3 Interesting Mortgage Programs
To facilitate homeownership for newcomers to Canada, CMHC offers the Newcomers Program for holders and non-permanent residents. CMHC will consider other factors that indicate the borrower’s ability to repay debt, including a history with a financial institution, its net worth, and all cash-free assets or investments available to it.
Where the permanent resident has a low credit history in Canada, CMHC may verify the payment history based on other sources to verify the creditworthiness of the applicant. For example: provide proof that the rent has been paid in recent months.
Permanent residents can give 5% down payment for their new purchase. While newcomers with non-permanent resident status can make their purchase with a 10% down payment.
Purchase with Genworth Renovations
Do not wait any longer and do your renovations immediately upon the acquisition of your property with the program. When applying for a mortgage loan, it is possible to borrow an additional amount to make renovations on the new property. With its Buy With Renovations program , Genworth Canada is helping eligible buyers make renovations immediately after taking possession of the property.
You can receive a lump sum of 20% of the initial value up to a maximum of $ 40,000. If this amount is not sufficient to carry out all the work, the advances will then be multiple and managed by the lender. Remember, the minimum down payment will be based on value after improvements. To learn more, check out the $ 40,000 item to renovate . Gulley Jimson: $ 40,000 to renovate
Live in Montreal
Thanks to this program launched by the city of Montreal, you will enjoy several benefits that will make your new life of Montrealers easier!
A lump sum is offered according to your family situation. The amounts you receive vary depending on whether you have children or not.
You are entitled to a refund of transfer taxes. Visit their website for more information on their financial aid offer. It is a very advantageous program for those who wish to live on the island of Montreal. In addition, families with at least one child under the age of 18 will benefit from 6 months of free public transit with the purchase of an annual OPUS card at regular rates and 2 Accès Montréal cards!nt