* Only borrowers exempt from the Prohibition on the Purchase of Residential Property by Non-Canadians Act may be considered for mortgage loan insurance.
Eligibility
- Newcomers with permanent resident status have access to all CMHC homeowner mortgage loan insurance products.
- A minimum down payment starting at 5% is required.
Establishing creditworthiness
- At least one borrower (or guarantor) must have a minimum credit score of 600.
- If there is limited Canadian credit history, CMHC may consider:
- an international credit report
- a letter of reference from the borrower’s financial institution in their country of origin
- alternative methods of establishing creditworthiness
- Examples of borrowers without a credit history could include recent graduates and newly divorced borrowers.
For more information on establishing creditworthiness, download the CMHC Newcomers Fact Sheet.
Eligibility
- Non-permanent residents must be legally authorized to work in Canada (e.g., work permit).
- Mortgage loan insurance is available for 1-to-4-unit properties.
- At least one housing unit must be owner-occupied.
- The purchase must not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Establishing creditworthiness
- At least one borrower (or guarantor) must have a minimum credit score of 600.
- If there is limited Canadian credit history, CMHC may consider:
- an international credit report
- a letter of reference from the borrower’s financial institution in their country of origin
- alternative methods of establishing creditworthiness
- Examples of borrowers without a credit history could include recent graduates and newly divorced borrowers.
For more information on establishing creditworthiness, download the CMHC Newcomers Fact Sheet.