New Immigrant mortgage  new immigrant mortgage  - Lakhvinder gill- mortgage broker Surrey BC

Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible to purchase a property with as little as a 5% down payment.

Genworth’s New to Canada program helps new Canadians purchase their first home sooner, making it easier for these families to become economically established in Canada.

This program provides up to 95% loan-to-value ratio (LTV) for qualified homebuyers.

The LTV indicates how much of the property is being financed, so this high LTV is ideal for first time buyers who may not have the necessary funds to pay a lot upfront for their new home.


  • No minimum income requirements
  • Up to 95% LTV
  • Low down payment: As little as 5%
  • Fixed, variable, or adjustable rate mortgages
  • Portable Mortgage

What Kind of Property Can I Buy?

This program is designed to help a single family, which means the home you purchase cannot have more than two units and you must live in one of them. Your new home must be covered by an approved New Home Warranty Program.

You can also buy an existing home, but it must be a residential home in an area that shows a steady history of sales and purchases.

What Do I Need to Get the Mortgage?

You must have proof that you have been working full-time in Canada for at least 3 months.

Your 5% down payment must come from your own savings. It’s also possible for your family to give you the down payment as a gift, or for your employer to subsidize the down payment as part of your relocation agreement.

If you owe money outside of Canada on a loan, mortgage, credit card, or any other kind of debt, the amount of your debt must be included in your application.

For all applications, you will need:

  1. Proof of Employment: You’ll need letter of employment from your employer with an overview of your salary and employment status.
  2. Proof of down payment: You’ll need to obtain a bank statement or statement from your investment company showing you have at least the minimum of 5% of the purchase price saved, or proof that the balance will be paid by your family or your employer.
  3. Purchase and Sale Agreement: You’ll need a copy of your purchase and sale agreement, so that the value and location of the home you wish to buy can be verified.

If you are new to Canada, this is a terrific program to look into before you start the home buying process. You can contact us here to learn more about this program and to discuss the options available to you.

Contact Mr Lakhvinder Gill –  Best Mortgage broker in Surrey BC

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