• Buying a Home?

    MyMortgage.ca offers a variety of mortgage options for home buyers. Regardless of your circumstances, we can usually find a mortgage to suit your needs.
    .
  • Need to Refinance? Let us help

    Don't let circcumstances prevent you from reaching your goals. MyMortgage.ca offers a number of mortgage products designed to suit your refinancing needs.
    .
  • Save Money on Mortgage Renewals

    Mortgage up for renewal? This is the ideal time to re-assess and re-examine your financial situation. Call us today.
    .

New Permanent Resident Mortgage (No Employment)

Key Features:

Qualified immigrants who have relocated to and established residency in Canada within the last 5 years and have no derogatory Canadian credit history

Applicants who have a good down payment (own resources) and net worth

Borrower Qualifications

Mortgage application must be within 5 years of the date the applicant arrived in Canada

Borrower must have established residence in Canada and obtained landed immigrant status

Not available to diplomats or any other foreign political-appointed individuals who do not pay income tax in Canada

Eligible Loan Purpose

Purchase

Switch

Refinance

Maximum of one principal residence and one rental property

Maximum Loan to Value Ratio

Refinance: 65%

Uninsured: For properties valued up to $1.0 million: 65%; For properties valued at $1.0 million or more: 65% of $1.0 million plus 50% of the balance (owner occupied properties only)

Rental: For properties valued up to $1.0 million: 65%; For properties valued between $1.0 million and $1.5 million: 65% of $1.0 million plus 50% of the balance

Down Payment

Uninsured: 35% from own resources; gifted down payments are acceptable and can form all or part of the down payment; no secondary financing

Offshore assets being used for the down payment must be on deposit with a Canadian financial institution at least 30 days before the closing date

Borrower Documentation Requirements

Verification of landed immigrant status, provided by one of the following:

A document in the applicant’s name, issued by Citizenship and Immigration Canada, which bears an official stamp and identifies an entry date within the last 3 years, such as Immigrant Visa and Record of Landing (IMM1000) or Confirmation of Permanent Residence Form (IMM 5292/IMM 5688), supported by the applicant’s passport, containing an immigration sticker that cites the same document number as the Confirmation of Permanent Residence form

A Permanent Resident Card (PRC)

Copies of both a valid immigration visa, plus evidence that the customer’s Application for Permanent Residence in Canada (IMM008) has been approved

Net Worth Requirements

Uninsured: For properties valued at up to $1.5 million:

Minimum Net Worth is 12 month Principal, Interest and Tax (PIT) payments for Investor (NV05) and Entrepreneur (EN2) Immigration Codes

Minimum Net Worth is 24 month PIT payments for all other Immigration Codes

Uninsured: For properties valued at $1.5 million or more:

Minimum Net Worth is 24 month PIT payments for Investor (NV05) and Entrepreneur (EN2) Immigration Codes

Minimum Net Worth is 36 month PIT payments for all other Immigration Codes

Rental:

Minimum Net Worth is 12 month Principal, Interest and Tax (PIT) payments plus: 10% of the property value for properties valued up to $500,000 or $50,000 for properties valued at more than $500,000, for Investor (NV05) and Entrepreneur (EN2) Immigration Codes

Minimum Net Worth is 24 month PIT payments plus 10% of the property value for properties valued up to $500,000 or $50,000 for properties valued at more than $500,000 for All other Immigration Codes

PIT payment is calculated using the current posted rate for the 5 year term amortized over 25 years plus 1/12 of the annual property taxes

Eligible liquid assets must be verified at least 30 days before the closing date and all supporting documentation must be dated no more than 90 days before the application date

Eligible liquid assets are restricted to liquid assets of non-registered deposits, securities, investments, and Tax Free Savings Accounts, and/or, if the application Beacon score is 621 or higher (based on the higher scoring borrower in a 2 borrower application), verified equity in other real estate owned may also be considered. Equity in real estate may not be considered for No Hit/No Score applications. Equity in real estate owned in other countries may not be considered

 

  Return to Mortgage Solutions

.