Vancouver Mortgage Broker

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New to Canada? Home Ownership is Possible!

on 13 March 2014

Borrowers who are new to Canada and are looking to purchase a home in Vancouver or outlying areas, have financing options available.

Profile 

For borrowers who cannot provide confirmation of income, but have at least 35% downpayment and proof of repayment history. Must be owner-occupied or occupied by a family member.

Borrower Criteria
  • Must have immigrated within the last 60 months
  • Proof of Landed Immigration Status or confirmation received by Immigration Canada
  • Proof of 12 months of savings of PIT (Principal, Interest and Property Taxes) in Canada
  • 35% downpayment required, plus closing costs; funds must be in Canada at time of application
  • At least 30 day bank history of downpayment
  • Cannot be gifted or borrowed
  • 25 year amortization 
  • $1,250,000.00 (subject to sliding scale)
  • Appraisal
  • Must be owner-occupied or occupied by a family member 

Borrowers with less than 35% downpayment, can also qualify for a Vancouver home, but an insurance premium will be added to the mortgage amount.

Borrow criteria
  • Proof of permanent resident/landed immigrant status or a valid work permit required
  • Canadian credit history; if no credit history, then alternative sources will be required to show timely  payments for last 12 months
  • International bureau
     
  • Bank reference letter, 6 months bank statements
  • Debts held outside of the country will be included in qualifying
  • Must be employed full-time for at least 3 months (job letter, paystub); proof no taxes owed
     
  • Minimum 5% from own sources, remainder may be gifted from immediate family member
  • No borrowed downpayment
  • Proof of 1.5% of purchase price set aside for closing costs
     
  • 90 day history of downpayment (Canada or offshore)
  • Proof that offshore funds are in Canada 30 days before closing
  • Less than $1,000,000.00
     
  • 25 year amortization
  • Owner occupied or occupied by immediate family member

To learn more about your options, please contact our office.

 

Vancouver Mortgage Brokers 988 Beach Ave, Vancouver BC
604-669-6006

Surrey and Fraser Valley Mortgage Brokers
604-536-3802

Canada Mortgage Broker
1-800-687-9020