GENWORTH FINANCIAL CANADA
HANDY REFERENCE GUIDE - FAST FACTS |
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| GDS/TDS Guidelines |
All products | Credit Score | GDS | TDS | | <680 | 35% | 42% | | 680+ | No limit | 44% |
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| Alt. A (BFS) | - Purchase: 90% LTV
- Refinance: 85% LTV
- Amortization: up to 35 years
- # of Units: Max. 2
- Min. 2 years BFS tenure
| - Recommended credit scores:
- Up to 80% LTV: 620
- 80.01-85% LTV: 620
- 85.01-90% LTV: 650
- Minimum 5% down payment from the borrowers own savings. The remainder may be gifted from an immediate family member.
- No prior bankruptcies
- No 3rd party/guarantors
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| Cashback Equity | - 95% LTV
- Amortization: up to 35 years
- # of Units: Max. 2
- Recommended credit score: 650
| - 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 | - 1-4 Units: 90% LTV
- Equity Take-out Limit: $200K
- Amortization: up to 35 years
- # of Units: Max. 4
| - Up to 4 advances (managed by lender)
- 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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| Family Plan | - Purchase: 95% LTV
- Amortization: up to 35 years
- # of Units: Max. 2
- All applicants must be related (immediate family members)
- All applicants must be on title
| - 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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| New To Canada | - 95% LTV (Purchase only)
- Amortization: up to 35 years
- # of Units: Max. 2
- Applicants must have immigrated to Canada in the past 36 months
- Must provide valid work permit or landed status
| - Depending on LTV, lender must provide the following:
- 90.01 - 95% 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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| Homebuyer 95 | - 1-2 Units: 95% LTV
- 3-4 Units: 90% LTV
- Amortization: up to 35 years
- # of Units: Max. 4
| - Standard underwriting guidelines apply
- Gifted down payments must come from an immediate family member
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| Progress Advance | - 1-2 Units: 95% LTV
- Secondary Home: 95% LTV
- Amortization: up to 35 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
| - 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
- Amortization: up to 35 years
- # of Units: Max. 4
| - 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: 95% LTV
- 3 - 4 Units: 90% LTV
- Amortization: up to 35 years
- # of Units: Max. 4
| - 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: 95% LTV
- Refinance: 90% LTV
- Max. Mortgage Amount:
- $700K (GTA, GVA, Calgary)
- $600K (Rest of Canada)
- Amortization:up to 35 years
- # of Units: Max. 2
| - 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
| - 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 and 35 Year Amortization | All products are eligible except for the following:
| - Premium surcharge:
- 25.01-30 years: 0.20%
- 30.01-35 years: 0.40%
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| Energy Efficient Housing Program | - 10% Genworth premium refund for consumers purchasing or refinancing energy efficient homes
- Standard premiums apply
- 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 35 year amortization available at standard premium rates
| - 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
| 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 |
