New to Canada Incentive

CMHC for Newcomers (Canada Mortgage and Housing Corporation)

Accessible to permanent and non-permanent residents.

• No minimum period of residency required.

• Alternative sources of establishing creditworthiness may be considered for permanent residents.

• Mortgage loan insurance is limited to the purchase of a 1-unit property, owner-occupied, for non-permanent residents

 Newcomers to Canada with permanent resident status have access to all CMHC homeowner mortgage loan insurance products, with a minimum down payment starting at 5%.

If there is limited Canadian credit history, and where foreign credit bureaus are not available, CMHC may consider alternative sources of payment history.

Establishing Creditworthiness

At least one borrower (or guarantor) must have a minimum credit score of 600.

CMHC may consider alternative methods of establishing creditworthiness for borrowers without a credit history. Examples of borrowers without a credit history could include recent graduates and newly divorced borrowers. For more information on alternative sources of payment history, download the CMHC