new immigrants who have obtained landed immigrant status within the last three (3) years. * Must have a down payment of 35% from own resources. In some instances, the lender may except a 25% down payment (if employed and not on probation). * No requirement to prove income with mortgages under $500,000 * Mortgages exceeding $500,000 require confirmation of a minimum net worth of $500,000 or income confirmation * Applicants must have established residence in Canada and the application must be made within six (6) years of applicantsâ€™ arrival date in Canada. * The application must be substantiated by either an immigrant identification document that bears an official stamp with an entry date or providing a valid immigration visa. A legible photocopy is required for the banks files. * A reference from a previous employer in the country of origin is required. * A satisfactory credit reference from the country of origin will be required if credit in Canada has not been establishedYou might also contact the Canadian embassy for any addional help. Good luck
It really depends on where you are moving to. Unfortunately, you usually have to be working steadily at a job for 1 year before a bank will look at you. There are other financing options though.If you have the down payment, they may look at you. Vancouver housing starts at $500000.00
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depends on where your moving is correct ...at the same time you will probably have to wait some time as you will have no credit score.They will want to know how much deposit you have on your own .And your anual income .If you have someone else going in with you ...in any major city to qulaify you will find you will need another person to co sign with you ..unless you have a high paying jobif it is 60,000 I know at least 200,000 you would qulaify on a loan by yourself with minimum to no downpayment...but with a higher downpayment it places you in a higher range ...Once again you will need to establish yourself first with canadian credit history
The above poster posted you a link to a mortgage broker who is able to use alternate ways to get new immigrants financing.The big banks in Canada will not lend to someone without a credit history and a stable employment history. If you have a very large deposit for a down payment (e.g. 50%) it will be easier, but you would likely need at least 35% to secure a mortgage as a new immigrant even through a mortgage broker unless you are willing to pay very, very, very high interest rates. If you don't have a credit history or at least one year in a steady job, it will be more difficult. Also, if you are a higher risk because of your lack of history, a mortgage broker may be able to find you a personal lender (rather than an institution) but because of the high risk, you'd pay a higher interest rates.When you google the topic, you find a variety of mortgage brokers who are willing to help. Most say you would need at minimum a 35% down payment, 12 months in a job verified by letter as non-probationary (meaning permanent), high enough income to qualify and in a lot of cases, they are also requested payments in advance to cover the first 6 - 12 months of your mortgage payments.The above poster says you don't have to prove your income to qualify for a mortgage in Ontario but that is not true. I recently got a mortgage and did have to prove my income to a bank and 4 other people I know also had to do this either through pay stubs, income tax returns or a personal letter from their employer which was verified by the bank. It depends on the institution but most of the major banks are requiring this verification now..