Qualified homebuyers that have immigrated or relocated to Canada within the past five years meet the criteria under Genworth Canada’s a new comer to Canada system to shop for a house with as low as a 5% deposit.

Find out about the brand new To Canada Program with your helpful guide.

Appropriate Loan Purpose and Applicable Loan-to-Value Limits

Buy Deals:

• 95% LTV
  • Home value = $500,000 – 5% advance payment needed
  • Home value > $500,000 and *For brand brand new construction properties into the territories (Yukon, Northwest and Nunavut Territories) where new house Warranty just isn’t an alternative, Lenders must obtain either the occupancy license or even a third-party report from an experienced professional such as for example: an inspector, designer or engineer. The qualified professional must carry the liability that is appropriate and confirm construction is finished in conformity with relevant bylaws and laws.

  Maximum Property Value

  • Home value needs to be lower than $1,000,000.

  Qualifying Terms and Rates Of Interest

  • Fixed, standard adjustable, capped variable and rate that is adjustable are allowed
  • Maximum interest rate term of 25 years
  • The qualifying rate of interest could be the greater for the agreement rate or 5-year rate that is avant loans benchmark

  Amortization Options

  • As much as 25 years

  Premium Rate:

  The premium payable is the lower associated with the premium as being a percent associated with total new loan quantity or perhaps the premium being a per cent associated with top-up part in the additional loan quantity (if current insured) in line with the rates below:

  LTV Ratio	Premium speed	Top-Up Premium
  as much as 65%	0.60%	0.60percent
  65.01percent – 75%	1.70%	5.90%
  75.01% – 80%	2.40%	6.05%
  80.01% – 85%	2.80%	6.20%
  85.01percent – 90%	3.10%	6.25%
  90.01% – 95%	4.00%	6.30percent

  The home loan insurance coverage premium is non-refundable, paid during the right period of closing that can be included into the home loan.

  Borrower Certification

  Earnings and work

  • Standard employment and income verification requirements use.
  • a couple of months minimal full-time work in Canada (borrowers being moved under a business moving system are exempt).

  Credit

  • 90.01-95%: Overseas credit file (Equifax or Transunion) showing a credit profile that is strong

  Two (2) alternative resources of credit demonstrating timely re payments (no arrears) for the previous year. The two alternative sources required are:

  • Rental re payment history
  • An added alternative source (hydro/utilities, phone, cable, cellular phone and automobile insurance coverage).
• As much as 90%:Letter of guide from an established monetary institution OR six (6) months of bank statements from main account