A Newcomer Mortgage is designed to help individuals who are new to Canada secure home financing despite having limited or no Canadian credit history or employment records. This type of mortgage has been built to recognize the unique challenges faced by newcomers and offers more flexible qualifying criteria compared to standard mortgage options.

To qualify for a Newcomer Mortgage, you typically need to have been in Canada for less than five years. This type of mortgage accommodates various scenarios, including non-permanent residents, permanent residents, refugees or temporary workers.

The qualification process for a Newcomer Mortgage is tailored to your circumstances. Some may qualify with as little as three months of work experience in Canada. To purchase a home valued under $500,000, a minimum down payment of 5% may be accepted. However, if you don’t have an established Canadian credit history, a higher down payment of 35% or more may be required to secure financing.