What down payment is required for Non-Resident & Foreign Income Mortgages?

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.