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Non-Residence Lending

Non-Residence Lending

Non-residence lending is a program for Canadians living abroad and non-Canadian Citizens that wish to purchase a property in Canada. Do note that various lenders have restricted lending areas, and in some cases, certain lenders will not lend under this program.

Program Requirements include:

  • Down Payment:
    35% is the required minimum down payment from one’s own resource. Down payment must be available in a Canadian Bank account prior to the Mortgage funding. Down payment cannot be in the form of a Gift and proof of funds for 90 days prior to financing is also required.
  • Proof of Income:
    To prove income, a letter of employment from your current employer confirming the length of time at the company, your annual salary including bonuses and confirmation that you are not on probation and your salary, are required. A recent paystub will also be necessary.
  • Proof of Credit:
    If a Canadian Credit bureau is not available to you, then an international credit bureau or letter of reference from the bank you currently deal with should suffice.
    Some lenders will require a year’s worth of mortgage payment in a Canadian bank account before they will approve.