a valid work permit or obtained landed immigrant status
  • For 95% LTV, down payment must be from own resources. For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to excluded from the GDS/TDS calculation)
  • Guarantors are not permitted
Canada welcomes over 250,000 new immigrants and foreign workers every year. For these families, housing is a top priority and we are committed to helping them own their home sooner, build equity, and become economically established in Canada. The Genworth New to Canada Mortgage Insurance Program has broad appeal and provides more options for qualifying borrowers.

Documentation Needed:

  • Landlord reference letter
  • 12 months of utility bills to show timely payment
  • Bank reference letter
  • Credit bureau from your country of origin

Contact Kevin to Learn More