Welcome to Canada.
Here's your home.
Mortgage programs designed for permanent residents, work-permit holders, and other newcomers — even with limited Canadian credit history.
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- No fees, ever
- Licensed Alberta brokers
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We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
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The Skip the Down Payment program — and any mortgage with less than 20% down — requires solid credit history. Here's what good credit looks like and how to build it.
If you don't have any credit history yet, start with secured Visas from Scotia Bank and Home Trust — they're easier to approve for and a great first step. You can track your score for free at www.equifax.ca.
Down payment ranges and what credit you'll need
- 0–4% down: excellent credit, score above 680
- 5–9% down: score of 620+, no late payments or collections in the last 2 years
- 10–19% down: score of 580+, no recent late payments or collections
- 20%+ down: multiple lenders available depending on your interest rate tolerance
Tips to bump up your credit score
- If you've missed payments, try to open or maintain three credit accounts with perfect repayment going forward. (Student loans don't count.)
- Re-establishing payment history typically takes:
- ~12 months for one missed payment
- 2–3 years for 60- or 90-day late payments
- 3+ years for written-off debts (excluding minor collections like cell phone bills)
- Consumer proposals and orderly payment of debt are treated like a bankruptcy for mortgage purposes — wait times are significantly longer.
- Keep credit utilization low. Utilization is the ratio of balance to total credit limit. 30% or under is ideal.
- If you plan to purchase a home within 24 months, do not finance a vehicle purchase — the high utilization of that debt will reduce your score and your mortgage approval chances.
Why closing cards can hurt you
Say you have these accounts:
| Account | Limit | Balance |
|---|---|---|
| Credit Card A | $15,000 | $0 |
| Credit Card B | $10,000 | $0 |
| Credit Card C | $5,000 | $4,000 |
| Loan (orig. $20,000) | $20,000 | $17,000 |
Total utilization: $21,000 balance ÷ $50,000 total limit = 42% — that's healthy.
Now close Cards A and B (because you don't use them). New utilization: $21,000 ÷ $25,000 = 84% — that's bad. Your credit score could drop 50 points overnight.
A mortgage as your foothold
Buying a home is one of the strongest signals of long-term commitment to Canada — and it's also one of the best financial moves new Canadians can make. Rents in major cities are punishing; rates of return on home equity over 5+ years have historically beat any other widely-accessible asset class.
Federal mortgage insurance programs explicitly accommodate borrowers who are new to Canada. Limited Canadian credit history? Foreign-earned wealth? International credit references? Each is workable, with the right lender and the right packaging.
Right fit checklist
-
Permanent resident or work permit. Most programs require either PR status, or a work permit with at least 12 months remaining. Citizens are also eligible (though usually qualify under standard programs).
-
Some Canadian credit. Even a few months of a Canadian credit card with on-time payments helps significantly. International credit references can supplement.
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Income documentation. T4s if you've started Canadian employment, or job offer letters. Foreign income generally not used for qualifying.
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Down payment of 5-10%. 5% may be possible for highly-qualified PRs; work-permit holders typically need 10% minimum.
Three steps to a quote
Document gathering
Job offer or pay stubs, immigration documents, bank statement showing source of down payment, any existing Canadian credit you have.
Right-lender match
Some lenders are more accommodating to newcomers than others. We submit to the ones with the strongest track record on similar files.
Closing in 30-45 days
Once approved, typical closing timelines apply. Many of our newcomer clients close on their first Canadian home within 60 days of starting the process.
What's available
PR-status programs
Federal insurance programs treat permanent residents identically to citizens for mortgage qualifying — same rates, same down-payment minimums.
Work-permit programs
Specific lenders offer mortgages to work-permit holders, usually requiring 10% down and 12+ months of permit remaining.
International credit references
Some lenders accept letters of reference from your home-country bank or credit issuer in lieu of full Canadian credit history.
Same low rates
Rates for new-to-Canada programs are usually identical to standard programs — newcomer status doesn't carry a rate premium with most lenders.