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Borrower Qualifications for nwly arrived to CANADA persons

Overview

• This policy applies to customers who have immigrated to Canada within the last 36 months and who are looking for an insured mortgage but do not have Canadian Credit Bureau history. 
• This policy does not apply to customers who are new to Canada but do have a Canadian Credit Bureau.
• Each customer and their mortgage application is reviewed on an individual basis.
• Must have immigrated/relocated to Canada within last 36 months.
• Must have Landed Immigrant Status.
• 3 months minimum full time employment in Canada.
• Borrowers transferred to Canada under relocation programs are considered on an exception basis.
• Guarantor's Income Confirmation required (if applicable).
• Maximum TDS 40%
• All debts held outside of the country must be included in the TDS.
• Rent earned outside of Canada is to be excluded from the TDS calculation.

 Required Documentation

• Confirmation of down payment and closing costs to be without recourse to additional borrowing. Refer to Down Payment section and Down Payment & Closing Costs.
• Purchase and Sale Agreement/MLS listing (if applicable)
• Standard Income Confirmation
• Confirmation of Landed Immigrant Status (Permanent Resident Card)
• Preceding 12 month history of Rent and 12 month history of 2 regular periodic (eg. monthly) obligations.
• Rent:
• Supporting Bank Statements and letter signed by landlord indicating:
• Date the tenant moved in
• Monthly rent amount
• Amenities included in the rent
• Payment history
• Regular periodic obligations:
• copy of bill & payment confirmation from bank statement/paid invoices
• Eg. Hydro/Utilities/Telephone/Cable

Mandatory: Payments must be timely. No late payments.

If unable to obtain the 12 month history of rent and 12 month history of 2 regular periodic obligations, LTV is limited to 90% and the following may be accepted: Satisfactory Letter of Reference from a recognized Financial Institution outlining history and past credit experience. Must be dated within 60 days of approval. Or;6 months of Satisfactory Bank Statements from Primary Account