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.

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