Here at AKAL Mortgages, we have an excellent Non-Resident Mortgage Program for Canadians who’re living and working overseas, US residents, and residents who are living in countries other than Canada or the USA. Even if you don’t file a Canadian tax return, you can still qualify for this program and become a homeowner in Canada!
Non-Resident Mortgage Program
Are you currently residing outside of Canada, but looking to purchase a second home or vacation home in Canada? If you fall under this category then know that we have a great Non-Resident Mortgage program for you. Through this program, we work with a A Tier 1 lender (Major Bank) for you.
You can easily get up to 50 percent loan-to-value ratio (LTV), if you’re residing in any other country outside of Canada or the United States, up to a maximum loan amount of $750,000. However, if you’re currently residing in the United States, then you can get a maximum LTV ratio of up to 80 percent, with no limits on your maximum loan amount.
This program also offers great flexibility when it comes to selecting and setting up your payment frequency. Choose from:
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Weekly payments
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Bi-weekly payments
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Monthly payments
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Semi-monthly payments
On top of these options, you can select your mortgage term, up to a maximum of 25 years, and get amazing prepayment privileges too.
In order to qualify for these program, there will be certain qualifying criteria that needs to be met:
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US Residents |
Residents from Other Countries |
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Supporting documents MUST be in English and/or translated |
Supporting documents MUST be in English and/or translated |
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Total Debt-to-Service (TDS) ratio shouldn’t exceed 40% |
GDS/TDS are not applicable – waived |
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US Equifax credit report required |
Reference letter from a financial institution in your country of residence |
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Requires standard income verification |
Standard income verification is not required – waived |
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Down payment must be verified; cannot use secondary financing/gifted funds; all funds must be on deposit to a Canadian bank (30 days before the closing date) in order to meet AML requirements required by the bank; source verification of large deposits and accumulated funds is not required. |
Down payment must be verified; cannot use secondary financing/gifted funds; all funds must be on deposit to a Canadian bank (30 days before the closing date) in order to meet AML requirements required by the bank; source verification of large deposits and accumulated funds is not required. |
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Assets are not required |
Verified liquid assets are required equivalent to 12 months of principal, interest, taxes (PIT) payments. These are the components of your mortgage payments. |
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Full appraisal |
Full appraisal |
Like any other mortgage program there are also exclusions, speak to your mortgage broker today to learn more about exclusions for the Non-Resident Program.
If you’re interested in learning more about any of these mortgage programs being offered by our brokerage firm, we invite you to schedule a free consultation. We’ll discuss the program of interest in-depth, go over all of your options, features and alternatives to find the perfect solution for you.
When we say Yes! We stand behind our promise.