+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

flux21c

Newbie
Sep 3, 2013
3
0
The required downpayment for mortgages for applicants with PR Status are as low as 5% vs. Non-Residents at a higher 25%-35%.
Does anyone know what specific documents a mortgage lender will generally require to confirm an applicant’s Permanent Resident status?

Many thanks for any pointers,
Frank
 
Couldn't a PR can be non residents too? Therefore, there is probably no such thing as minimum downpayment for applicants based on their immigration status.
 
Hi flux21c the downpayment is based on your status as you mentioned but your credit history plays a mayor roll,and is structured as follow.
Non immigrants,PR or Canadians without credit history,bankrupt 35% or more.
PR or Canadians with 6 months to 1 year of credit history 20%.
PR or Canadians with 1 to 2 years of of credit history maybe eligible for 5% but normally 10% will do it.
PR or Canadians with more than 2 years of of credit history will be eligible for 5%.
When I say credit history I mean (good to excellent credit).
 
What about someone who has been living here for approx 5 years and has credit cards, OD, post-paid phone, etc.
Surely that credit before PR must make them eligible for 5%?

ALRIVAS said:
Hi flux21c the downpayment is based on your status as you mentioned but your credit history plays a mayor roll,and is structured as follow.
Non immigrants,PR or Canadians without credit history,bankrupt 35% or more.
PR or Canadians with 6 months to 1 year of credit history 20%.
PR or Canadians with 1 to 2 years of of credit history maybe eligible for 5% but normally 10% will do it.
PR or Canadians with more than 2 years of of credit history will be eligible for 5%.
When I say credit history I mean (good to excellent credit).
 
acey said:
What about someone who has been living here for approx 5 years and has credit cards, OD, post-paid phone, etc.
Surely that credit before PR must make them eligible for 5%?
You can have all of those things and still have a terrible credit rating/score. Or, you can have been here for a much shorter time, only have a couple of credit cards and still have a very high credit rating/score. Maybe you should find out?
 
Thanks for the advise. Just checked. 731 As of 02/06/2016 VERY GOOD ;D

zardoz said:
You can have all of those things and still have a terrible credit rating/score. Or, you can have been here for a much shorter time, only have a couple of credit cards and still have a very high credit rating/score. Maybe you should find out?
 
Hi Acey with 731 beacon and 3 or more years of credit history you qualify for 5%,depending on your job you might qualify for 0 downpayment.
For more info email me al@alrivas.com or go to alrivas,com.