• Karla Linares

New To Canada Programs

This note will give you valuable information to understand options if you are new to Canada or making income outside Canada. Feel free to call or email me if you have questions on this note or on your credit.

What are my options if I am new to Canada and buying a home? Lenders have a few programs for new to Canada clients designed to help you buy a home quickly. Lenders accept work visa and permanent resident cards. There are three main ways to get a mortgage depending on how much you have as a down payment. They are:


5% Down Payment is the first program and requires the greatest amount of documentation to qualify.

o You do not need to have any credit on your credit bureau reporting.

o You will need a landlord letter and bank statements that you have paid rent in Canada for 12 months on time.

o You will need a full time job and not in the initial three-month probation period.

o You will also need to have saved 5% down and have it in a bank account for 3 months.

o You have to arrived in Canada in the last 5 years.


10% Down Payment is the second program and requires less documents to qualify. o You will need to show you have been paying two bills on time for the last six months, this can include a credit card or a cell phone. The lend can also accept a letter from your bank that you have been a client in good standing. o All other conditions are the same as the 5% down payment program.


35% Down Payment is the third program and does not need many documents. o No proof of job is usually needed. o No credit is needed. o You will also need to have saved 35% down and have it in a bank account for 3 months. o You will need extra savings about the 35% down payment to show the lender that you can make payments for at least a year. o You have to have arrived in Canada in the last 3 years.


How do I call to do an application? • You can call me at 403-966-7705 and we can complete an application over the phone in about 15 minutes. This information will let you know how much you qualify for, what your payments will be etc

How do I get a credit score? There are many factors that are taken into account to determine your score but here are a few simple steps to increase your score are: • Keep at least two active accounts. This includes credit cards, car loans, other loans and lines of credit. • You can apply for credit at www.capitalone.ca or www.mbna.ca and they have programs for new to Canada. • Make your payments on time - Being late on payments can dramatically lower your score.

Again, thank you and talk to you soon.


Kind Regards,

KARLA LINARES

Realtor® and Mortgage Associate

Redline Real Estate

Phone: 403-966-7705

E-mail: Karla@redlinerealestate.ca


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