What is the Minimum Down Payment Required for a Non-Residents Mortgage?
Author: Boychuk Mortgage Group |
For U.S. residents, a minimum down payment of 20% is generally required.
For those living anywhere outside of Canada and the U.S. who file their taxes outside of Canada, or earn a foreign income, you will be required to have a minimum down payment of 35%.
It is important to note that your down payment is required to be from your own source and to be available in a Canadian bank account prior to the completion of your new mortgage.
In certain circumstances, some lenders will require one full year of mortgage payments to be set aside in an account under a Canadian financial institution before approval.