This program provides borrowers with the additional flexibility of allowing a Second Mortgage to be registered against their property up to 95% combined LTV on a purchase.
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 rate payable will be the lesser of the premium of the Combined 1st and 2nd Loan Amounts, or the premium of the 2nd Mortgage Amount only based on the rates below:
||Recommended Credit Scores
||Combined 1st & 2nd Loan Amounts
||2nd Mortgage Amount
|Up to 65%
|65.01% - 75%
|75.01% - 80%
|80.01% - 85%
|85.01% - 90%
|90.01% - 95%
For submissions of new insured concurrent first and second mortgages, the premium payable on each mortgage will be based on the cumulative LTV of the combined first and second loan amounts.
Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage.
- Business For Self (Alt-A) Program
- Homebuyer 95 Program
- Purchase Plus Improvements Program
- Vacation/Secondary Homes Program (Type A Properties)
* For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview