The Gateway Canadian Newcomers Mortgage™
Share this
A mortgage solution for your clients that are newcomers to Canada with a limited credit history.
The Gateway Canadian Newcomers Mortgage is the best mortgage option for your clients who have permanent resident immigration status or non-permanent residents on a valid work permit.
With a GDS/TDS of 55%/55% and a beacon score of 550+, this mortgage product offers a solution to clients who may have trouble finding traditional financing to buy a home in Canada.
Download the Gateway Canadian Newcomers Mortgage product sheet to view all eligibility requirements to qualify for this mortgage.
CREDIT
- 550+
- Six consecutive months of 2 verifiable monthly payments (Rent, utilities, cable, child
care expenses, insurance premiums or documented regular savings) - Minimum six months of Canadian bank statements
- Discharged from bankruptcy for a minimum of 12 months with re-established credit
- Consumer proposals considered (must be discharged or paid out from proceeds)
GDS / TDS
- Maximum 55% GDS / 55% TDS
LTV
- Up to 80%
AMORTIZATION
- Up to 35 years
DOWN PAYMENT
- The down payment must be seeded in a Canadian bank for a minimum of 90 days
- A minimum 10% of total required, must be from own resources or gifted
- See our list of approved down payment sources
PROPERTY TYPE
- Marketable, owner-occupied properties
- Second and vacation properties
- Mobile properties (max. 10 years old, geographic restrictions apply)
- Rural properties (agriculturally zoned properties are not accepted)
DOCUMENTS
- See our list of accepted income docs
-
Additional product information
Additional product information
Bridgewater Bank Gateway mortgages can be used for purchases, refinances or equity take outs. Our mortgages are available in 1 year, 2 year and 3 year terms.
Prepayment privileges* are available. Up to 20% of loan amount (minimum of $500) can be paid once a year on the anniversary date of mortgage (unused portion cannot be carried forward).
We also offer a 3-2-1 PAYOUT*. We recognize that Gateway Mortgages aren’t forever and your client may need to leave early. Our 3-2-1 payout is simple to understand with no complicated formulas. It’s as easy as 1, 2, 3! Early payout amounts are based on which year of the mortgage the customer is in:
- Year 1 of term= 3% of remaining balance
- Year 2 of term= 2% of remaining balance
- Year 3 of term= 1% of remaining balance
*Certain conditions may apply.
Visit our Gateway product standards page for full details that apply across all Gateway alternative lending products.
Subject to full underwriting policy and may change without notice.