Region served
With no Canadian credit history, a lender judges a Gaspésie-Îles-de-la-Madeleine file on status, employment and down payment. Programs exist for exactly this.
With no Canadian credit history, the lender falls back on what it can check: immigration status, job stability here, the size of the down payment. Programs exist, looser on credit and tighter on the down payment.
Your immigration status and work permit, the Canadian employment letter and pay stubs, three months of statements for the down payment. If the money came from abroad, proof of the transfer and where it originated. A credit history from your home country helps with some lenders, without replacing one from here.
You’ll need two years of notices of assessment, recent pay stubs and an employment letter. Tax records rule. Cash deposits that never appear on a return don’t count, whatever you’re buying.
Depending on where the income comes from, the lender may use this year’s figure, a two-year average, or just a confirmation of employment.
Bring the notices of assessment, returns, financial statements, pay stubs and deposit records, and have all of it before the offer. When a financing condition is tight, it’s a third party’s missing paper that sinks it.
With no Canadian credit history, the lender relies on immigration status, job stability here and the down payment. Some programs are looser on credit and stricter on the down payment.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Yes. Newcomer programs exist, looser on credit and tighter on the down payment. Immigration status and job stability here then carry more weight.
Pick the situation closest to yours.
Contact
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.