People that have immigrated or relocated to Canada in the last 5 years, and are looking to buy a home could be eligible to purchase a property with as little as a 5% down-payment. Genworth has a program, called New to Canada, specifically designed to help new families expedite process of becoming economically established in Canada. With as a little as a 5% down-payment, this program is able to provide up to 95% loan-to-value ratio (LTV), meaning that the up 95% of the property could be financed for qualified home buyers. This is an ideal LTV for first time buyers who do not have the funds to make a large down-payment. Qualified home buyers who have immigrated or relocated to Canada within the last 5 years are eligible to purchase a property with as little as a 5% down payment.
Genworth’s New to Canada program helps new Canadians purchase their first home sooner, making it easier for these families to become economically established in Canada. This program provides up to 95% loan-to-value ratio (LTV) for qualified home buyers. The LTV indicates how much of the property is being financed, so this high LTV is ideal for first time buyers who may not have the necessary funds to pay a lot upfront for their new home.
This program features:
Since this program is intended to assist a single family, there are restrictions on the kinds of homes that can be purchased:
What Do I Need to Get the Mortgage?
You must have proof that you have been working full-time in Canada for at least 3 months. Your 5% down payment must come from your own savings. It’s also possible for your family to give you the down payment as a gift, or for your employer to subsidize the down payment as part of your relocation agreement. If you owe money outside of Canada on a loan, mortgage, credit card, or any other kind of debt, the amount of your debt must be included in your application.
1. Proof of Employment: A letter of employment from your employer that includes an overview of your salary and employment status
2. Proof of Down-Payment: A statement from your bank or investment company which shows that either you, your family, or your employer, can provide the minimum 5% of the purchase price.
3. Purchase and Sale Agreement: A copy of the purchase and sale agreement so we can confirm the value and location of the home you want to buy.
For all applications, you will need:
1. Proof of Employment: You’ll need letter of employment from your employer with an overview of your salary and employment status.
2. Proof of down payment: You’ll need to obtain a bank statement or statement from your investment company showing you have at least the minimum of 5% of the purchase price saved, or proof that the balance will be paid by your family or your employer.
3. Purchase and Sale Agreement: You’ll need a copy of your purchase and sale agreement, so that the value and location of the home you wish to buy can be verified.
This program provides a great opportunity for people new to Canada. Make sure to look into it before you begin the home buying process. Contact us to learn more and to discuss what options are available to you. If you are new to Canada, this is a terrific program to look into before you start the home buying process. You can contact us here to learn more about this program and to discuss the options available to you.