GENWORTH CANADA HANDY REFERENCE GUIDE - FAST FACTS

All products

  • Debt Service Ratios: GDS 39%/TDS 44%
  • Maximum property value must be less than $1,000,000
  • Amortization: up to 25 years
  • Recommended credit score 600 (except ALTA, Investment, Borrowed Down, Second Mortgage & Vacation B Programs)

Homebuyer 95

  • 1-2 Units: 95% LTV
  • 3-4 Units: 90% LTV
  • # of Units: Max. 4
  • Standard underwriting guidelines apply
  • Gifted down payments must come from an immediate family member

Alt. A (BFS)

  • Purchase: 90% LTV
  • Maximum Loan Amount:
    • $750K (GTA, GVA, Calgary)
    • $600K (Rest of Canada)
  • # of Units: Max. 2
  • Min. 2 years BFS tenure
  • The self-employed borrowers stated income should be reasonable based on the length of operation, type and size of the business.
  • Minimum 5% down payment from the borrowers own savings. The remainder may be gifted from an immediate family member.
  • Minimum 2 trade lines with at least two (2) years history
  • No mortgage, installment or revolving credit delinquencies appearing on the credit bureau in the past 12 months
  • No reported defaults on residential mortgages for the past 7 years
  • No previous bankruptcy

Borrowed Down Payment

  • Purchase: 95% LTV
  • # of Units: Max. 2
  • No prior bankruptcy
  • Eligible equity sources:
    • Borrowed funds
    • Gifts (arms-length)
  • Non-occupying co-borrowers are permitted (must be on title)

Family Plan

  • Purchase: 95% LTV
  • # of Units: Max. 2
  • All applicants must be related (immediate family members)
  • All applicants must be on title
  • Suggested program applications:
    • A parent who wishes to help an adult entrepreneurial child buy a home
    • A parent helping to buy a home for an adult child at a post-secondary educational facility
    • An adult helping to buy a home for elderly parents who are on a fixed income

New To Canada

  • Purchase: 95% LTV
  • # of Units: Max. 2
  • Applicants must have immigrated to Canada in the past 60 months
  • Must provide valid work permit or landed status
  • Depending on LTV, lender must provide the following:
    • 90.01 - 95% LTV: international credit report or 2 alternative sources of credit
    • Up to 90% LTV: bank reference letter or 6 months bank statements

Portability

  • Purchase: 95% LTV
  • Blended amortizations calculation are acceptable
  • Premium will be the lesser of:
    • Full premium on total loan amount less premium credit (if applicable)
    • Top-up premium on new funds

Progress Advance

  • 1-2 Units: 95% LTV
  • # of Units: Max. 2
  • Up to 4 advances
  • Builder and Contractor P/A: builder/contractor must be a member of a Genworth Canada approved New Home Warranty Program
  • Builder P/A: construction completed by home builder
  • Contractor P/A: more than 50% of the cost to complete is done by one contractor
  • Self-Built P/A: multiple contractors, no one contractor can complete more than 50% of the project

Purchase Plus Improvements

  • 1 - 2 Units: 95% LTV
  • 3 - 4 Units: 90% LTV
  • # of Units: Max. 4
  • Single or multiple advance options (excluding initial purchase advance) are permitted and may be managed by lenders. Improvements must be greater than $40,000.00 or 20% of the purchase price to be eligible for draws managed by Genworth Canada.
  • Lender to provide cost estimates / contracts when improvements exceed 20% of the initial purchase price or $40K

Secondary Homes (Type A)

  • Purchase: 95% LTV
  • Maximum Loan Amount:
    • $750K (GTA, GVA, Calgary)
    • $600K (Rest of Canada)
  • # of Units: Max. 1
  • No prior bankruptcies/judgments
  • No R3's in the past 24 months
  • No 3rd party/guarantors
  • Refer to Product Overview for property requirements

Vacation Homes (Type B)

  • Purchase: 90% LTV
  • Max. Mortgage Amount: $350K
  • # of Units: Max. 1
  • Down payment from own funds
  • No prior bankruptcies/judgments
  • No R3's in the past 24 months
  • No 3rd party/guarantors
  • Refer to Product Overview for property requirements

Investment Property

  • Purchase: 80% LTV
  • Maximum Loan Amount:
    • $750K (GTA, GVA, Calgary)
    • $600K (Rest of Canada)
  • # of Units: 2-4
  • Minimum 2 trade lines with at least two (2) years history
  • No prior bankruptcy
  • Down payment must be from own resources

Energy Efficient Housing Program

  • A partial refund of up to 25 per cent of the Genworth Canada insurance premium based on the date of application for mortgage insurance
  • Standard premiums apply
  • Refunds are processed and mailed directly to consumers within 30 business days
  • Refer to Energy Efficient Housing Program product overview on how to obtain and submit a refund form

Genworth Canada’s Fast Facts - Handy Reference Guide is a summary prepared for convenience purposes only. For full details of our policy as it relates to the products contained in this document, please refer to the product overviews at http://genworth.ca/en/products/product-overview.aspx. In the case of any inconsistencies, the terms of the full product documentation shall prevail.

Genworth Brokers Handy Reference Guide

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