If you’re new to Canada, welcome! You’ve already taken one of the biggest and most exciting steps in your life. Building a new home, career and community takes courage, and homeownership is often a big part of that dream. The good news is, even if you don’t have an established Canadian credit history yet, getting a mortgage is absolutely possible.
Many newcomers believe they’ll have to wait years before they can buy a home, but that’s not always the case. In fact, there are special mortgage programs designed specifically for newcomers that take into account your unique situation.
Specialized mortgage programs for newcomers
Lenders have mortgage programs available that recognize, while your Canadian credit file may be limited, your financial responsibility and stability can be shown in other ways.
Here’s how it works: instead of relying solely on a Canadian credit score, lenders can look at things like your international credit report, proof of rent or utility payments, employment letters or even reference letters from your previous bank.
Some programs also offer flexible down payment options, which can make a big difference when you’re just starting out in Canada. Depending on your immigration status and how long you’ve been here, lenders may allow you to use savings from abroad, gifts from family, or even a combination of local and international funds toward your down payment.
If you’ve recently moved to Canada and haven’t yet built up significant savings here, that’s okay too as lenders understand that establishing yourself takes time. The key is showing that the funds you’re using are legitimate, traceable and available for closing.
Finding the right fit
Your mortgage agent will walk you through the available lender programs, explain what documentation you’ll need and help position your application in the best possible way. Every newcomer’s story is different, so it’s important to tell yours clearly.
If you’re ready to explore your options or just want to understand what’s possible, answers to all your questions are a call or email away!