New to Canada Mortgage



Buying a home after being relocated to a new place is usually a hard task. Canadian financial system provides new immigrants with the opportunity to buy their first home and settle themselves in Canada. Stated below, you can find out the precise facts and figures regarding New to Canada Mortgage.


New to Canada™ Mortgage Insurance Program

Offered by Genworth Financial, this program is helping new Canadians own their home with a down payment as low as 5%. Being a flexible mortgage program, it entails fixed, variable or adjustable rate mortgages. Moreover, it reviews all files individually with common-sense evaluation. Your current insurance can also be applied to a new loan.


Loan-To-Value (LTV) and Maximum Property Value

In Canada, the maximum limit for LTV is 95%, which means you can buy a home at a minimum 5% down payment. In addition, the value of concerned property must not exceed $1 million, if the intended LTV is greater than 80%.


Premium Rates

Given below are the premium rates for different LTV ratios. However, a 0.20% premium surcharge will be applied to these rates for every 5 years of amortization, if your amortization period exceeds 25 years.


Loan-To-Value Premium Rate
90.01% – 95% 2.75%
85.01% – 90% 2.00%
80.01% – 85% 1.75%
75.01% – 80% 1.00%
65.01% – 75% 0.65%
Up to 65% 0.50%


Borrower Qualification

  • Must have immigrated or relocated to Canada within the last 60 months
  • 3 months minimum full time employment in Canada
  • Must have a valid work permit or obtained landed immigrant status
  • For 95% LTV, down payment must be from own resources
  • For LTV’s less than 95%, down payment exceeding 5% could be gifted
  • All debts held outside of the country must be included in the total debt servicing ratio
  • Guarantors are not permitted
  • Foreign Diplomats who do not pay tax in Canada are ineligible for this program

Required Documentation


ALL LTVs – Valid work permit or verification of landed immigrant status
ALL LTVs – Income Confirmation
ALL LTVs – Down payment conformation
ALL LTVs – Purchase and Sale agreement
Up to 90% – Letter of reference from a recognized financial institution, OR
Up to 90% – Six (6) months of bank statement from primary account
Up to 90% – International credit report demonstrating a strong credit profile, OR
90.01% – 95% – Two alternative sources of credit demonstrating timely payments
90.01% – 95% (no arrears) for the past 12 months.