There are about 300,000 people immigrate to Canada every year. When people migrate from oversea, they don’t have credit history in Canada. Building a satisfied credit history usually needs more than 3 years. So for helping new immigrants to set up a home in Canada, all A-Type lenders and some B-Type Lenders provide a special mortgage program to revolve the no credit problem. But please keep in mind here, most new immigrant programs only waive the condition of 2 year satisfied credit history, not waive the conditions for income and down payment sources. Only few lenders combine the New Immigrant Program and Equity Loan Program which need the new immigrant pay higher percentage of down payment, and ignore the income and credit requirements.
Each lender has its own special new immigrant program with different conditions.
1. New immigrant without income and credit might be required 35% down + 2 year mortgage payment and property tax
2. New Immigrant with satisfied income, might be treated as “A-Class” normal borrower and can get lowest rates from most lenders.
>>> Call Me to ask detail conditions for different lenders