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Temporary Resident

Temporary Residents

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