 GENWORTH FINANCIAL CANADA:
HANDY REFERENCE GUIDE - FAST FACTS |
GDS/TDS Guidelines |
All products (excluding Homebuyer 100)
- Up to 679 credit score:
35% GDS / 42% TDS
- 680+ credit score: No GDS / 44% TDS
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Homebuyer 100
- 680+ credit score: No GDS / 40% TDS
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Alt. A (BFS) |
- Purchase: 95% LTV
- Refinance: 90% LTV
- Amortization: up to 40 years
- # of Units: Max. 4
- 2 years BFS tenure is recommended, however will consider less than 2 years BFS depending on length and type of previous employment
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- Recommended credit scores:
- Up to 75% LTV: 600
- 75.01-85% LTV: 620
- 85.01-90% LTV: 650
- 90.01-95% LTV: 700
- Down payment from own funds
- No prior bankruptcies
- No 3rd party/guarantors
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Cashback Equity |
- 97% LTV
- Amortization: up to 40 years
- # of Units: Max. 2
- Recommended credit score: 650
- Recommended credit score for > 95% LTV: 680
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- Eligible equity sources:
- Lender cashback
- Borrowed funds
- Gifts (arms-length)
- Non-occupying co-borrowers are permitted (must be on title)
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Cash-Out Refinance |
- 1-2 Units: 95% LTV
- 3-4 Units: 90% LTV
- Equity Take-out Limits:
- 95% LTV: $150K
- Up to 90% LTV: $200K
- Amortization: up to 40 years
- # of Units: Max. 4
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- Up to 4 advances (managed by lender)
- Recommended credit scores:
- Up to 90% LTV: 600
- 90.01-95% LTV: 650
- No prior bankruptcies/judgments
- No R3’s in the past 24 months
- Non-occupying co-borrowers are permitted (must be on title)
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CreditAssist™ |
- Purchase: 95% LTV
- Refinance: 90% LTV
- Max. Mortgage Amount:
- $700K (GTA, GVA, Calgary)
- $600K (Rest of Canada)
- Amortization: up to 40 years
- # of Units: Max. 2
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- Recommended credit scores:
- Up to 85% LTV: 540
- 85.01-90% LTV: 560
- 90.01-95% LTV: 575
- Minimum 5% down payment from own resources
- Judgments/Collections: Up to max. 3 on record/max $5,000 in total
- Refinance: max. $200K equity take-out
- No 3rd party/guarantors
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Family Plan |
- Purchase: 95% LTV
- Amortization: up to 40 years
- # of Units: Max. 2
- All applicants must be related (immediate family members)
- All applicants must be on title
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- Suggested program applications:
- A parent who wishes to help an adult entrepreneurial child buy a home
- A parent helping to buy a home for an adult child at a post-secondary educational facility
- An adult helping to buy a home for elderly parents who are on a fixed income
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HELOC |
- Purchase: 95% LTV
- Refinance: 90% LTV
- Max. HELOC Amount:
- $700K (GTA, GVA, Calgary)
- $600K (Rest of Canada)
- Amortization: 40 years
- # of Units: Max. 4
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- 5- or 10-year ‘interest-only’ options
- Recommended credit scores:
< 90% LTV: 650; 95% LTV: 680
- No prior bankruptcies/judgments
- No R3’s in the past 24 months
- Non-occupying co-borrowers are permitted (must be on title)
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Homebuyer 100 |
- Purchase: 97.01-100% LTV
- Amortization: up to 40 years
- # of Units: Max. 2
- Recommended credit score: 680
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- 2 trades with at least 2 yrs history is recommended
- No prior bankruptcies
- Non-occupying co-borrowers are permitted (must be on title)
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Homebuyer 97 |
- Purchase: 95.01-97% LTV
- Amortization: up to 40 years
- # of Units: Max. 2
- Recommended credit score: 650
- Recommended credit score of 680+ for Homebuyer 97 with cashback
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- 2 trades with at least 2 yrs history is recommended
- No prior bankruptcies
- Non-occupying co-borrowers are permitted (must be on title)
- Eligible equity sources for Homebuyer 97 with cashback: lender cashback, borrowed funds or gifts (arms-length)
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Investment Property Program |
- Purchase: 90% LTV
- Refinance: 90% LTV
- Amortization: up to 40 years
- # of Units: Max. 4
- Equity take-out limit: $200K
- TDS: max. 40% (using 80% rental offset calculation)
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- Recommended credit scores:
- Purchase: 660
- Refinance: 680
- No prior bankruptcies
- 2 trades with at least 2 yrs history is recommended
- Down payment from own resources
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New To Canada |
- 97% LTV (Purchase only)
- Amortization: up to 40 years
- # of Units: Max. 2
