Newcomers to Canada play an increasing role in Canada’s future population growth, creating new market opportunities. CMHC insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada.
Features
Newcomers with permanent resident status have access to all CMHC Mortgage Loan Insurance products (subject to product specific eligibility requirements).
For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC continues to consider alternative sources of payment history for Loan-to-Value ratios between 80.01% and 95%
Newcomers with non-permanent resident status have access to CMHC insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner-occupied residential property
No additional fees or premiums as a result of residency status - standard product specific premiums apply
No minimum period of residency required