Not Used To Canada ™Program

Qualified homebuyers that have relocated or immigrated to Canada within the past 5 years meet the criteria under Genworth Canada’s a new comer to Canada system to acquire a residential property with less than a 5% deposit.

Find out more about the New To Canada Program with your helpful guide.

Appropriate Loan Purpose and Applicable Loan-to-Value Limits

Buy Deals:

  • 95% LTV
    • Property value = $500,000 – 5% advance payment needed
    • Home value > $500,000 and *For new construction properties when you look at the regions (Yukon, Northwest and Nunavut Territories) where new house Warranty is certainly not an option, Lenders must obtain either the occupancy license or a third-party report from an experienced professional such as for example: an inspector, architect or engineer. The qualified expert must carry the liability that is appropriate and verify construction is finished in conformity with relevant bylaws and laws.

    Maximum Property Value

    • Home value should be lower than $1,000,000.

    Qualifying Terms and Interest Levels

    • Fixed, standard adjustable, capped variable and adjustable price mortgages are allowed
    • Maximum rate of interest term of 25 years
    • The qualifying rate of interest could be the greater of this agreement rate or 5-year standard price

    Amortization Options

    • As much as 25 years

    Premium Speed:

    The premium payable is the reduced of this premium as a per cent regarding the total loan that is new or perhaps the premium as a % associated with top-up part regarding the extra loan quantity (if current insured) in line with the rates below:

    LTV Ratio Premium speed Top-Up Premium
    as much as 65% 0.60% 0.60percent
    65.01percent – 75% 1.70% 5.90%
    75.01% – 80% 2.40% 6.05%
    80.01% – 85% 2.80% 6.20%
    85.01percent – 90% 3.10% 6.25%
    90.01% – 95% 4.00% 6.30percent

    The home loan insurance premium is non-refundable, compensated during the right time of closing and might be included into the home loan.

    Borrower Certification

    Earnings and work

    • Standard earnings and work verification requirements use.
    • three months minimal full-time employment in Canada (borrowers being transmitted under a corporate moving system are exempt).


    • 90.01-95%: Global credit file (Equifax or Transunion) showing a credit profile that is strong

    Two (2) alternative resources of credit demonstrating timely payments (no arrears) when it comes to previous year. The two sources that are alternative are:

    • Leasing re re payment history
    • An added alternative source (hydro/utilities, phone, cable, mobile auto and phone insurance coverage).
  • Up to 90%:Letter of guide from an established institution that is financial six (6) months of bank statements from main account

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