The "New to Canada" mortgage program is specifically designed to support newcomers in achieving homeownership. It offers financing with up to a 95% Loan-to-Value (LTV), making it an excellent option for individuals establishing themselves in Canada.
This program is ideal for recent immigrants who are permanent residents (PR) or have been in Canada for less than five years. Applicants who have applied for or already possess a PR card are eligible to qualify for this mortgage.
The maximum LTV for this product is 95% on a purchase. To meet eligibility requirements, the down payment must come exclusively from your own resources and cannot be gifted or borrowed. All funds must be confirmed in your bank account.
Applicants need a minimum credit score of 600 and must demonstrate a strong credit repayment history to qualify. This ensures borrowers are financially prepared for homeownership in their new country.