Definition
New to Canada programs allow recent immigrants to qualify for a mortgage even without Canadian credit history, under certain alternative conditions.
Common program criteria (CMHC, Sagen, major banks): - Legal status: permanent resident, closed work permit, protected status - Time in Canada: often less than 5 years (some programs up to 36 months) - Alternative documentation instead of Canadian credit: - International credit report (translated and notarized) - 12 months of bank statements showing regular payments (rent, utilities) - Reference letter from a foreign bank - Proof of stable income in Canada (3-6 months minimum)
Down payment: 5-10% depending on lender and program (some require 10% for files with no Canadian credit).
Citizen vs. permanent resident: both can qualify. Temporary residents (international students, open work permit) have access to more restricted programs.