Purchase Products

Immigrant

New to Canada Home-Buyers Program - Genworth

Now qualified home buyers who have immigrated or relocated to Canada can qualify for Genworth default mortgage insurance with as little as a 5% down payment.

Acceptable loan purpose

Purchase transactions

Loan-to-value ratio limit

Maximum LTV ratio - 95.00%

Max Loan Amounts

No Maximum Loan Amount

Eligible properties

Maximum two units where at least one unit must be occupied as the principal residence
New construction or existing properties

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 Value Ratio	Premium Rate*
Up to 65%	.50%
65.01% - 75%	.65%
75.01% - 80%	1.00%
80.01% - 85%	1.75%
<85.01% - 90%	2.00%
90.01% - 95%	2.75%

Borrower qualification

Must have immigrated or relocated to Canada within the last 36 months
3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
Must have a valid work permit or obtained landed immigrant status
For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
Guarantors are not permitted. GDS/TDS

Guidelines:

Credit Score	GDS	TDS
<680	35%	42%
680 Plus	No Limit	44%

Documentation Requirements (To be kept on file by lender)

LTV	Documentation Requirements*
All LTV's	Valid work permit or verification or landed immigrant status Income confirmation Down payment confirmation Purchase and sale agreement
Up to 90% LTV	Letter of reference from a recognized financial institution OR 6 months of bank statements from primary account
90.01 - 95% LTV	International credit report demonstrating a strong credit profile OR two alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are: Rental payment history confirmed via letter from landlord and bank statements. One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter from the service provider or 12 months billing statements. NOTE**: Alternative sources of credit must be obtained from a Canadian source.
	* Genworth will no longer require the lender to submit the documentation upfront on every file, but may request that the lender provide a copy on a case-by-case basis.
	** Letter from landlord must indicate the following: name of tenant, monthly rent, length of tenancy, payment history. Bank statements must support the amount of rent and timeliness of payments outlined in the letter.

Note: This program is not available to Diplomats or any other foreign political appointed individuals who do not pay income tax in Canada.

Portability

Our mortgage default insurance is portable, so buyers can take advantage of a lender's portability plan. Refer to Portability Feature Product Overview for further details.

Assumptions/Assignments Mortgage is assumable subject to meeting lender guidelines.

Eligible Products **

Homebuyer 95 (max 2 units)
Purchase Plus Improvements

** For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview

Ineligible Products

Alt A
CashbackEquity
Cash-Out Refinance
Family Plan
Insured Progress Advance
Vacation/Secondary Homes

The insurance premium is payable once at the time of closing. The insurance premium is not refundable and may be added onto the mortgage or paid in cash.