Home Buyer 95 Program
The Genworth Homebuyer 95 program offers qualified Canadians an opportunity to own a home with as little as 5% down payment.
Acceptable loan purpose
Loan-to-value ratio limits
- 1 - 2 units: 95% LTV
- 3 - 4 units: 90% LTV
Maximum Loan Amounts
Eligible properties
- Maximum 4 units
- New construction or existing properties
- Property must meet the following criteria (3 & 4 units):
- Municipal zoning
- Fully self-contained units
- Remaining property (economic) life must equal or exceed the amortization of the loan
- Must be located in a major center with a viable investor market
Terms
- Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
Amortization options:
- LTV > 80%: Up to 30 years
- LTV ≤ 80%: Up to 40 years
Premium rates*
| LTV Ratio |
Total Loan Amount |
Top-up Portion |
| Up to 65% |
0.50% |
0.50% |
| 65.01% - 75% |
0.65% |
2.25% |
| 75.01% - 80% |
1.00% |
2.75% |
| 80.01% - 85% |
1.75% |
3.50% |
| 85.01% - 90% |
2.00% |
4.25% |
| 90.01% - 95% |
2.75% |
4.25% |
| Premium is Non-Refundable |
| * a 20BPS premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25 year mortgage amortization period. |
Borrower qualification
- We apply existing requirements related to income, down payment and credit worthiness
- Qualified home buyers can include gifted down payments from immediate family members, provided these are properly verified and non-repayable
- Government grants may be considered if pre-approved by Genworth
- GDS/TDS Guidelines:
| Credit Score |
GDS |
TDS |
| <680 |
35% |
42% |
| 680+ |
No Limit |
44% |
For 3 & 4 Units
- Borrowers must have clean credit, stable employment/income, down payment from own resources, positive net worth and liquid assets to cover 3 months payments.
- If the down payment is a gift, we require an acceptable guarantor. A guarantor is also needed if there are significant variations from the qualification guidelines.
Documentation requirements
- Standard documentation requirements apply
- Genworth may request that the lender provide a copy of the required documentation on a case-by-case basis
Portability
- Mortgage default insurance is portable under this program
- The premium will be calculated using the lesser of the Premium on the Total Loan Amount less applicable Premium Credit or the Premium on the Top-Up Portion
Assumptions/Assignments
- Mortgages issued under this product may be assumed
- Insurance coverage will continue in the event of a sale of the mortgage to an investor provided servicing continues with a Genworth approved lender in compliance with Master Policy terms
Eligible Products
- Secondary Homes (Type A)
- Insured Progress Advance (max 2 units)
- Purchase Plus Improvements
Ineligible Products
- Alt A
- Cashback Equity
- Cash-Out Refinance
- New To Canada
- Vacation homes (Type B)
- Family Plan
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