Recently HOME BUYER SEMINAR was held at our office by Mortgage brokers partnered with our company and GE representative talk about NEW TO CANADA program they have for new immigrants. The Good news is That New immigrants now can buy their first home with 3 % down :)
Here are some details. For more information contact me to arrange meeting with our Mortgage specialist..
New immigrants and all others are welcome to post their comments on my blog. Please go ahead and post your comments, Questions and Ideas.
NEW TO CANADA MORTGAGE INSURANCE PROGRAM BY GE.
Now qualified home buyers who have immigrated or relocated to Canada can qualify for Genworth default mortgage insurance with as little as a 3% down payment.
Acceptable loan purpose
- Purchase transactions
Loan-to-value ratio limits
- Maximum LTV ratio - 97.00%
Eligible properties
- Maximum two units where at least one unit must be occupied as the principal residence
- New construction or existing properties
Terms/qualifying interest rates
- Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
- For terms less than 3 years, the qualifying interest rate is the greater of three-year posted rate or contract rate; for terms of three years or more, the contract rate is used
Qualifications:
- Must have immigrated or relocated to Canada within the last 36 months
- 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
- Must have a valid work permit or obtained landed immigrant status
- For LTV's 95% or greater, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
- All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)