VANCOUVER – Immigrants May Buy Real Estate And Obtain A Mortgage in BC
Within the province of BC, an immigration program has been established – geared towards international permanent residency applications. The PNP also establishes a guideline for obtaining a mortgage from an approved commercial lender, to buy real estate. Canada leads other nations in progressive immigration policy, and has opened the door in capital resources for immigrants to the country.
What Do Commercial Lenders Look For?
Naturally, people who were born in or currently hold Canadian citizenship have an easier process in comparison.
First – Proof of earnings. For those who are employed by a company and not self employed, at least 3 months+ documentation should be available. Two years of documentation for those who are self employed or own/operate a small business.
Secondly, a new immigrant might not have the kind of credit history required and are encouraged to obtain a credit-card in Canada. Immigrants are often approved with a smaller limit (usually $500). Good credit is awarded simply – when credit cards are used and the bill is paid each month, regardless of the transaction size. Meaning: A $50 debit of a credit card; with $50 re-payment on the account will fast-tract a positive credit score. If an immigrant has a credit score in another country, a certified credit report or letter of reference should be included.
Lastly, you will need a down-payment. The bigger is usually better in this particular scenario. In addition, applicants will be asked to prove the source of the funds (are legitimate). This can be done with your business records, expenses, credits and money flow explanation.
Immigration: What Mortgage Lenders Look For In British Columbia
BC looks for motivated, positive and skilled individuals qualified help with job creation, sustainability and accelerate the provinces economic growth. Certified health documents for all applicants will likely be required.
Entrepreneurs are suggested to have a net worth of over 900k to qualify and might be asked to invest in real estate or a business. Graduates will need accreditation from an approved institution with a full time job offer along with the ability to financially support travel / living expenses. Graduates may also be asked to be sponsored by an individual with status in Canada.
To obtain financing from lenders, all applicants are encouraged to have all supporting documentation available from reliable and verified sources.