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(Sept 22, 2023)

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When qualifying for a mortgage, the down payment verification process typically requires documentation that proves you have had the funds in your possession for a minimum of 90 days and as long as 120 days. Lenders also allow down payment proceeds to be gifted from immediate family members.

Work permit holders follow the same down payment guidelines as Canadian citizens, except when it comes to gifted down payments. With work permit holders, gifted down payment proceeds are allowed, but only after the applicant provides a minimum of 5% from their own sources.

For example, on a $400,000 property purchase, a minimum down payment of $20,000 is required from own sources (your own money) and any down payment amount above $20,000 is eligible as gifted funds.

Are you a work permit holder and need help navigating your way through the mortgage qualification process in Canada? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

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