Requirements from New-comers for pre-qualifying for Mortgages
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Posted on: 10-06-06 20:41:30
Quote:
Originally posted by sudershan
Hi Northstar,
Now it became very easy to be qualified for new immigrants.First of all you don't have to put 35% towards down-payment, to buy your dream-house.
Isn't it miracle?
For more details you can contact me
416-562-7463
905-595-3988
Thanks
Sudershan
Buying with 35% down without job and credit history; no questions asked, is a known fact.
However these days, newcomers with can buy with as little as 5% down as per Genforth Canada. To be eligible for the program, borrowers must have immigrated or relocated to Canada within the previous 24 months and have a valid work visa or landed immigrant status. In addition, they must have a minimum of three months full-time employment in Canada. Borrowers transferred under corporate relocation programs are exempt from these requirements.
Read more: http://realestate-ontario.com/newcomer.htm
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Quote:
Originally posted by amit kalia
Buying with 35% down without job and credit history; no questions asked, is a known fact.
However these days, newcomers with can buy with as little as 5% down as per Genforth Canada. To be eligible for the program, borrowers must have immigrated or relocated to Canada within the previous 24 months and have a valid work visa or landed immigrant status. In addition, they must have a minimum of three months full-time employment in Canada. Borrowers transferred under corporate relocation programs are exempt from these requirements.
Read more: http://realestate-ontario.com/newcomer.htm
Hi Amit,
You are right that now a days's with 5% down payment new immigrant can qualify under Genworth New to Canada Program. However, The OP clearly mentioned that he has down payment available to him but he would not be having job or income at the time of coming to Canada to buy the house. Secondly he might also not have a credit history here required to buy a house.
Moreover, the Genworth program you mentioned only was introduced in April 2006 and was not available at the time I replied to the client in Jan 2006. The main highlights of this program are as follows:
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Borrower qualification
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Maximum GDS/TDS: 32% (incl. heat) / 40%
Must have immigrated or relocated to Canada within the last 24 months
3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
Must have a valid work visa or obtained landed immigrant status
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)
Documentation Requirements
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Work Visa or verification of landed immigrant status, and:
Depending on the loan-to-value you will be required to submit the following;
95% LTV: An international credit bureau
90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF's
85% LTV: If Guarantor on file, only the work visa or verification of landed immigrant status is required to be sent to Genworth, otherwise document requirements are the same as 90 percent LTV.
Here is the link for complete details. http://www.genworth.ca/mi/eng/product_solutions/newto_canada_insrnce.asp
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Providing international credit history may not be possible for all new immigrant and this program is not available to self employed or unemployed borrowers.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Hello Pramod/ Amit - is the new (Genworth) program only for ON or is there some similar scheme available in AB? we are planning to buy our house here in Calgary before the market gets out of reach!
Thanks for your response!
Quote:
Originally posted by Canadian Dream
Hello Pramod/ Amit - is the new (Genworth) program only for ON or is there some similar scheme available in AB? we are planning to buy our house here in Calgary before the market gets out of reach!
Thanks for your response!
This program is available all over Canada. Please read all the details in the link provided in my earlier post as to the conditions for qualifying under this program.
The property prices are really very high in Alberta. Right now I am doing mortgage for 2 of my clients in Calgary, Alberta which is closing in Mid June and First week of July.
If you need my help, you can apply online on my website and I can let you know if you would qualify under this program or under some other program and you will get your mortgage done without going to any bank. The link to my website is in my signatures.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Boss, Northstart you are paying 35% downpayment to buy a house. For you sake it is better to express that in numbers, the prices have just rocket< like noones business. Any agent worth his or her salt that an help you with getting a new mortgage no matter how old you arebut only a selected few will work to get you that good price like Amitji, Promod ji and others i know of.
Thats pretty good information which you have posted. Thanks Pramodji! 
