Mortgage Solutions for Newcomers

Getting a new-to-Canada mortgage is possible, even if you’re just starting to build your life here. We work with lenders across the country that offer programs specifically designed for:

  • Permanent Residents (PRs) and those on valid work permits
  • Those with little or no credit history in Canada
  • Newcomers seeking affordable home loans for immigrants in Canada
  • Applicants participating in a new immigrant mortgage program

Whether you’re employed, self-employed, or transitioning into a new role, we help match you with the right solution.

What You’ll Need

Understanding how to buy a home in Canada as a newcomer starts with knowing the basic requirements. Here’s what most lenders ask for:

  • Proof of Immigration Status: Permanent Resident (PR) card or valid work permit
  • Down Payment: 5% for homes up to $500K, increasing with price 20% minimum for homes $1.5M+, depending on the program and property type
  • Proof of Employment or Stable Income: Pay stubs from recent months or an employer’s letter
  • International Credit History (Optional): In some cases, foreign credit reports or references may be used when Canadian credit is limited

We’ll walk you through everything you need to gather and help position your application for success.

Why Work With Millennium?

We understand the unique challenges new immigrants face when entering the housing market. That’s why our services are built around your specific needs.

  • Experts in Newcomer Mortgage Programs: We’re familiar with all major Canadian mortgage options for new immigrants, including lender policies and approval processes.
  • Multilingual Support: Our advisors speak multiple languages and make sure nothing gets lost in translation.
  • Step-by-Step Guidance: From preparing documents to getting approved, we support you every step of the way.

We’ll help you compare options and secure the best mortgage for newcomers to Canada without unnecessary delays or confusion.

Frequently Asked Questions (FAQs)

  • Can I get a mortgage without Canadian credit?
    Yes. Some lenders allow you to use international credit reports, rental history, or utility payments as alternatives.
  • Do I need to be a permanent resident to qualify?
    No. Many lenders accept work permit holders under certain conditions. We can guide you through what’s needed.
  • What is the minimum down payment?
    Most newcomers will need at least 5–20%, depending on the program and whether you’re buying a home or investment property.
    Up to $500K: 5%
    $500K–$1.5M: 5% of first $500K + 10% of rest
    Over $1.5M: 20%
  • Can I use foreign income to apply?
    In some cases, yes. Lenders may consider foreign income if it’s well-documented and stable.