Canada plans to welcome 1.5 million new immigrants from 2024 to 2026, increasing demand for mortgage financing. CMHC and Genworth Mortgage Loan have introduced incentive programs for newcomers, requiring a valid Social Insurance Number, employment history, and a minimum credit score of 600. Financing options include 90% for non-permanent residents and 95% for permanent residents. Mortgage Default Insurance is mandatory for down payments under 20%. Essential documents include ID, proof of income, and down payment evidence.
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