The dream of home ownership in the Country you want to call home, can definitely become a reality. Even with as little as 5% down……


 

 

goldfish jumping out of the waterHowever there are a lot of things that have to be in place first & information you need to know. Here is a quick list of things you will need to make sure you have in order prior to applying for a mortgage or writing that offer on the place you are wanting to call home. 

 

TIME IN CANADA

Qualified home buyers who have immigrated or relocated to Canada within the last 5 years are eligible (up to 60 months)

 

 

 WORK PERMIT/LANDED STATUS

3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)

      *provide letter of employment and pay stubs, income must be guarented     

 

INCOME

3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)

      *provide letter of employment and pay stubs, income must be guarented     

 

DEBTS HELD IN & OUT OF COUNTRY

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) * Please provide a list to your mortgage agent

Down Payment Requirement

For 95% Loan to Value, 5% 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. This down payment has to be proven via bank statements using a 90 day history. All deposits have to be explained and account ownership proven. Overseas monies, you will need to provide the 90 day history from your forgein account, as well as the transfer and account ownership – or the monies have to be in a Canadian Banking Institution for 90 days.  *please ask me for more clarification on this part of your mortgage approval

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Eligible Properties

  • Maximum 2 units where 1 unit must be owner occupied
  • New construction covered by a lender approved New Home Warranty Program
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 year
  • Loan to Value >80% Must be less than $1,000,000

INELIGABLE PROPERTIES

  • Guarantors are not permitted
  • Foreign Diplomats who do not pay tax in Canada are ineligible for this program

This is why you want a Mortgage Professional in your Corner…

To help you understand the details

&

Make sure you get the Best Mortgage You Qualify For!

Alternate Paper Work Requirements

For up to 95% loan to value (and most lenders require this for even 90% loan to value)

    * International credit report demonstrating a strong credit profile   OR

     *Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months.

The two alternative sources required are: (a) Rental payment history confirmed via letter from landlord and bank statements (b) One other alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance) to be confirmed via letter from the service provider or 12 months billing statements**

 NOTE: Alternative sources of credit must be obtained from a Canadian source

           *Letter from landlord must indicate the following: name of tenant, monthly rent, length of tenancy, payment history. Bank

            statements must support the amount of rent and timeliness of payments outlined in the letter

Is Your Head Spinning?

All the required paper work can seem a bit overwhelming, and you maybe wondering how to make sure it is all done correctly. The mortgage insurers CMHC, GE and CG all have different requirements & then the lenders can get even more specific with these requirements.

Do You Have Questions???

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