New to Canada Homebuyer Program
If you are new to Canada and looking to buy a home, you might be eligible to purchase a home under the New To Canada Program and can do so with as little as 5% down provided you meet the program guidelines.
The New To Canada Program makes it possible for individuals relocating to Canada to purchase an owner occupied home or condo sooner with as little as 5% down and start building equity, and become economically established in Canada. Financing is available to borrowers with permanent and non-permanent residence status and where there is limited Canadian credit history and where foreign credit bureaus may not be available.
Alternative Sources of Credit
* Must demonstrate timely payments (no arrears) for the past 12 months (from a Canadian source). The two alternative sources required are:
1- Rental payment history confirmed via letter from landlord with supporting bank statements (Letter from landlord indicating the following is required: name of tenant, monthly rent, length of tenancy, payment history) …Plus…
2- Hydro/utilities, telephone, cable, cell phone and auto insurance to be confirmed via letter from service provider or 12 months of billing statements
Acceptable forms of Identification
* Each Borrower, Guarantor and Signatory, where applicable, must present for examination:
* One piece of Primary Identification and one piece of Secondary identification, or
* Two pieces of “Primary Identification
* No other form of identification is acceptable. All identification must be original, valid, legible and in good condition.
* Each Borrower, Guarantor and Signing Officer, where applicable, is required to be physically present when you ascertain his or her identity.
(For more information about the New To Canada Program, contact Mike Hamdan)