Genworth's Investment Property Program provides qualified borrowers an opportunity to purchase an investment property with as little as a 20% down payment.

Note: To ensure eligibility for this program, please refer to the corresponding lender updates below addressing recent changes to the mortgage insurance guidelines:

Loans ≤ 80% LTV - Subject: Low-Ratio Mortgage Insurance Changes

Acceptable Loan Purpose & Applicable Loan-to-Value Limits:

  • Purchase transactions: 80% LTV

Loan Security:

  • First mortgages

Eligible Properties:

  • 2-4 units
  • New construction covered by a lender approved New Home Warranty Program
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years
  • In addition, the property must meet the following criteria:
    • Municipal zoning
    • Fully self-contained units
    • Must be located in a major centre with a viable investor market

Ineligible Property Types:

  • 1-unit dwellings
  • Time-share Interests
  • Vacation Homes
  • Commercial zoning
  • Rooming Houses
  • Quarter Share / Shared Ownership
  • Rental Pools

Maximum Property Value:

  • Property value must be less than $1,000,000

Maximum Loan Amounts:

  • Metro Toronto, Metro Calgary & Metro Vancouver: $750,000
  • Rest of Canada: $600,000

Qualifying Terms and Interest Rates:

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
  • Maximum interest rate term of 25 years
  • The qualifying interest rate is the greater of the contract rate or 5-year benchmark rate

Amortization Options:

  • Up to 25 years

Premium Rates:

The premium payable will be the lesser of the premium as a % of the total new loan amount or the premium as a % of the top-up portion on the additional loan amount (if existing insured) based on the rates below:

LTV Ratio Premium Rate Top-Up Premium
Up to 65% 1.45% 3.15%
65.01% - 75% 2.00% 3.45%
75.01% - 80% 2.90% 4.30%

Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage

Borrower Qualification:

Income & Employment

  • Standard income and employment verification requirements apply


  • Borrowers should have a strong history of managing their credit
  • Minimum credit bureau score of 680 is recommended
  • Two (2) trade lines with at least two (2) years history
  • No prior bankruptcy
  • Genworth Canada will consider applications with lower scores based on the overall merit of the application and where other risk mitigating factors exist

Down Payment

  • Must be from own resources and may include personal savings, RRSP withdrawal, existing home equity, proceeds from sale of property

Rental Income

  • Genworth will accept 100% of the rental income across Canada subject to:
    • Each applicant having minimum credit score of 680
    • Income can be validated using a two year average based on lease agreements or
    • Where rental income cannot be validated with lease agreements for a two year period, income for new or existing units is to be confirmed via fair market rent from an appraisal. Lenders should apply a market vacancy rate in accordance with their internal policy.
  • If the above credit and income requirements cannot be met, 50% of rental income is to be used for qualification.
  • Taxes and heat are to remain excluded from the debt service ratio calculation
  • Total Debt Service Ratio (TDSR) Calculation:
    Principal + Interest + 50% Condo Fees (if applicable) + Other Debts
    Gross Annual Income + % of Gross Rents

Additional Criteria

  • Personal guarantees are required when the borrower is not an individual (e.g. corporate entity).
  • The personal guarantee cannot be released without prior consent from Genworth

Debt Service Ratios:

  • GDS 39% / TDS 44%

Documentation Requirements:

  • Standard documentation requirements apply
  • Genworth Canada may request that the lender provide a copy of the required documentation on a case-by-case basis
  • Genworth Canada requires that the lender obtains a general assignment of rents and leases or include this requirement in the standard charge terms


  • Our mortgage default insurance is portable, so home buyers can take advantage of a lender's portability plan. For further details, refer to Portability Feature Product Overview.
  • When porting from an existing standard Genworth Canada insured loan to an Investment Property loan, the premium will be the lesser of:
    • The outstanding mortgage balance multiplied by 0.50% + the top-up amount multiplied by the top-up premium rate, or
    • The new loan amount multiplied by the full premium rate

Assumptions / Assignments:

  • Mortgage is assumable subject to meeting lender guidelines

Eligible Products:

  • Purchase Plus Improvement Program

* For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview

Ineligible Products:

  • Business For Self (Alt-A) Program
  • Borrowed Down Payment Program
  • Family Plan Program
  • Homebuyer 95 Program
  • New To Canada Program
  • Progress Advance Program
  • Vacation/Secondary Homes Program
  • Second Mortgage Program