- Applicants must have immigrated to Canada in the past 36 months
- Must provide valid work permit or landed status
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- Depending on LTV, lender must provide the following:
- 90.01 – 97% LTV: international credit report or 2 alternative sources of credit
- Up to 90% LTV: bank reference letter or 6 months bank statements
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Owner-Occupied Purchase Transactions |
- 1-2 Units: 100% LTV
- 3-4 Units: 90% LTV
- Amortization: up to 40 years
- # of Units: Max. 4
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- Standard underwriting guidelines apply
- Gifted down payments must come from an immediate family member
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Progress Advance |
- 1-2 Units: 100% LTV
- Secondary Home: 100% LTV
- Amortization: up to 40 years
- # of Units: Max. 2
- Up to 4 advances
- Builder and Contractor P/A: builder/contractor must be a member of a Genworth approved New Home Warranty Program
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- Builder P/A: construction completed by home builder
- Contractor P/A: more than 50% of the cost to complete is done by one contractor
- Self-Built P/A: multiple contractors, no one contractor can complete more than 50% of the project
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Portability |
- Purchase: 95% LTV, unless original insured mortgage was greater than 95% LTV
- Amortization: up to 40 years
- # of Units: Max. 4
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- Blended amortizations/lapsed time calculation are acceptable
- Premium will be the lesser of:
- Full premium on total loan amount less premium credit (if applicable)
- Top-up premium on new funds
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Purchase Plus Improvements |
- 1-2 Units: 100% LTV
- 3-4 Units: 90% LTV
- Amortization: up to 40 years
- # of Units: Max. 4
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- Up to 4 advances (managed by lender)
- Lender to provide cost estimates / contracts when improvements exceed 20% of the initial purchase price or $40K
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Secondary Homes (Type A) |
- Purchase: 100% LTV
- Refinance: 90% LTV
- Max. Mortgage Amount:
- $700K (GTA, GVA, Calgary)
- $600K (Rest of Canada)
- Amortization: up to 40 years
- # of Units: Max. 2
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- No prior bankruptcies/judgments
- No R3’s in the past 24 months
- No 3rd party/guarantors
- Refer to Product Overview for property requirements
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Vacation Homes (Type B) |
- Purchase: 90% LTV
- Max. Mortgage Amount: $350K
- Amortization: up to 25 years
- # of Units: 1
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- Recommended credit score: 650
- Down payment from own funds
- No prior bankruptcies/judgments
- No R3’s in the past 24 months
- No 3rd party/guarantors
- Refer to Product Overview for property requirements
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30-, 35- and 40-Year Amortization |
All products are eligible except for the following:
- Vacation Homes (Type B)
- Second Mortgages
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- Premium surcharge:
- 25.01-30 years: 0.20%
- 30.01-35 years: 0.40%
- 35.01-40 years: 0.60%
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Energy Efficient Housing Program |
- 10% Genworth premium refund for consumers purchasing or refinancing energy efficient homes
- Standard premiums apply
- Maximum 2 units
- Refunds are processed and mailed directly to consumers within 7 business days
- Refer to Energy Efficient Housing Program product overview on how to obtain and submit a refund form
- Up to 40 year amortization available at standard premium rates
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- Purchasing a home:
1) home must be Energuide rated 77+ or R2000
2) home must have a Genworth insured mortgage purchased on or after January 1, 2005
- Renovated existing homes:
1) home must have improvements made to increase the Energuide rating by at least 5 points to a minimum of 40
2) improvements must have been wholly or partially funded by a Genworth insured refinance that funded on or after January 1, 2005
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Homebuyer Privileges™ |
- Genworth Financial’s Homebuyer Privileges offers savings and discounts to Genworth-insured clients of participating lenders. These online savings and discounts are accessed through our website at: www.genworth.ca
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1) Clients simply select the Homebuyer Privileges Icon from the Homebuyers section
2) Register by selecting their lender from the drop-down box and entering their HPB ID (given to them by their lender) and click “go”
3) Clients click on the offerings of their choice |
Mortgage Insurance Premiums and their products: