Are you a foreigner interested in purchasing a property in New Brunswick, Canada? Make sure to learn about the rules that apply to you regarding down payment:
- If you are new to Canada and do not have a Permanent Residence Card, you would need 50% down payment to finance the other 50%.
- If you have a work visa, you would need 35% down payment.
- If you have your PR card, you can purchase a home with as little as a 5% down payment.
Here are important CMHC’s guidelines for the newcomer’s purchase program which needs to be followed by all lenders:
- Need to be permanent resident or have a work permit in Canada.
- Must have a permanent Canadian job; no probation.
- Must have a minimum down payment (5%) in a Canadian account for the last 90 days or gifted from a close family member living in Canada.
- A credit score over 600 or may request an international Credit bureau if Canadian credit bureau does not show anything. Zero tolerance on late payments or collections.