Newcomer Mortgages
Nova Scotia is home. Let's get you into it.
Whether you just arrived or have been building your life here for a few years, there are mortgage options designed for your situation. Here's how it works.
Eligibility
Find your situation.
Permanent Resident
Permanent residents qualify for the same mortgage products as Canadian citizens. With a Canadian credit history, the process is nearly identical.
Minimum down payment
5% on purchases under $500,000 (standard rules)
Time in Canada
No minimum required
Employment
Confirmed Canadian employment preferred. Foreign income may count with documentation.
Credit
Canadian credit preferred. International credit reports accepted by some lenders.
- Insured mortgages available at 5% down
- International credit history accepted by select lenders
- Foreign income can be used if documented and converted to CAD
Work Permit Holder
Work permit holders can qualify for a mortgage in Canada. Requirements vary by permit type, remaining validity, and employer.
Minimum down payment
5% if insured with a valid permit. Some lenders require more without insurance.
Time in Canada
Typically a few months of Canadian employment
Employment
Active Canadian employment, with enough time left on the permit or a renewal pending.
Credit
Canadian credit preferred. Some lenders accept foreign or alternative credit.
- Permit must be valid with sufficient time remaining
- An employer letter confirming a permanent role strengthens the file
- Your down payment source needs to be documented
Protected Person
Protected persons and Convention refugees are eligible for financing. Eligibility depends on documentation and the lender.
Minimum down payment
5% to 10% depending on lender and insurer
Time in Canada
No fixed requirement, but stable Canadian income is usually needed
Employment
Canadian income required. Self-employment is possible with documented income.
Credit
Limited Canadian credit is acceptable. Some lenders specialize in thin-file applications.
- Protected person status document required
- Working with a broker rather than one bank significantly widens your options
- A settlement-agency or legal letter can support the application
What to bring
Your document checklist.
Identification
- Valid passportRequired
- PR card or immigration documentRequired
Specific to your status
- Social Insurance Number (SIN)Required
Income and employment
- Two most recent pay stubsRequired
- Employment letter on company letterheadRequired
Confirms role, salary, start date
- Notice of Assessment (NOA)Optional
If you have filed in Canada
- Foreign income documentationOptional
For income earned abroad
Down payment
- 90-day bank statements showing the fundsRequired
- Gift letterOptional
If any portion is a gift
- Foreign account and conversion recordsOptional
If funds came from abroad
Work permit holders
Work permit- Valid work permitRequired
- Proof of pending renewalOptional
If the permit is expiring
Lender programs
Programs built for newcomers.
Insured newcomer programs
Mortgage insurer
PR · Work Permit · Protected Person
- 5% minimum down on purchases up to $500,000
- International credit accepted as an alternative to Canadian history
- Available through most Canadian lenders
Insurers are not lenders. I'll find the lenders that accept international credit under these programs.
Bank newcomer programs
Chartered bank
PR · Work Permit
- Newcomer specialists at several major banks
- Bundled products to help establish Canadian credit
- Fixed and variable options
Each bank sets its own criteria. I'll match you to the one that fits your profile.
Monoline and alternative lenders
Monoline / alternative
PR · Work Permit · Protected Person
- More flexible on permit types and credit history
- Can consider self-employed newcomers with a shorter track record
- Reached only through a licensed broker
These lenders aren't available to the public directly. That's where a broker matters.
Common questions
Questions newcomers ask us.
Can I get a mortgage without Canadian credit history?
+
Often yes. Several lenders and insurers accept alternative credit evidence or international credit reports. I'll find the ones that fit your situation.
How long do I need to be in Canada before applying?
+
Permanent residents can apply right away. Work permit holders usually need a few months of Canadian employment. More established income widens your options.
Can I use money from my home country as a down payment?
+
Yes, but it has to be documented. Lenders want 90-day statements and a clear paper trail for any large transfer.
Do I need to be a citizen to buy a home in Nova Scotia?
+
No. Permanent residents, work permit holders, and protected persons can all buy. The federal foreign-buyer restriction doesn't apply to people living and working in Canada.
Not sure which path is yours?
Wherever you are in your move to Nova Scotia, there's a way to owning a home here. Let's find it together.
Ready to start the application? Apply now. It takes about fifteen minutes, and nothing is submitted to a lender until we have talked.