Acceptable Loan Purpose & Applicable Loan-to-Value Limits:
- Purchase transactions: 80% LTV
- Refinance transactions: 80% LTV
Genworth's Investment Property Program provides qualified borrowers an opportunity to purchase an investment property with as little as a 20% down payment.
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||Recommended Credit Scores||Premium Rate||Top-Up Rate|
|Up to 65%||640||1.45%||3.15%|
|65.01% - 75%||640||2.00%||3.45%|
|75.01% - 80%||660||2.90%||4.30%|
LTV ≤ 80% - A .25% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year mortgage amortization period
Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage
Principal + Interest + Other Debt Obligations – (Rental Income x 80%)
*Exceptions may be considered on case-by-case basis.
* For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview
* For specific underwriting guidelines related to the above ineligible products, please refer to the applicable product overview