Qualified homebuyers that have relocated or immigrated to Canada in the last five years meet the criteria under Genworth Canada’s not used to Canada program to shop for a residential property with less than a 5% advance payment.
Find out about the newest To Canada Program with your 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 when you look at the regions (Yukon, Northwest and Nunavut Territories) where brand new Residence Warranty just isn’t an alternative, Lenders must obtain either the occupancy license or perhaps a third-party report from a professional professional such as for instance: an inspector, architect or engineer. The qualified expert must carry the liability that is appropriate and verify construction is finished in compliance with applicable bylaws and laws.
Optimum Property Value
- Home value must certanly be significantly less 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 rate of interest could be the greater regarding the agreement price or 5-year benchmark rate
- As much as 25 years
The premium payable are the reduced associated with the premium as a percent regarding the total loan that is new or the premium being a percent of this top-up portion on the extra loan amount (if current insured) on the basis of the rates below: