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TD Bank:  New Immigrant Mortgage Lending Policy

Effective immediately, in support of providing mortgage financing to new immigrants where no Canadian credit score has been established, our new policy will allow mortgage financing with loan-to-value ratio up to 95% for qualified new immigrant applicants and insurance from CMHC or Genworth. (Previously, lending to new immigrants was only available to borrow with a loan-to-value ratio up to 75%.)

This policy applies to individuals who have recently been granted Canadian immigration status but have not had sufficient time to establish a Canadian credit bureau history.

  • Qualifying criteria include:
    • Must have immigrated/relocated to Canada within the last 36 months.
    • 3 months minimum full-time employment in Canada (borrowers being relocated to Canada by their employer can be considered on an exception basis).
    • Must have obtained landed immigrant status.
    • Guarantor's Income Confirmation required (if applicable).
    • Maximum Gross Debt Service (GDS) ratio of 32%, Total Debt Service (TDS) ratio of 40%.
    • All debts held outside of Canada must be included in the TDS ratio (rent earned outside of Canada is to be excluded from the GDS/TDS calculation).
  • Standard pricing and Insurance premiums apply.  

Kimberley Zakaib,TD Bank Financial Group,Manager, Residential Mortgages,tel: 416.657.2998,fax: 416.657.2998,pager: 416.614.5446

01/21/2009

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