New to Canada Mortgage Program
New to Canada Mortgage Program enables homeownership for Canadian newcomers!
According to CMHC’s 2019 Mortgage Consumer Survey, 18% of mortgage consumers are newcomers to Canada.
DV Capital Corporation has access to an institutional mortgage solution specifically designed to help new residents to Canada realize their dream of homeownership.
Clients can utilize alternative sources of credit including an international credit report or rental payment history confirmation.
Newcomers with permanent and non-permanent resident status who have relocated to Canada within the last 5 years and have a minimum of 3 months full-time employment in Canada are eligible.
- Loan Purpose: Purchase of Owner-Occupied Principal Residence
- Property Value: < $1M
- Insured Down-Payment: > 5%
- Conventional Down-Payment: ≥ 20%
- Payments: Weekly, Bi-Weekly, Semi-Monthly or Monthly
- Term: Fixed & Adjustable
- Amortization: up to 25 Years
- Rate Guarantee: 120 Days
*Keep in mind that purchase financing with a down payment between 5% and 19.99% requires default insurance (CMHC, Canada Guarantee, and Genworth Financial are Canada’s 3 leading default-insurers). The premium itself depends on the loan-to-value and is rolled into the mortgage, but the tax is payable at closing. You may actually be able to purchase a residential home in Ontario through private financing with a down-payment as little as 15%, and you will avoid a default insurance premium, but it’s important to keep in mind that the elevated cost of private financing compared to traditional financing but outweigh the benefit of avoiding the default insurance premium.
Below is a CMHC default insurance premium chart as of May.6.2020.
Contact us anytime for more information on the New to Canada Mortgage program.
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