Moving to Canada and planning to buy a home? Great — even without years of local work or credit history, there are mortgage programs designed with newcomers in mind.
What “newcomer mortgage” means:
These are loan options for people who have recently immigrated or received permanent residency. Lenders and insurers may accept:
- Work permit or permanent resident card
- Proof of income (or savings + down payment)
- A larger down payment if credit history is short or absent — often 10% to 35% depending on conditions.
Rules vary by lender and property value:
- Proof of stable income or employment (recent payslips or contract)
- Sufficient down payment (savings or funds in Canada)
- If necessary — a larger down payment to compensate for short credit history
- Proper documentation of immigration status
If you’re new to Canada, these mortgage programs make homeownership possible much sooner — and give a fair chance even without a long credit history.