Canada Mortgage
A licensed residential & Commercial mortgage broker
NEWCOMER HOME FINANCING
New To Canada Financing
Qualified homebuyers who have recently immigrated or relocated to Canada within the last 5 years can now purchase their dream home with as little as a 5% down payment.
At MLJ Mortgages, we understand the importance of helping new Canadians become economically established in their new home. Our New to Canada program offers up to 95% loan-to-value ratio (LTV) for eligible homebuyers. The high LTV allows first-time buyers to secure their first home without the need for substantial upfront funds.
NEWCOMER HOME FINANCING
New To Canada Financing
Qualified homebuyers who have recently immigrated or relocated to Canada within the last 5 years can now purchase their dream home with as little as a 5% down payment.
At MLJ Mortgages, we understand the importance of helping new Canadians become economically established in their new home. Our New to Canada program offers up to 95% loan-to-value ratio (LTV) for eligible homebuyers. The high LTV allows first-time buyers to secure their first home without the need for substantial upfront funds.
Highlights
- Enjoy the flexibility of up to 95% loan-to-value ratio (LTV).
- Secure your home with a low down payment of as little as 5%.
- Choose from fixed, variable, or adjustable-rate mortgages that suit your financial goals.
- Take advantage of the portable mortgage option for added convenience.
- For employees, a minimum of 3 months of employment is required.
- For self-employed individuals, a minimum of 2 years of self-employment history is needed.
What Kind Of Property Can I Buy?
The purpose of this program is to assist a single family. To be eligible, the property you buy must be a residential home with a maximum of two units, and you are required to reside in one of these units. Moreover, the property must be covered by an approved New Home Warranty Program.
Alternatively, you have the option to purchase an existing residential home in an area with a stable history of sales and purchases.
What Do I Need to Get the Mortgage?
To be eligible for the program, you need to provide evidence of full-time employment in Canada for a minimum of three months.
The 5% down payment must be sourced from your personal savings. However, it is also permissible for your family to gift you the down payment or for your employer to assist with the down payment as part of a relocation agreement.
If you have any outstanding debts, whether they are loans, mortgages, credit card debts, or any other obligations outside of Canada, you must include the total amount owed in your application.
For All applications, You Will Need:
- Proof of Employment: Obtain a letter of employment from your employer, detailing your salary and current employment status.
- Proof of Down Payment: Provide a bank statement or investment company statement indicating that you have saved at least 5% of the purchase price. Alternatively, show evidence that the balance will be covered by a gift from your family or a subsidy from your employer.
- Purchase and Sale Agreement: Present a copy of the purchase and sale agreement for the desired property to verify its value and location.
For newcomers to Canada, this program presents an excellent opportunity to explore before embarking on the home-buying process. To learn more about this program and discuss the available options, feel free to reach out to me. You can contact me here.