New Canadians get help to buy

Genworth launches new homeownership program. People relocating to Canada will be able to buy homes sooner through a new program, says Genworth Financial Canada. The company's “New To Canada” homeownership program uses expanded credit and documentation guidelines to make it easier for new residents to purchase a home with a down payment of as little as five per cent, using Genworth mortgage insurance.

“In 2006, Canada will welcome more than 300,000 new residents in part to address the country's growing shortage of skilled labor,” said Peter Vukanovich, president of Genworth Financial Canada. “Housing is a top priority for these new residents, and we created the ‘New to Canada' program with our lender partners to unlock the door to homeownership for them.”

To be eligible for the program, borrowers must have immigrated or relocated to Canada within the previous 24 months and have a valid work visa or landed immigrant status. In addition, they must have a minimum of three months full-time employment in Canada. Borrowers transferred under corporate relocation programs are exempt from these requirements.

“There is no longer a ‘one size fits all' approach to home mortgages and financing,” said Vukanovich. “This program allows us to help new residents own homes sooner, build equity and become economically established in Canada.”

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Hello Amit,

Thanks for the information.

So, this program does not take into account the credit history ?
And what are the chances of a person getting this mortgage apporved, if he just migrated / re-located, and on a job say for a good 3-4 months ?

The financial institutions have become very aggresive these days and qualification varies on case-to-case basis. One can consult a mortgage professional, they are the best people with expertise to put together the package (application) that meet bank guidelines.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/