Product Name |
Mortgages for self-employed |
Mortgages for new immigrants |
100 % financing mortgages |
Product description |
Hassle free mortgage financing for business owners, self-employed and commissioned sales people who have been in business for more than 3 years. |
This product caters to the needs of new Canadians who have immigrated to Canada within the past 12 months. |
This product is designed for first-time homebuyers who have established an excellent credit history but have not yet accumulated the required minimum down payment or have chosen to use their savings for other asset enhancing purposes. |
Product features |
Minimum down payment 10%
Borrow up to 90%* of the appraised value of the home
Existing properties and new construction
Maximum 2 units where at least one unit is owner occupied as their principal residence
Proof of no outstanding income tax arrears
Terms: 1 to 5 years, 25 year maximum amortization |
New construction or existing properties. Maximum 2 unit property where 1 unit must be owner occupied
Primary applicant must be employed by an established and highly respected company with a minimum salary of $60,000
Must have a minimum down payment of 10% from own resources (exclusive of gifts, grants, etc.).
Borrow up to 90%* of the appraised value of the home
Terms: 1 to5 years, 25 year amortization |
Owner occupied, new construction or existing properties
Employment and income verification required
Borrower should have enough resources to cover the closing costs of 1.5% of the purchase price
Terms: 5 years, fixed rate only.
Maximum amortization 25 years |
