MyMortgage.ca - Calgary Mortgage Broker
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At Pro-Link Mortgage we recognize the increased migration of foreign works to Canada. With new programs now available through the insurers’ these individuals can qualify for mortgage financing with as little as 5% down payment. (If the client is putting down 10% then 5% of the down payment can come from a corporate subsidy provided that the subsidy is part of the relocation program and not a loan)

Eligible properties:
  • Maximum two units where at least one unit must be occupied as the principal residence
  • New construction or existing properties

Amortization:

  • Maximum 35 years
  • Insurance for all of our extended amortization products will include a 0.20% premium surcharge for every 5 years of amortization beyond the traditional 25-year mortgage amortization period 
Borrower qualification: 
  • 95% financing for foreign relocation employee only
  • Must have immigrated or relocated to Canada within the last 36 months
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • Can you please put  95% - for foreign relocation employee only.
  • Must have a valid work visa or obtained landed immigrant status
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
Documentation Requirements:
  • Work Visa or verification of landed immigrant status, and:
  • Depending on the loan-to-value you will be required to submit the following;
    • 95% LTV: An international credit bureau
    • 90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF's
    • 85% LTV: If Guarantor on file, only the work visa or verification of landed immigrant status is required to be sent to the insure otherwise document requirements are the same as 90 percent LTV
 

Credit and Down payment requirements:

LTV

  

Max LTV = 95%

  

Max LTV = 90%

  

Max LTV= 85%

Credit Requirements

  

International credit report demonstrating a strong credit profile

  

Letter of reference from a recognized financial institution or Six months of bank statements from primary account

  

If no Credit reference available, a Canadian family guarantor with a strong credit profile required

Down Payment

  

3% from own resources

  

10% from own resources
5% can come from a corporate relocation subsidy

  

Up to 10% can be a gift from the non-occupying guarantor.

Foreign Employee Mortgage Example:
Mr. Smith is working in Calgary, Alberta on a work visa.  With 3% down and verification of income he can now purchase a home. 

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Have a mortgage question?

The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.

MyMortgage.ca - Calgary Mortgage Broker
Phone us toll-free @ 1-866-509-1090 for more information.