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(December 8, 2022)

Prior to becoming a full-fledged Canadian citizen, newcomers in Canada fulfill a 5 year period as Permanent Residents (PR). It is within this 5 year period where you will find, perhaps the most accommodating mortgage qualification program in the marketplace. As long as you earn a minimum of $25,000 (single or combined household income) and have liquid assets equivalent to 24 months of your qualified mortgage payment you can essentially qualify for a mortgage of up to $1.5M.
This mortgage qualification program is known as the PR Income Based Mortgage Qualifier and is available through select mortgage brokerages in Canada. The true essence of this mortgage program is to accommodate newcomers who were previously earning higher incomes in their former country, but due to Canadian education and certification standards, have not been able to immediately transition to their former profession. The PR Income Based Mortgage Qualifier program recognizes that a professional from another country may require a few years to transition into Canadian equivalent standards.

Here are the key qualification criteria for the PR Income Based Mortgage Qualifier:

minimum down payment of 35%
maximum amortization of 30 years
only available to applicants who have been classified as Permanent Residents within a 5 year period (applicants who have renewed and extended their PR status beyond their original 5 year term are not eligible)
also available to Canadian citizens who have returned to Canada from abroad within a 1 year period
available for Purchases and Refinances for Rental and Owner Occupied properties
in addition to a Canadian credit report (usually Equifax), a Foreign Bureau might also be required if Canadian credit history is less than 9 months
must be employed for a minimum of 60 days
detailed explanation of past employment from previous country
explanation of how you will transition into your profession within Canada’s regulatory framework (as it relates to your profession)

Here is a sample of a Newcomer profile:

If you are new to Canada and looking to qualify for a mortgage, call or text Marko Gelo directly at 604-800-9593 cell/text, or schedule a phone call in the future with Marko at your convenience.

I arrived in Canada and want to purchase a house – what do I need to know about mortgage qualification?

Temporary Residents, Mortgage Qualification, and Foreign Buyer Tax in Canada