The Temporary resident program applies to those who are entering or living in Canada with a valid working class visa (Work Permit #1442), valid for one year or greater, and a minimum of 6 months’ time remaining from the date of the credit application; OR a letter from the current Canadian employer confirming Customer is exempt from the requirement to obtain a work permit and the reason for this exemption.
It also applies to Experience Class Students with work permits that include the remarks: Post Graduate Program xxx years allowable.
Must have good credit history.
Insured by Genworth or Canada Guaranty – 5% down from own resources
Insured by CMHC – 10% down from own resources.
Uninsured- 20% -35% down depending on lender.
Criteria for credit history, down payment and employment are very detailed and consulting a mortgage broker is advised for applying for this type of financing.
Temporary Resident August 9, 2018