Mortgage possibility with 5% down and overseas job

[Tapak]

Hi,

I wanted to get expert advice from mortgage brokers or pros. I am a recently landed immigrant having relocated from States after staying for 7 years.

I was on a workpermit (H1B visa) while in USA. I have continued working for the same employer (fortune 500 company) with my payroll being run in USA.

I want to buy a house in Calgary as 1st time buyer with 5% downpayment. 5% downpayment would be preferable but 10% is a possibility with a stretch.

I would like to know if there are 1st tier or 2nd tier lenders that might be willing to service my mortgage. I am hoping that the lender will be able to pull my US credit history (it's excellent) and consider my US payslips.

Given the situation, What are my options?

Thanks in advance.

Tapak

 

[scylla]

Unfortunately your US credit rating has no value in Canada. Many Americans (my husband included) have discovered this after coming to Canada. My husband has an excellent credit rating in the US, zero debt, owns several properties and has significant cash assets there as well. He couldn't even get a basic credit card when he first moved to Canada without having me as his co-signer.

You will have to build your credit rating again from scratch in Canada. Canadian banks unfortunately won't pull your US rating and won't care what it is.

 

[steaky]

You will have to build your credit rating again from scratch in Canada. Canadian banks unfortunately won't pull your US rating and won't care what it is.

HSBC Premier offers more flexibility than most Canadian banks. You won't have to start your credit rating from scratch in Canada if you bank with HSBC.

 

[Pouce]

Hi Tapak
probably you can borrow the money from bank depending on your salary.
you can show your US bank statementm, your asset, saving etc, to canadian bank.
have you tried to talk with a mortgage specialist or adviser?
i dont think its not that hard.

 

[future2010]

Hi Tapak,

I can help you get a mortgage with 10% down payment with your us credit score and your current job. I migrated to Canada last year and I bought my first house after three months of arriving. I am a mortgage agent now helping new immigrants to Canada.

Send me an email if interested.

Regards,
Enrique

 

[lwoodi]

Hi Enrique

Can you please send me your email address. I would love your assistance as I would like to get a mortgage and buy property within a short period of time. Thanks.

 

[Jim1980]

Hi, I'm moving to Ontario later in the summer and am looking into buying a property but have a few questions:

Are mortgages offered against the property asking price or the municiple value I've seen on a few of the adverts?

I'm hoping to transfer my credit history (through HSBC) but how long will I have to be working in CA before I can realistically apply for a mortgage?

Will being a newly landed PR effect the interest rate/terms I can get and what would be a realistic down payment?

 

[CanadianJeepGuy]

Pretty sure you need at least 20% down to get a mortgage.

Best to read this:

http://www.cmhc-schl.gc.ca/en/co/buho/

 

[scylla]

Pretty sure you need at least 20% down to get a mortgage.

Best to read this:

http://www.cmhc-schl.gc.ca/en/co/buho/

You can do it with only 5% down. However if you go below 20% then you must pay mortgage loan insurance through CMHC.

 

[CanadianJeepGuy]

You can do it with only 5% down. However if you go below 20% then you must pay mortgage loan insurance through CMHC.

For my first house I had to pay 10%. Can't remember the exact reason why now. I thought the government had put a minimum of 20% on unsecured mortgages?

 

[canuck_in_uk]

For my first house I had to pay 10%. Can't remember the exact reason why now. I thought the government had put a minimum of 20% on unsecured mortgages?

No such thing as an "unsecured mortgage", as a mortgage is by definition a loan secured against a property.

 

[CanadianJeepGuy]

No such thing as an "unsecured mortgage", as a mortgage is by definition a loan secured against a property.

Right. So my terminology is off but the difference between secured and unsecured loan (or mortgage) is having the collateral to cover the loan in the event you fail to pay it back. Hence the need of CHMC if you don't have any collateral to put against the mortgage of the property you want to buy. In order to qualify for CHMC I thought the government had raised the down payment to 20%?

 

[torontosm]

You can do it with only 5% down. However if you go below 20% then you must pay mortgage loan insurance through CMHC.

This is correct. You can purchase a house with 5% down if you also pay for the CMHC insurance. However, as per the new mortgage rules, this only applies for houses under $1 million. If you purchase a home for $1 million or more, you must put at least 20% down.

 

[ALRIVAS]

I agree with Enrique I'm a Realtor and actually there is a new product exclusive for new immigrants that i use that allows 5% down payment and you can use your American credit history.
you don't need permanent status in Canada also credit history from Australia or united kingdom can be used.
If you are in the GTA please visit me at alrivas. com

 

[future2010]

If anybody is interested in getting a mortgage send me an email and I will see which program you qualify.

I work with Omac Mortgages.

My email is : enrique@omac.ca

Regards,
Enrique