ING Launches their New to Canada Mortgage

The word is out today that ING has added a "New to Canada" mortgage program to their already impressive line up of mortgages.  'The New to Canada program is intended to provide financing for permanent and non-permanent residents who have been residing in Canada for less than 60 months with no or limited credit history" the press release said. 

Here are a few of the details of this wonderful program.

• Mortgages up to 65% will be considered for conventional and loan amounts over 65% will be available under an "insured" program such as CMHC and Genworth.
• this mortgage will be available for purchases and refinances including debt consolidation.
• Properties must be owner occupied but will allow up to two units. (only one unit for those applying on a work permit)
• ING will lend up to 95% on purchases and 90% for those on work permits
• Refinances are available up to 85%
• 35 year amortizations are available for loan to value under 65% and 30 years available on all other terms
• credit scores and not required if due to new credit otherwise ING is looking for credit scores of 620 minimum 
• no minimum net worth 
• minimum down payment is 5% from own resources but the rest can be a gift from a family member
• there must be confirmation of landed immigrant status or a valid work permit along with a job offer and relocation to Canada within the last 60 months.

You can email me if you would like more information on documentation requirements.  All and all I think this is a very competitive mortgage product from a very competitive lender.   If you think this mortgage might work for you please get in touch with me and feel free to forward this information to anyone you know who is new to Canada and would love to own a home.