Buying a property in Canada? We’re here to help.
Non-Resident or New to Canada Purchases
Cashin Mortgages has access to mortgage products designed for qualified home buyers who have immigrated to Canada, are relocating to Canada by an employer, or a US citizen that would like to invest in the Canadian market.
Non-Residents Buying in Canada
There are many lenders that provide mortgages to non-residents whether you are buying a vacation property or purchasing a property for investment.
GENERAL GUIDELINES AND QUALIFICATIONS
Considered an acceptable credit risk
Has a bankers reference/recommendation letter from country of origin or international credit bureau
Standard confirmation of income
Verification of assets
35% down payment required (verification required)
Rental or vacation properties must meet standards
Max amortization 25 years
New to Canada
Qualified homebuyers who have immigrated or relocated to Canada can qualify for a mortgage under one of the programs below.
Each lender has different requirements, so it is best to talk to one of knowledgeable team members to get the best advice.
General Guidelines and Qualifications
New to Canada – 35% Down payment
Have recently immigrated or relocated to Canada within the last 60 months
Proof of permanent residency/landed immigrant status or have a valid work visa
Proof no taxes owed
Proof of 35% down payment plus closing costs
Funds must be in Canada at time of application, with history of down payment
Proof of 12 months of savings to cover PIT payments (Principal, Interest and Property Taxes) in Canada
May require a letter of reference from recognized bank
Immigrated or relocated to Canada within the last 60 months
Proof of permanent residency/landed immigrant status or a valid work visa
Employed 3 months full time employment in Canada (job letter,pay stubs); no taxes owed
Proof of credit required from at least 2 sources – international bureau, bank reference letter, landlord letter and proof of rent payments,
Letter from utility company
All debts held outside of Canada must be included in qualifying
Min 5% down payment from own sources; remainder may be from immediate family member
Proof of down payment (90 days) plus 1.5% of purchase price set aside for closing costs
Proof funds are in Canada at least 30 days before closing
25 year amortization
Less than $1,000,000.00
Owner occupied or occupied by family member