Genworth Canada can help qualified home buyers make their new home just right for them, with tailored improvements, immediately after taking possession of the purchased property. All this can be done with one manageable mortgage and with only 5% down.
Note: To ensure eligibility for this program, please refer to the corresponding lender updates below addressing recent changes to the mortgage insurance guidelines:
Loans > 80% LTV - Subject: High-Ratio Mortgage Insurance Changes
Loans ≤ 80% LTV - Subject: Low-Ratio Mortgage Insurance Changes
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:
|Up to 65%
|65.01% - 75%
|75.01% - 80%
|80.01% - 85%
|85.01% - 90%
|90.01% - 95%
Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage
Documentation / Information Requirements:
- For a list of eligible improvements please refer to our Genworth Renovation Worksheet. Ineligible improvements would include, but not limited to, any form of personal chattel such as furniture, appliances, electronics or other forms of moveable property.
- If the proposed improvements exceed 20% of the initial purchase price or $40,000, a full appraisal will be required. Also, details of the proposed renovations including cost estimates and available contracts or a completed Genworth Renovation Worksheet must be faxed to Genworth.
- For 3 & 4 unit properties Genworth Canada requires that the lender obtains a general assignment of rents and leases or include this requirement in the standard charge terms.
Genworth Canada will issue a conditional Commitment for insurance based on the LTV of the lending value of the improved property:
- Coverage issued at the time of closing is for financing related to sale price only
- Insurance coverage will be effective for any lender-managed advances provided proper confirmation of work completed is documented and on file.
- For Genworth Canada managed advances, we will pay for up to 4 progress advance inspections. If more than 4 advances are required, the customer is responsible for the cost of the additional inspections required.
- Business For Self (Alt-A) Program
- Borrowed Down Payment Program
- Family Plan Program
- Homebuyer 95 Program
- Investment Property Program
- New to Canada Program
- Second Mortgage Program
- Vacation/Secondary Home Program
* For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview