Mortgage options
New to Canada? You can own a home sooner than you think.
A short Canadian credit history should not keep you renting for years. Newcomer programs from the mortgage insurers and several lenders are designed for exactly your situation, and Tisha knows how to use them.
Newcomer mortgage programs in Ontario
If you arrived in Canada within the last five years and have permanent resident status or a valid work permit, you may qualify for a newcomer mortgage with as little as 5% down on the first $500,000 of the purchase price. Lenders can accept alternative proof of credit, such as 12 months of rent and utility payments, or an international credit report from your home country, in place of a long Canadian credit history.
The key requirements are stable, verifiable income in Canada (usually at least three months with your current employer, unless you are on a professional transfer), a down payment from your own resources or a family gift, and a clean record on any Canadian credit you have established so far.
Tisha has helped many newcomers to Brantford, Hamilton and Cambridge buy their first Canadian home. She explains the process in plain terms, tells you exactly which documents to gather, and works with the lenders that treat newcomer files as an opportunity rather than an exception.
"A short Canadian credit history is a timing issue, not a character issue. Lenders have programs for exactly this."
Who this is for
Who newcomer programs are built for
Permanent residents
Landed within the last 5 years, employed in Canada, buying a home to live in.
Work permit holders
Valid permit with time remaining, verifiable Canadian income, and a plan to stay.
Professional transfers
Relocated to Canada by your employer? Shorter employment history can be acceptable.
Buyers with international credit
A credit report from your previous country can support your application.
Families with gifted down payments
Gifts from immediate family abroad are accepted with the right documentation and transfer trail.
Buyers with a larger down payment
35% or more down can unlock conventional lending with no Canadian credit history at all.
How it works
From arrival to approval
- 01
Eligibility check
Status, arrival date, employment and down payment. A ten-minute conversation tells you where you stand.
- 02
Credit story
Whatever Canadian credit you have, plus rent, utilities and international reports, assembled into a convincing file.
- 03
Approval
Tisha chooses the lender and program, and prepares the file so the underwriter has no reason to pause.
- 04
Closing
Lawyer, insurance and funding, with guidance on the parts of the Canadian process that are new to you.
Do I need a Canadian credit history to get a mortgage?
Not necessarily. Newcomer programs accept alternative credit, such as 12 months of rent and utility payments, and international credit reports. A larger down payment also opens conventional options that do not rely on credit history.
How long do I need to be employed in Canada?
Typically at least three months with your current employer, with the probationary period complete. Professional transfers with the same employer are often exempt from that requirement.
Can I use a down payment from my home country?
Yes. The funds need a clear paper trail showing they are yours, or a gift from immediate family, and they generally need to be in a Canadian account before closing. Tisha will tell you exactly what the lender wants to see.
What if I am not a permanent resident?
Work permit holders can qualify for newcomer programs. Non-residents who do not intend to live in Canada are treated differently and usually need a larger down payment, but there are still options.
Related mortgage options
Free consultation
Welcome to Canada. Let's talk about your first home here.
Tell Tisha what you are trying to do and she will come back with options, not a sales pitch. Free, no obligation, no credit check to start.
- Over 20 years in retail banking
- Former mortgage underwriter: she knows what lenders want
- Banks, credit unions, monoline and alternative lenders
- Lender-paid on most residential mortgages