This program is specifically designed for new immigrants. As long as you have a valid work visa or confirmation of application for Permanent Residency, full-time employment, credit references from your home country and down payment from your own resources, you may qualify for home ownership sooner than you think.
New immigrants to Canada often face challenges when it comes to securing a mortgage. Many lenders are reluctant to offer mortgages to new immigrants, due to the perceived risks involved. However, there are a number of mortgage options available for new immigrants, if you know where to look.
One option for new immigrants is to secure a mortgage through a private lender. Private lenders are usually more willing to work with new immigrants than banks or other traditional lenders. However, you will likely need to put up collateral, such as property or investments, in order to secure a loan from a private lender.
Another option for new immigrants is to obtain a mortgage through the Canadian government. The Canadian government offers a number of programs designed to help new immigrants obtain financing for their new home. These programs typically have lower interest rates and more flexible repayment terms than what is available from private lenders.
If you are a new immigrant to Canada, there are a number of mortgage options available to you. Talk to the best mortgage broker about the best option for your situation.