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Mortgage Broker (BC) - Mortgages for new immigrants |
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Areas served: All of British Columbia (BC) including Vancouver, Richmond, Burnaby, Surrey, Abbotsford, Coquitlam, Saanich, Whistler, Squamish, Kelowna, Kamloops, Victoria Prince George, Nanaimo, Maple Ridge, Chilliwack, New Westminster, Port Coquitlam, North Vancouver, etc.
Mortgage
services:
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High ratio mortgage (less than 20% down payment)
Genworth Financial's New to Canada Programme
If you are a new immigrant or recently relocated (with a work visa) to Canada, you are now able to access the Genworth's 5% down payment programme. The basic qualifying criteria are as follows:
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Must have immigrated or relocated to Canada within the last 36 months
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3 months minimum full time permanent employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
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Must have a valid work visa or obtained landed immigrant status All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
The maximum loan to value is dependent on the following:
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90.01% - 95% LTV: An international credit bureau showing a strong credit profile OR 2 alternative source of credit for 12 months (e.g., rent, hydro, cell phone, cable, etc.)
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90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF's
CMHC's New Immigrant Programme
The Canadian Mortgage and Housing Corporation has also relaxed its guidelines for newcomers to Canada. CMHC can accept alternative forms of credit confirmation:
Examples of acceptable alternative sources of credit
� Confirmation of rent or room and board payment documented regular savings, for the preceding
� If confirmation of rent payments is not available, period of any three regular periodic obligations:
(1) Utilities Cable; (2) Childcare expenses; (3) Insurance premiums;
(4) Documented regular savings.
Still looking for a job?
If you do not have a job or are self-employed, banks have new immigrant programs. These programs generally require 35% down payment and a letter of reference from your banker overseas. A mortgage broker (BC) will be able to provide you with the proper information so that you know how much down payment you need for your purchase.
"My job is done when you know your options"
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