Do you reside outside of Canada for at last 6 months of the year, are living in Canada as a non-resident, file your taxes in a different country outside of Canada, or earn a foreign income from an international source outside of Canada and are looking to buy a home in Canada?
If this sounds like you, we have a solution for you and your family under our non-resident’s mortgage program!
We understand that securing mortgage financing in Canada the traditional way can sometimes come with challenges and even be overwhelming at times. That’s why our trusted mortgage advisors work diligently with you to help you understand the ins and outs of all available options.
- What is a Non-Residents Mortgage and Who is it For?
- I Don’t Have Any Established Credit, How Do I Qualify?
- What is the Minimum Down Payment Required for a Non-Residents Mortgage?
- I Purchased a Home from Abroad and Can’t Be There to Sign With My Legal Team at Completion – Now What?
- What Proof of Income Documents Are Required for The Non-Residents Mortgage Program?
- What Are the Steps to Getting a Non-Residents Mortgage?
Our non-residents mortgage program allows all home buyers who are Canadian citizens, permanent residents, or foreign residents residing outside of Canada to qualify for a mortgage.
- Criteria for our non-residents mortgage program:
- You reside outside of Canada for 6 months or more a year
- You reside in Canada as a non-resident
- You file your taxes in a different country outside of Canada
- You earn a foreign income from an international source outside of Canada
- Our non-residence mortgage program allows you to confirm your credit worthiness in a variety of ways. As a pose to the traditional requirement of the Canadian credit bureau, a non-resident may qualify by providing one or more of the following credit resources:
- A Canadian and/or international credit bureau showing your credit history and your ability to make payments on time.
- 6 months verifiable bank statements from a recognized Canadian financial institution or from a financial institution in the country of origin showing your ability to pay down debts.
- 6 months verifiable credit card statements from a recognized Canadian financial institution or from a financial institution in the country of origin showing your ability to pay down debts.
- A letter of reference from your financial institution in the country of origin confirming a minimum 6 months satisfactory banking relationship.
- The purpose of these credit statements are to show your ability to pay your debts on time, forming an alternative solution to helping you get into the home of your dreams.
- 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.
- When purchasing your new home from an international location, you will have the option to sign your final documents remotely with your legal team.
- While there are restrictions and conditions to what documents are required as proof of ID, it’s important you speak with one of our mortgage advisors at Boychuk Mortgage Group to ensure we can help you meet those criteria ahead of time.
- Standard income documents will be required under the non-residents mortgage program.
- Those standard income documents include a current pay stub, an annual earned income statement from your country from the past two years, and a letter of employment confirming how you’re paid, length of employment at your company, and confirmation that you are not on probation.
- The first step is to reach out to one of our trusted mortgage advisors for your free, no obligation discover call.
- During your discovery call, we discuss your unique financial situation, your property objectives, your borrowing capacity, detail the steps in the home buying process, and advise on any hurdles you may encounter to help pave the way for a smooth home buying experience.
- This initial step provides clarity for common questions or concerns. We even go through some “what-if” calculations and scenarios to help ensure a strong understanding of your options. A detailed action plan is then prepared, giving you the confidence needed to move forward with certainty.
- The second step would be to collect a formal mortgage application, credit consent form, and a checklist of lender required documents in which you can safely upload into your mortgage portal. Once complete, the heavy lifting on your end is done and we will proceed with setting up your new pre-approval.
- The third step is to work with a trusted real estate agent to help you find your new dream home. With a strong understanding of how much you can borrow, the fun part begins as you are now ready to start the home search process.