| Newcomers to Canada play an increasing role in | | | | to 95% for qualified new immigrant applicants under |
| Canada's future population growth, creating new | | | | the insurer's program. |
| market opportunities. Insured financing is available to | | | | ADDITIONAL INFORMATION |
| borrowers with permanent and non-permanent | | | | This program applies to individuals who have recently |
| residence status, helping newcomers to realize their | | | | been granted Canadian immigration status but have |
| dream of homeownership in Canada. | | | | not had sufficient time to establish a Canadian credit |
| In support of providing mortgage financing to new | | | | bureau history. |
| immigrants where no Canadian credit score has been | | | | Qualifying criteria include: |
| established, a number of banks have adopted an | | | | - Must have immigrated/relocated to Canada within |
| insured "New to Canada" policy in cooperation with | | | | the last 36 months. |
| the default mortgage insurance companies, Canada | | | | - 3 months minimum full-time employment in Canada |
| Mortgage and Housing Corporation, and Genworth | | | | (borrowers being relocated to Canada by their |
| Financial. | | | | employer can be considered on an exception basis). |
| Previously, lending to new immigrants was only | | | | - Must have obtained landed immigrant status. |
| available under Equity Lending guidelines and applicants | | | | - Guarantor's Income Confirmation required (if |
| were only permitted to borrow with a loan-to-value | | | | applicable). |
| ratio up to 75%. This New to Canada program will | | | | - Maximum Gross Debt Service (GDS) ratio of 32%, |
| allow mortgage financing with a loan-to-value ratio up | | | | Total Debt Service (TDS) ratio of 40%. |