More than half down and still declined under a newcomer program — $1M approved with days left before closing

A newcomer to Canada, having built up savings over several years, decided to buy here and signed on a property he wanted. With more than half the price down, he expected to need a mortgage of only about 50% — comfortably within a newcomer lending program, where income requirements are usually more flexible. Several banks declined anyway, citing stricter review for newcomers. It was only when the letters arrived that he understood: a large down payment does not remove the assessment of income, assets, employment background and repayment capacity. With less than a week to closing, the purchase was in real jeopardy.

A friend put him in touch with Guaranti. The team reorganised the file and how the risk was presented. On the substance, this was a strong application — a large down payment, a low loan-to-value, sound overall finances. The risk was genuinely lower than a typical case. What was missing was the right program and the right lender.

We re-analysed the file, set a targeted financing strategy, matched it to a suitable lender, and worked the submission through. $1 million was approved within days, and the purchase closed on schedule — his first step into a home in Canada.