If you have immigrated or relocated to Canada within the past 5 years, you could be eligible to purchase a home with as little as 5% down payment. The property must not have more than 2 units and one of the two units must be owner-occupied.
You must also have 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt), and have a valid work permit or obtained landed immigrant status. For 95% LTV financing, the down payment of 5% must come from own resources. For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
All debts held outside of Canada must be included in the total debt-servicing ratios. Guarantors are not permitted, and Foreign Diplomats who do not pay tax in Canada are ineligible for this program.