Definition
Canadian work permit holders can access mortgage financing, but conditions depend on permit type:
**Closed work permit (tied to employer)**: - Risk of losing status if employer changes → high risk for lender - Most A-lenders require the permit to be valid for at least 1 year after the planned closing date - Down payment of 10-35% depending on lender
**Open work permit (IEC, Post-Graduate, Spousal)**: - More employment flexibility → lower risk - Some A-lenders treat as permanent resident if permit valid > 12 months - Down payment of 5-10% possible
**Permit under renewal**: - The 'bridging open work permit' is accepted by some lenders as proof of continuity
The lender will examine the likelihood of permit renewal and/or ongoing permanent residence application.