New to Canada Mortgages

If you are new to Canada and need a mortgage to finance a home purchase, there are several steps you must take and supporting documentation you may need to provide. The type of mortgage you will qualify for, and what documentation you’ll need to provide, depends on whether or not you are a permanent resident, what your credit rating is and how much you have saved for a down payment.

The chart below outlines which type of mortgage you will qualify for, depending on your unique situation.

Type of Newcomer	Typical Mortgage	New to Canada Program¹	Not Eligible for a Mortgage
Permanent Resident: Yes Credit Rating: Good² Down Payment: 5% or more	x
Permanent Resident: Yes Credit Rating: Weak/Alternative³ Down Payment: 5% or more		x
Permanent Resident: No. Require work permit + application for PR must be submitted Credit Rating: Good Down Payment: 5% or more	x
Permanent Resident: No Credit Rating: Good/Weak/Alternative Down Payment: 10% or more		x
Permanent Resident: No Credit Rating: Good/Weak/No Alternative Down Payment: Less than 10%			x

If you are a permanent resident and have a strong credit rating, you may be able to qualify for a typical mortgage. If, however, you don’t meet all of the qualification criteria for a typical mortgage, you may still be able to obtain a mortgage through one of the New to Canada Programs offered by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty.

New to Canada Program mortgages

Canada’s three mortgage default insurance providers each have their own New to Canada Program, aimed at helping newcomers obtain a mortgage in order to purchase a home. The requirements for all three programs are similar, so we made a list to help make sure you have everything you need in order to submit your application:

Build Your Credit

Alternative Credit Supporting Documentation

Save for Down Payment

Calculate Your Mortgage Default Insurance Premium

Choose a Mortgage Provider

Choose Your Mortgage Amortization Period

Select Mortgage Term

Choose Between a Fixed vs. Variable Rate

References and Notes

Any of the New to Canada programs offered by CMHC, Genworth Financial or Canada Guaranty Mortgage Insurance.
Either a Canadian credit report or a recognized International credit report.
To learn more about alternative credit reporting, see below.
If you are putting down more than 20% of the value of your home as a down payment, but have a weak credit history, you may still need to purchase mortgage default insurance.

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