Qualified homebuyers who have relocated or immigrated to Canada in the last five years meet the criteria under Genworth Canada’s not used to Canada system to acquire a residential property with less than a 5% advance payment.
Find out more about the brand new To Canada Program with this helpful guide.
Appropriate Loan Purpose and Applicable Loan-to-Value Limits
- 95% LTV
- Home value = $500,000 – 5% advance payment needed
- Home value > $500,000 and *For new construction properties within the regions (Yukon, Northwest and Nunavut Territories) where new house Warranty just isn’t an alternative, Lenders must obtain either the occupancy permit or a third-party report from an experienced professional such as for example: an inspector, designer or engineer. The qualified expert must carry the appropriate obligation insurance and confirm construction is finished in compliance with relevant bylaws and regulations.
Maximum Property Value
- Home value needs to be lower than $1,000,000.
Qualifying Terms and Interest Levels
- Fixed, standard adjustable, capped variable and rate that is adjustable are allowed
- Maximum rate of interest term of 25 years
- The qualifying interest rate could be the greater of this agreement price or 5-year rate that is benchmark
- As much as 25 years
The premium payable is the lower associated with the premium as being a per cent for the total loan that is new or even the premium as being a % of this top-up part from the extra loan quantity (if current insured) on the basis of the rates below: