Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible under Genworth Canada’s New to Canada program to purchase a property with as little as a 5% down payment.

Learn more about the
New To Canada Program
with our helpful guide.

Download Now! New to Canada Guide Cover

Acceptable Loan Purpose and Applicable Loan-to-Value Limits

Purchase Transactions:

  • 95% LTV
    • Property value ≤ $500,000 - 5% down payment required
    • Property value > $500,000 and < $1,000,000 - 5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.

Loan Security

  • First mortgages

Eligible Properties

  • Maximum 2 units, where 1 unit must be owner occupied
  • New construction covered by a Lender approved New Home Warranty Program*
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years

*For new construction properties in the territories (Yukon, Northwest and Nunavut Territories) where New Home Warranty is not an option, Lenders must obtain either the occupancy permit or a third-party report from a qualified professional such as: an inspector, architect or engineer. The qualified professional must carry the appropriate liability insurance and confirm construction is completed in compliance with applicable bylaws and regulations.

Maximum Property Value

  • Property value must be less than $1,000,000.

Qualifying Terms and Interest Rates

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
  • Maximum interest rate term of 25 years
  • The qualifying interest rate is the greater of the contract rate or 5-year benchmark rate

Amortization Options

  • Up to 25 years

Premium Rate:

The premium payable will be the lesser of the premium as a % of the total new loan amount or the premium as a % of the top-up portion on the additional loan amount (if existing insured) based on the rates below:

LTV Ratio Premium Rate Top-Up Premium
Up to 65% 0.60% 0.60%
65.01% - 75% 1.70% 5.90%
75.01% - 80% 2.40% 6.05%
80.01% - 85% 2.80% 6.20%
85.01% - 90% 3.10% 6.25%
90.01% - 95% 4.00% 6.30%

The mortgage insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage.

Borrower Qualification

Income and Employment

  • Standard income and employment verification requirements apply.
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt).

Credit

  • 90.01-95%:
    International credit report (Equifax or Transunion) demonstrating a strong credit profile

    OR

    Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
    • Rental payment history
    • One other alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance).
  • Up to 90%:
    Letter of reference from a recognized financial institution OR six (6) months of bank statements from primary account

Down Payment:

  • Qualified home buyers may use traditional down payment sources including personal savings, non-repayable gift from immediate family member(s), proceeds from sale of property.
  • 95% LTV, 5% of the down payment must be from own resources.
  • < 95% LTV, the remainder may be gifted from an immediate family member or from a corporate subsidy.

Additional Criteria:

  • Must have immigrated or relocated to Canada within the last 60 months.
  • Must have a valid work permit or obtained permanent residency.
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS / TDS calculation).
  • Guarantors are not permitted.
  • Foreign Diplomats or any other foreign politicallyl appointed individuals who do not pay income tax in Canada are ineligible for this program.
  • Clergy assigned to specific church requires only a visitor record.
  • A down payment grant provided under a Genworth Canada approved Affordable Housing Program may be used as down payment at 95% LTV (the borrower is not required to have 5% down payment from own resources).

Debt Service Ratios

GDS TDS
39% 44%

Documentation / Information Requirements*

LTV Documentation Requirements
All LTV’s
  • Valid work permit or verification of permanent residency
  • Income confirmation
  • Down payment confirmation
  • Purchase and Sale Agreement
Up to 90%
  • Letter of reference from a recognized financial institution

OR

  • Six (6) months of bank statements from primary account
90.01 - 95%
  • International credit report demonstrating a strong credit profile

OR

  • Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
    • Rental payment history confirmed via letter from landlord and bank statements **
    • One other alternative source (hydro / utilities, telephone, cable, cell phone and auto insurance) to be confirmed via letter from the service provider or 12 months billing statements

Alternative sources of credit must be obtained from a Canadian source

* Genworth Canada may request that the Lender provide a copy of the documentation on a case-by-case basis.

** Letter from landlord must indicate the following: name of tenant, monthly rent, length of tenancy, payment history. Bank statements must support the amount of rent and timeliness of payments outlined in the letter.

Portability

  • Genworth Canada mortgage insurance is portable, so home buyers can take advantage of a Lender’s portability plan. For further details, refer to Portability Feature product overview.

Assumptions / Assignments

  • Mortgage is assumable subject to meeting Lender guidelines.

Eligible Products*

  • Homebuyer 95 Program
  • Progress Advance Program
  • Purchase Plus Improvements Program

Ineligible Products

  • Business for Self (Alt. A) Program
  • Borrowed Down Payment Program
  • Family Plan Program
  • Vacation / Secondary Homes Program
  • Investment Property Program
  • Second Mortgage Program
  • Self-Directed RRSP Program