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True North Mortgage provides details on their “New to Canada” mortgage program to help people who have recently moved or relocated to Canada get a mortgage. If you’ve ever lived abroad you know how difficult it is to get basic things that you take for granted in your own country such as a bank account, credit card, telephone services, etc. Over the last few years it’s become even more complex as there are now so many laws and regulations that are designed to prevent money laundering – it can be virtually impossible. Oftentimes, for those people who have recently arrived in Canada, it can be just as tricky to secure a mortgage in this country.

Thankfully, True North Mortgage is working with Genworth Financial and the Canadian Mortgage Housing Corporation (CMHC) to offer qualified homebuyers who have moved to Canada a mortgage with as little as a 5% payment and have outlined the steps and requirements below.
Approved mortgage types and properties. Acceptable home loan purposes for recent immigrants and people who have relocated to Canada are new home purchases, improvements and extended amortizations available up to 35 years. There are a few restrictions on the type of properties that can be purchased such as a maximum of 2 units and one must be used as the principal residence, meaning you have to live in the property as your main home. It’s fairly flexible for the type of property you can buy as newly built houses and existing properties that are on the market are acceptable.