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The short answer
A newcomer mortgage programme is a set of rules a mortgage insurer or lender publishes so that people who have recently moved to Canada can qualify without a long Canadian credit file. The minimum down payment is the same as for anyone: 5% on a home up to $500,000, then 10% on the part above $500,000, per the FCAC (October 2025). What changes is the proof: insurers such as Sagen accept a valid work permit or permanent residence and, in place of a Canadian credit report, an international credit report, 12 months of rent or utility payment records, or a bank reference letter.
What a "newcomer programme" actually is
Canada has no single government newcomer mortgage. When a bank advertises a "newcomer mortgage", it usually means it will underwrite you under a mortgage default insurer's newcomer rules, or under its own policy if your down payment is large enough that insurance is not needed. The insurer's rules matter because, as the Financial Consumer Agency of Canada (FCAC) explains, a down payment below 20% typically means the mortgage must be insured. The insurer then sets what evidence it will accept about you.
So the useful question is not "which bank has a newcomer programme" but "which insurer rules is this lender using, and what proof do they need from me". Ask the lender that directly.
Down payment: the floor everyone works from
The FCAC page on down payments (modified 15 October 2025) sets out the minimums:
| Purchase price | Minimum down payment |
|---|---|
| Up to $500,000 | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000 plus 10% of the amount above $500,000 |
| $1.5 million or more | 20% of the price |
Example only: on a $700,000 condo the minimum is $25,000 (5% of $500,000) plus $20,000 (10% of $200,000), so $45,000. Closing costs such as legal fees, land transfer tax and the insurance premium come on top, and the premium is usually added to the loan.
Two further points from the same page are easy to miss. A lender may insist on mortgage insurance even with 20% down, usually where the borrower is self-employed or has a poor credit history. And "normally, the minimum down payment must come from your own funds", which is why the origin of every dollar in your account will be checked. If family in Nigeria is helping, read how a gift from Nigeria is treated before the money moves.
Status and employment
Sagen's New to Canada page (modified 25 June 2026) is a clear published example. It covers people who have "recently immigrated or relocated to Canada" and requires a valid work permit or permanent residence. Diplomats and other foreign politically appointed individuals who do not pay Canadian income tax are excluded. Income and employment are verified under its standard rules, so expect the usual documents:
- An employment letter on company letterhead stating your role, start date, salary and whether you are permanent, contract or on probation.
- Recent pay slips, and your T4 or Notice of Assessment once you have filed a Canadian return.
- For self-employed applicants, a longer record of declared income, which newcomers rarely have in year one.
Lenders set their own rules on probation periods and minimum time in a job; the insurer page does not give a figure, so ask the lender what it requires before you make an offer.
Credit when you have no Canadian history
This is where newcomer rules help most. Where there is not enough Canadian credit history, Sagen lists alternatives it will accept:
- An international credit bureau report.
- 12 months of bank or billing statements showing consistent payments, such as rent, utilities, phone or insurance.
- A reference letter from a recognised financial institution.
- For loans up to 90% loan-to-value only, six months of statements from your primary bank account.
The FCAC notes that "some lenders may look at your credit history from another country", but that is the lender's choice. A Nigerian bureau report may or may not be accepted, so the 12 months of rent and utility payments in Canada are often the more reliable route. Start keeping those records from your first month. Our guides on building a Canadian credit score from zero and whether your Nigerian credit history counts cover the groundwork.
Why newcomer applications stall
Most delays come from evidence rather than eligibility. These are the usual weak points, and each can be fixed before you apply:
- Unexplained deposits. A large transfer from Nigeria a few weeks before the application will prompt questions. Keep the sending bank's advice slip and a note of what the money was. Our guide to source-of-funds requests explains the kind of evidence banks ask for.
- A permit close to expiry. Lenders look at whether your right to work runs long enough to make the loan sensible. A renewal in progress should be documented.
- Thin payment records. If your rent is paid in cash or to a relative, it will not show up as consistent payments. Pay rent from your own account and keep the lease.
- Too many credit applications. The FCAC lists how often you apply for new credit as a factor in your score. Avoid opening several cards in the months before a mortgage application.
With 20% or more down
If you can put down 20% or more and the price is under $1.5 million, the mortgage may not need default insurance, and the lender applies its own policy instead of an insurer's. That can be more flexible or less so; some lenders still ask for insurance from borrowers with a poor credit history, as the FCAC notes.
What to check first
- Confirm your status document (work permit or PR card) is valid well past the closing date.
- Ask the lender which insurer's newcomer rules it applies and request its document list in writing.
- Work out the minimum down payment from the table above, then add closing costs.
- Gather 12 months of rent and utility payment evidence, or your international credit report.
- Get a pre-approval before house-hunting, and read what it does and does not commit the lender to.
Where Pryme fits
If part of your deposit is coming from savings you built in Nigeria, a Pryme account holds NGN, USD, GBP and EUR, and Swap shows the rate and the fee before you approve a conversion. A verifiable statement from VerifyDoc.ai lets a lender confirm the record has not been altered; whether a lender accepts it is the lender's decision.
Questions people ask
Can I get a mortgage in Canada on a work permit?
Yes, some insurers publish rules for it. Sagen's New to Canada programme accepts a valid work permit or permanent residence, with standard income verification. Ask the lender whether your permit's expiry date affects the term it will offer.
What is the minimum down payment for a newcomer?
The same as for anyone, per the FCAC: 5% up to $500,000, 10% on the portion from $500,000 to $1.5 million, and 20% at $1.5 million or more.
Do Canadian lenders accept my Nigerian credit report?
Some may. Sagen lists an international credit bureau report as one alternative, but the lender decides. Rent and utility payment records for 12 months are a common fallback.
How soon after landing can I buy a home?
There is no single published waiting period in the sources we checked. What limits most newcomers is proof of stable income and a payment record, so ask your lender what it needs.
Sources
- FCAC: Down payment (modified 15 Oct 2025) · accessed Oct 2026
- Sagen: New to Canada mortgage insurance (modified 25 Jun 2026) · accessed Oct 2026
- FCAC: Credit report and score basics (modified 1 Jul 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.