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New to Canada
This program is available to permanent or temporary residents who can provide confirmation that they have applied for permanent residency. To qualify, applicants must:
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Have immigrated or landed in Canada within the last five years (possession of the home must occur before this five-year mark).
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Be employed full-time for at least 3 months.
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Meet standard lender and mortgage insurer guidelines, except in the area of credit history (see details below).
I haven’t established much credit—can I still apply?
Yes! If you have little or no credit history, we can use "alternate credit" to verify your payment history. This can include:
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A letter from your insurance company, Telus, Shaw, EPCOR, or your landlord
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Bank statements showing regular payments
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In some cases, a credit report from your country of origin (most commonly available from the U.S.)
Credit Requirements After the 5-Year Mark
In Canada, after your five-year mark, the recommended credit profile for mortgage approval typically includes:
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Two active credit accounts
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At least two years of credit history
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A minimum credit limit of $2,500 per account
For more information on the mortgage process, click here.