Mortgage Downpayments: PR Status vs. Non-Residents?

[flux21c]

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

 

[steaky]

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.

 

[ALRIVAS]

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]

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%?

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).

 

[zardoz]

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?

 

[acey]

Thanks for the advise. Just checked. 731 As of 02/06/2016 VERY GOOD ;D

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?

 

[ALRIVAS]

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.