Homebuyer 95 Program

The Genworth Homebuyer 95 program offers qualified Canadians an opportunity to own a home with as little as 5% down payment.

Acceptable loan purpose

  • Purchase transactions

Loan-to-value ratio limits

  • 1 - 2 units: 95% LTV
  • 3 - 4 units: 90% LTV

Maximum Loan Amounts

  • No Maximum

Eligible properties

  • Maximum 4 units
  • New construction or existing properties
  • Property must meet the following criteria (3 & 4 units):
    • Municipal zoning
    • Fully self-contained units
    • Remaining property (economic) life must equal or exceed the amortization of the loan
    • Must be located in a major centre with a viable investor market

Terms

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted

Amortization options:

  • LTV > 80%: Up to 30 years
  • LTV ≤ 80%: Up to 40 years

Premium rates*


LTV Ratio
Total Loan Amount
Top-up Portion
Up to 65%0.50%0.50%
65.01% - 75%0.65%2.25%
75.01% - 80%1.00%2.75%
80.01% - 85%1.75%3.50%
85.01% - 90%2.00%4.25%
90.01% - 95%2.75%4.25%
Premium is non-refundable.
* a 20 BPS premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period.

Borrower qualification

  • We apply existing requirements related to income, down payment and credit worthiness
  • Qualified home buyers can include gifted down payments from immediate family members, provided these are properly verified and non-repayable
  • Government grants may be considered if pre-approved by Genworth
  • GDS/TDS Guidelines:

    Credit Score

    GDS

    TDS

    <680

    35%

    42%

    680+No limit44%

       For 3 & 4 Units

  • Borrowers must have clean credit, stable employment/income, down payment from own resources, positive net worth and liquid assets to cover 3 months payments.
  • If the down payment is a gift, we require an acceptable guarantor. A guarantor is also needed if there are significant variations from the qualification guidelines.

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

Portability

  • Mortgage default insurance is portable under this program
  • The premium will be calculated using the lesser of the Premium on the Total Loan Amount less applicable Premium Credit or the Premium on the Top-Up Portion
  • For complete details, please refer to Genworth's Portability Feature Product Overview

Assumptions/Assignments

  • Mortgages issued under this product may be assumed
  • Insurance coverage will continue in the event of a sale of the mortgage to an investor provided servicing continues with a Genworth approved lender in compliance with Master Policy terms

Eligible Products

  • Secondary Homes (Type A)
  • Insured Progress Advance (max 2 units)
  • Purchase Plus Improvements

Ineligible Products

  • Alt A
  • Cashback Equity
  • Cash-Out Refinance
  • New To Canada
  • Vacation homes (Type B)
  • Family Plan