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Private Financial Group Program Will Help New Canadians Become Homeowners Sooner |
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Written by Wire Services
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Wednesday, 05 April 2006 |
People relocating to Canada will be able to buy homes sooner through a new program announced today by Genworth Financial Canada.
The company's "New To Canada" homeownership program uses expanded credit and documentation guidelines to make it easier for new residents to purchase a home with a down payment of as little as 5%, using Genworth mortgage insurance.
"In 2006, Canada will welcome more than 300,000 new residents in part to address the country's growing shortage of skilled labour," said Peter Vukanovich, president of Genworth Financial Canada. "Housing is a top priority for these new residents, and we created the 'New to Canada' program with our lender partners to unlock the door to homeownership for them."
To be eligible for the program, borrowers must have immigrated or relocated to Canada within the previous 24 months and have a valid work visa or landed immigrant status. In addition, they must have a minimum of three months full-time employment in Canada (borrowers transferred under corporate relocation programs are exempt).
"There is no longer a 'one size fits all' approach to home mortgages and financing," said Vukanovich. "This program allows us to help new residents own homes sooner, build equity and become economically established in Canada."
Genworth Financial Canada, The Homeownership Company, is the private sector supplier of mortgage insurance in Canada working with lenders, mortgage brokers, real estate agents and builders to make homeownership more affordable and accessible in Canada.
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