Immigration and Mortgages

 When it comes to mortgages for newcomers to Canada, the qualification criteria remains similar to what Canadians can expect but with the following exceptions:Minimum down payment thresholds vary anywhere from 5% to 35% depending on ones residence status:Permanent Resident with standard income confirmation: 5-10% minimum down paymentPermanent Resident with no income, but high net worth: 35% minimum down paymentTemporary resident (work permit, students): 10% minimum down paymentNon-Resident (Canadian Citizens, Permanent Residents and Foreign Residents that do not reside in Canada): 35% minimum down paymentNewcomers must also have arrived in Canada within the following timeframes to be eligible for newcomer mortgage qualification, otherwise, they will be subject to standard Canadian qualification guidelines:Permanent Resident / Landed Immigrant: eligible within a 5 year period since arrival in CanadaTemporary Resident: eligible within a 2 year period since arrival in Canada and at least 3 month job tenureAnd lastly, the remaining newcomer-friendly qualification criteria, credit history.  Many newcomers that arrive generally do not have any established credit in Canada.  This would be a hard stop for any Canadian citizen application, but for a newcomer, the following alternate forms of credit worthiness are accepted (as long as they still maintain their current residence status within the time frames mentioned above):Preceding 12-month history of rent paid in Canada and 12 month history of 2 regular monthly obligations (i.e. utilities bill statement, car loan, cell phone, etc)if unable to produce rent history and and 2 regular monthly obligations, then applicant will be subject to minimum 10% down payment and the following requirements: (i) Letter of Reference from recognized Financial Institution outlining history and past credit experience (ii) 6 months of Bank Statements from a Primary Account (living expenses such as rent and food flowing through the account), with no evidence of financial difficulties (i.e. no NSF items)MarkoMusic: (music produced and performed my Marko)"Broken Ring Finger" ...intro song (0:52) <-Marko Gelo"House of Cards" ...outro song (1:14) <- Marko GeloSound Effects provided from Zapsplat.com and Apple LoopsContact Marko, he's a Mortgage Broker!604-800-9593 direct Vancouver403-606-3751 direct Calgarymarkogelo.comFacebook@markogelo (Twitter)MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko Hosted on Acast. See acast.com/privacy for more information.