Acceptable Loan Purpose & Applicable Loan-to-Value Limits:

• Purchase transactions:
  • 1 & 2 units: 95% LTV (includes both purchase & improvement amount)
  • 3 & 4 units: 90% LTV ( includes both purchase & improvement amount)
• Multiple advances to a maximum of four (excluding initial purchase advance) are permitted. Advances managed by lender or by Genworth Canada if improvements exceed $40,000 or 20% of initial value
• Lending value is based on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements

Eligible Properties:

• Maximum 4 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

Terms / Qualifying Interest Rate:

• Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
• For loans with fixed rate terms greater than or equal to 5 years, the contract rate is used
• For loans with fixed or variable rate terms less than 5 years, the qualifying interest rate is the greater of the contract rate or 5-yr benchmark rate

Amortization Options:

• LTV > 80%: Up to 25 years
• LTV ≤ 80%: Up to 40 years

Premium Rate:

The premium payable will be the premium as a % of the total loan amount based on the rates below:

LTV ≤ 80% - A .25% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

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

Borrower Qualification:

• Existing requirements related to income, down payment and credit worthiness apply
• Gifted down payments from immediate family member can be used, provided they are properly verified, non-repayable and all other characteristics of the borrower are acceptable
• Government grants may be considered if pre-approved by Genworth
• For specific qualifications related to 3 & 4 unit properties refer to Homebuyer 95 Product Overview

GDS/TDS Guidelines:

• LTV > 80%:

Documentation / Information Requirements:

If the proposed improvements exceed 20% of the initial purchase price or $40,000, details of the proposed renovations including cost estimates and available contracts or a completed Genworth Renovation Worksheet must be faxed to Genworth

Additional 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 (up to 4) provided proper confirmation of work completed is documented and on file

Eligible Products:

• Business For Self (Alt-A) Program
• Cashback Equity 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

Ineligible Products:

• Cashout Refinance Program
• Progress Advance Program

Acceptable Loan Purpose & Applicable Loan-to-Value Limits:

• Purchase transactions:
  • 1 & 2 units: 95% LTV (includes both purchase & improvement amount)
  • 3 & 4 units: 90% LTV ( includes both purchase & improvement amount)
• Multiple advances to a maximum of four (excluding initial purchase advance) are permitted. Advances managed by lender or by Genworth Canada if improvements exceed $40,000 or 20% of initial value
• Lending value is based on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements

Eligible Properties:

• Maximum 4 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

Terms / Qualifying Interest Rate:

• Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
• For loans with fixed rate terms greater than or equal to 5 years, the contract rate is used
• For loans with fixed or variable rate terms less than 5 years, the qualifying interest rate is the greater of the contract rate or 5-yr benchmark rate

Amortization Options:

• LTV > 80%: Up to 25 years
• LTV ≤ 80%: Up to 40 years

Premium Rate:

The premium payable will be the premium as a % of the total loan amount based on the rates below:

LTV ≤ 80% - A .25% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

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

Borrower Qualification:

• Existing requirements related to income, down payment and credit worthiness apply
• Gifted down payments from immediate family member can be used, provided they are properly verified, non-repayable and all other characteristics of the borrower are acceptable
• Government grants may be considered if pre-approved by Genworth
• For specific qualifications related to 3 & 4 unit properties refer to Homebuyer 95 Product Overview

GDS/TDS Guidelines:

• LTV > 80%:

Documentation / Information Requirements:

If the proposed improvements exceed 20% of the initial purchase price or $40,000, details of the proposed renovations including cost estimates and available contracts or a completed Genworth Renovation Worksheet must be faxed to Genworth

Additional 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 (up to 4) provided proper confirmation of work completed is documented and on file

Eligible Products:

• Business For Self (Alt-A) Program
• Cashback Equity 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

Ineligible Products:

• Cashout Refinance Program
• Progress Advance Program