Newcomers to Canada
With Permanent Resident Status - Helping Newcomers to Canada Access Homeownership
Newcomers to Canada with permanent residence status have access, through Approved Lenders, to all CMHC Mortgage Loan Insurance Products.
Features
- Access to all CMHC purchase and refinance products for 1 - 4 unit residential properties (subject to product specific eligibility requirements), excluding CMHC Self-Employed Simplified
- No minimum period of residency required
- No additional fees or premiums as a result of residency status - standard product specific premiums apply
- Where there is limited Canadian credit history and where forrign credit bureaus are not available, CMHC continues to consider alternative sources of payment history
Newcomers to Canada Benefit
- Access to Homeownership - CMHC continues to be flexible when considering applications that do not meet traditional underwriting requirements.
- Competitive Interest Rates - Fixed Rates, Variable Rates, Prime Rate
- Availability - Available coast-to-coast-to-coast with no set maximum loan amount (individual lender maximums will apply)
Amortization Options
Borrower Qualification
- Minimum credit score of N/A. Maximum debt servicing ratios of 35/42.
Application Premiums
(Owner occupied properties) |
Surcharges |
| Loan to value Ratio |
Premium on Total Loan Amount |
Premium on Increase to Loan Amount for Portability |
Extended Amortization: Add 0.20% for every 5 years of amortization beyond the 25 year amortization period.
Blended Amortization For Portability and Refinance 0.50% 5 Years (5/20) 0.25%, 10 Years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35%
|
| Up to and Including 65% |
.50% |
.50% |
| Up to and Including 75% |
.65% |
2.25% |
| Up to and Including 80% |
1.00% |
2.75% |
| Up to and Including 85% |
1.75% |
3.50% |
| Up to and Including 90% |
2.00% |
4.25% |
| Up to and Including 95% Traditional Down Payment VS Non-Traditional Down payment |
2.75%
2.90% |
4.25%
4.20% |
