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.
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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.
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.
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.