Self-Directed RRSP Program

• Product Features
• Energy-Efficient Housing Program
• Extended Amortization Program
• Portability Feature
• Purchase Plus Improvements Program
• Self-Directed RRSP Program
• Variable Rate Program

Canadian tax regulations allow self-directed RRSP funds to be used for a non-arms length mortgage investment, provided that the mortgage is insured. We are delighted to offer this program to meet this opportunity.

Please note that RRIF's are not eligible for Genworth mortgage default insurance.

Acceptable loan purpose

• Purchase transactions and non-purchase transactions
• Single advance only (completion loans)

Loan-to-value ratio limits

• Purchase transactions: one and two units 95%
• Non-purchase transactions/ 3 and 4 units - 90.00%

Eligible properties

• Purchase transactions: maximum 4 units where at least 1 unit must be occupied as the principal residence
• Non-purchase transactions: maximum 2 units where at least 1 unit must be occupied as the principle residence
• New construction or existing properties
• For additional details on requirements for three and four unit properties refer to Homebuyer 95.

Terms

• Fixed, capped variable and adjustable rate mortgages are permitted

Amortization Options

• Up to 35 Years

Premium Rates

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
   
• GDS/TDS Guidelines:
  
  

  Credit Score	GDS	TDS
  <680	35%	42%
  680+	No limit	44%

Documentation requirements

• Standard documentation requirements apply
• Genworth may request that the lender provide a copy of the required documentation on a case-by-case basis
• Additional documentation required for all SDRRSP applications
  • For rollover refinance transactions, we require the lender to confirm original purchase price, date and details of financing
  • For renovation and purchase plus improvement transactions, please provide details of proposed renovations to the Genworth appraiser, including cost estimates and copies of available contracts.
  • The Lender is responsible for the final inspection - Genworth will provide the appraiser's name and telephone number on the Commitment for the lender's reference when ordering the final inspection. Or call Genworth's National Underwriting Centre at 1 800 511.8888

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

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.