Genworth Mortgage Loan Insurance

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Mortgage Process

Now qualified homebuyers who have immigrated or relocated to Canada can qualify

for Genworth default mortgage insurance with as little as a 5% down payment.

Acceptable loan purpose

Purchase transactions

Loan-to-value ratio limits

Maximum LTV ratio - 95.00%

Max Loan Amounts

No Maximum Loan Amount

Eligible properties

Maximum two units where at least one unit must be occupied as the principal residence
New construction or existing properties

Terms/qualifying interest rates

Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
For terms less than 3 years, the qualifying interest rate is the greater of three-year posted rate or contract rate; for terms of three years or more, the contract rate is used

Amortization options:

LTV > 80%: Up to 35 years
LTV ≤ 80%: Up to 40 years

Premium Rates

LTV ratio	Premium rate*
Up to 65%	0.50 %
65.01% - 75%	0.65 %
75.01% - 80%	1.00 %
80.01% - 85%	1.75 %
85.01% - 90%	2.00 %
90.01% - 95%	2.75 %
Premium is non-refundable.
* a .20% premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

Borrower qualification

Must have immigrated or relocated to Canada within the last 36 months
3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
Must have a valid work permit or obtained landed immigrant status
For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
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)
GDS/TDS Guidelines:

Credit Score

GDS

TDS

<680

35%

42%

680+ No limit 44%

Documentation Requirements (To be kept on file by lender)

LTV	Documentatation requirements*
All LTV's	Valid work permit or verification of landed immigrant status 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) to be confirmed via letter from the service provider or 12 months billing statements NOTE:** Alternative sources of credit must be obtained from a Canadian source.
* Genworth will no longer require the lender to submit the documentation upfront on every file, but may request that the lender provide a copy 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.

Note: This program is not available to Diplomats or any other foreign political appointed individuals who do not pay income tax in Canada.

Portability

Our mortgage default insurance is portable, so buyers can take advantage of a lender's portability plan. Refer to Portability Feature Product Overview for further details.

Assumptions/Assignments

Mortgage is assumable subject to meeting lender guidelines.

Eligible Products **

Homebuyer 95 (max 2 units)
Purchase Plus Improvements

** For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview

Ineligible Products

Alt A
Cashback Equity
Cash-Out Refinance
Family Plan
Insured Progress Advance
Vacation/Secondary Homes

The insurance premium is payable once at the time of closing. The insurance premium is not refundable and may be added onto the mortgage or paid in cash.