When it comes to mortgages for newcomers to Canada, the qualification criteria remains similar to what Canadians can expect but with the following exceptions:

Minimum down payment thresholds vary anywhere from 5% to 35% depending on ones residence status:

• Permanent Resident with standard income confirmation: 5-10% minimum down payment
• Permanent Resident with no income, but high net worth: 35% minimum down payment
• Temporary resident (work permit, students): 10% minimum down payment
• Non-Resident (Canadian Citizens, Permanent Residents and Foreign Residents that do not reside in Canada): 35% minimum down payment

Newcomers must also have arrived in Canada within the following timeframes to be eligible for newcomer mortgage qualification, otherwise, they will be subject to standard Canadian qualification guidelines:

• Permanent Resident / Landed Immigrant: eligible within a 5 year period since arrival in Canada
• Temporary Resident: eligible within a 2 year period since arrival in Canada and at least 3 month job tenure

And lastly, the remaining newcomer-friendly qualification criteria, credit history.  Many newcomers that arrive generally do not have any established credit in Canada.  This would be a hard stop for any Canadian citizen application, but for a newcomer, the following alternate forms of credit worthiness are accepted (as long as they still maintain their current residence status within the time frames mentioned above):

• Preceding 12-month history of rent paid in Canada and 12 month history of 2 regular monthly obligations (i.e. utilities bill statement, car loan, cell phone, etc)
• if unable to produce rent history and and 2 regular monthly obligations, then applicant will be subject to minimum 10% down payment and the following requirements: (i) Letter of Reference from recognized Financial Institution outlining history and past credit experience (ii) 6 months of Bank Statements from a Primary Account (living expenses such as rent and food flowing through the account), with no evidence of financial difficulties (i.e. no NSF items)

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