If you recently became a permanent resident in Canada and are looking to buy a home, you can get help through the newcomer mortgage program.
Did you know that some Canadian banks offer special mortgage programs to newcomers who don't meet the usual requirements for a regular mortgage?
RBC Bank Newcomer Mortgage
Make a down payment of less than 20%
No employment confirmation is needed for a newcomer's mortgage eligibility.
No Credit Card history required
Scotiabank StartRight Mortgage Program
The minimum down payment is 5%
A down payment cannot be gifted or borrowed
This program is available for temporary residents
TD Mortgages for Newcomers
No Canadian Credit history is required
You must have proof of permanent residency or a temporary permit
CIBC Newcomer Mortgage
CIBC three mortgage programs:
IBC Newcomer to Canada Program Mortgage
CIBC Newcomer to Canada PLUS Program Mortgage
CIBC Foreign Worker Program Mortgage
BMO Newcomers to Canada Mortgage
If you're new to Canada and looking to build your credit history, a Canadian credit card is an excellent place to start.
Plus, BMO has a mortgage program specifically for newcomers that come with a 130-day rate guarantee.
HSBC New to Canada Mortgage
You don't need a Canadian credit history to get approved for an HSBC mortgage.
Instead, your foreign credit history will be considered for a mortgage.
To ensure a smooth banking experience upon your arrival in Canada, you can open a bank account with HSBC beforehand.
Desjardins Newcomers to Canada package
Get a credit card without a credit history for a quick and free credit score boost.
Desjardins offers competitive mortgage options.