New Canadians

The influx of New Canadians to Canada significantly contributes to the country’s population growth. CMHC and Sagen (formerly Genworth Canada) play a crucial role in helping these New Canadians achieve their homeownership dreams by providing insured financing.

Permanent residents among the New Canadians have access to all CMHC and Sagen Mortgage Loan Insurance products, subject to specific eligibility requirements for each product. For those with limited credit history and no access to foreign credit bureaus, CMHC and Sagen consider alternative sources of payment history for Loan-to-Value ratios up to 95 percent.

New Canadians holding non-permanent resident status can access CMHC and Sagen insured financing with a loan-to-value ratio of up to 90 percent for the purchase of a single-unit owner-occupied residential property. Residency status does not incur additional fees or premiums; only standard product-specific premiums apply, and there is no minimum period of residency required.

Benefits for New Canadians:

Access to Homeownership: Permanent residents can purchase a home with as little as a five percent down payment.
Competitive Interest Rates: Access to CMHC insured financing provides New Canadians with competitive interest rates offered by various banks in Canada.
Availability: The program is accessible nationwide with no set maximum loan amount.

Home Mortgage Renewal Program Requirements:

Down Payment: A minimum down payment of five percent from one’s own resources is required. The down payment must be available in a Canadian bank account before mortgage funding, and gifts are not accepted. Proof of funds for the down payment must be demonstrated for 90 days prior to financing.
Proof of Income: Documentation of income includes a letter of employment from the current employer, confirming the duration of employment, annual salary (including bonuses), and confirmation of employment status. A recent pay stub is also required.
Proof of Credit: Ideally, a minimum of two years of good credit history with the Canadian Credit Bureau is preferred. If a Canadian Credit Bureau report is unavailable, an international credit bureau or a letter of reference from the bank may suffice.

Contact Mathew Now

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Helping you go from getting started to getting the keys!

The most trusted mortgage company in Ontario.

Kamal G. – Cambridge

Five Stars!
I extend my sincere gratitude to the Mathew and his team for their professional support and remarkable patience during the entire process. We were consistently kept well-informed at every stage, from the application to settlement. I highly recommend their services, especially for expats, non-residents, and new migrants.

23 days ago

Goutham P. – Brampton

First Commercial Property!
Mathew at HuronMortgages.ca ensured my initial commercial loan experience was transparent and as comfortable as possible. His professionalism and clear communication greatly contributed to easing my anxiety. He consistently checked in, promptly addressed all inquiries, and handled everything seamlessly. I highly recommend his commercial services.

23 days ago

Monica G. – Guelph

Best Mortgage Agent
I have just done a complicated refinance. Mathew was absolutely brilliant and made the process easy. What I was expecting to be a stressful exercise was absolutely stress free with Mathew’s knowledge and professionalism. I fully recommend Mathew to anyone. 10 out of 10.

23 days ago

Steve L. – Guelph

Exceptional service
My interaction with Mathew has been characterized by friendliness, patience, and informativeness. Hey consistently demonstrated a willingness to address all my inquiries, simplifying the process for me, and ultimately securing a favorable rate for my home loan.

23 days ago

Arberto N. – Kitchener

Dependable Mortgage assistance
We had the pleasure of working with Mathew who was not only friendly and professional but also highly knowledgeable. They assisted us on multiple occasions, helping us find the best product tailored to our specific circumstances.

23 days ago

Alison and Mike – Waterloo

Loyal client, consistently positive results
The service is professional, friendly, and reliable, offering sound advice. Mathew consistently takes the time to address concerns and are always willing to provide support and assistance when needed.

23 days ago

calculate your mortgage

The most trusted mortgage company in Ontario.

Kamal G. – Cambridge

Goutham P. – Brampton

Monica G. – Guelph

Steve L. – Guelph

Arberto N. – Kitchener

Alison and Mike – Waterloo

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