Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible to purchase a property with as little as a 5% down payment.

Genworth’s New to Canada program helps new Canadians purchase their first home sooner, making it easier for these families to become economically established in Canada.

This program provides up to 95% loan-to-value ratio (LTV) for qualified homebuyers. The LTV indicates how much of the property is being financed, so this high LTV is ideal for first time buyers who may not have the necessary funds to pay a lot upfront for their new home.


  • Up to 95% LTV
  • Low down payment: As little as 5%
  • Fixed, variable, or adjustable rate mortgages
  • Portable Mortgage
  • 3 months minimum employment
  • 2 years minimum self – employment

Typically, for an applicant to be considered “New to Canada” they have immigrated to Canada within the last five years. The reason for this distinction is, within the first 5 years of being in Canada you will have limited credit history. When a bank is reviewing your application, standard underwriting guidelines for credit and income confirmation are adjusted to reflect the reality of “New Canadians”. 

Luckily, some Canadian banks and lenders offer New to Canada mortgage insurance programs that serve as the bedrock for lenders to offer mortgages to new residents. If you are purchasing with less than 20% down here are the requirements:

New to Canada Program (insured purchase) 

Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible under Sagen’s New to Canada Program to purchase a property with as little as a 5% Down payment.

Acceptable Loan Purpose and Applicable Loan-to-Value Limits

Purchase Transactions

  • 1 and 2 units: 95% LTV (includes both purchase and improvement amount).
  • Property value ≤ $500,000 –5% Down payment required
  • Property value > $500,000 and < $1,000,000 –5% Down payment required up to $500,000, with an additional 10% Down payment on the portion of the home value above $500,000.
  • 3 and 4 units: 90% LTV (includes both purchase and improvement amount).

Loan Security

  • First mortgages

Eligible Properties

  • Maximum 4 units, where 1 unit must be owner occupied
  • New construction covered by a Lender approved New Home Warranty Program*
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re -sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years.
  • In addition, for 3 and 4 units, the property must meet the following criteria:
    • Municipal zoning
    • Fully self-contained units

Maximum Property Value

  • Property value must be less than $1,000,000

Qualifying Terms and Interest Rates

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
  • Maximum amortization of 25 years
  • The qualifying interest rate is the greater of the contract rate plus 2 % or 5.25 %.

Purchase with as little as 5% down* (conditions apply) 


  • International credit report (Equifax or TransUnion) demonstrating a strong credit profile.


  • Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
    • Rental payment
    • One other alternative source (hydro / utilities, telephone, cable, cell phone and auto insurance).

Up to 90% LTV

  • Letter of reference from a recognized financial institution OR six (6) months of bank statements from primary account.

Down payment

Qualified home buyers may use traditional Down payment sources including personal savings, RRSP withdrawal, non-repayable gift from an immediate family, proceeds from sale of property

Additional Criteria

  • Borrowers must not be prohibited from purchasing a property under the “Prohibition on the Purchase of Residential Property by Non-Canadians Act”
  • Must have immigrated or relocated to Canada within the last 60 months.
  • Must have a valid work permit or obtained permanent residency.
  • Guarantors and Non-Residing Co-borrowers are not permitted.
  • Foreign Diplomats or any other foreign politically appointed individuals who do not pay income tax in Canada are ineligible for this program.
  • Clergy assigned to specific church requires only a visitor record.

Ineligible Products

  • Business for Self – stated income (Alt. A) Program
  • Borrowed Down payment Program
  • Family Plan Program
  • Vacation / Secondary Homes Program
  • Investment Property Program
  • Second Mortgage Program

It is very important to have bill payments registered in your name as a new Canadian in order to develop a financial fingerprint in Canada.  

If you are self employed, on contract, commission based or any non-permanent/guaranteed income you will need a minimum of a two year average of the business income in Canada, there are no exceptions for this.