A New Comer To Canada ™Program

Qualified homebuyers who’ve immigrated or relocated to Canada in the last 5 years are eligible under Genworth Canada’s a new comer to Canada system to buy a residential property with less than a 5% advance payment.

Find out more about the latest To Canada Program with this helpful guide.

Appropriate Loan Purpose and Applicable Loan-to-Value Limits

Buy Deals:

  • 95% LTV
    • Home value = $500,000 – 5% advance payment required
    • Home value > $500,000 and *For brand new construction properties within the regions (Yukon, Northwest and Nunavut Territories) where new house Warranty just isn’t an option, Lenders must obtain either the occupancy license or perhaps a third-party report from an experienced professional such as for example: an inspector, designer or engineer. The qualified expert must carry the appropriate liability insurance and confirm construction is finished in conformity with relevant bylaws and laws.

    Optimum Property Value

    • Home value needs to be significantly less 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 may be the greater regarding the agreement price or 5-year rate that is benchmark

    Amortization Options

    • As much as 25 years

    Premium Speed:

    The premium payable is the reduced regarding the premium being a percent regarding the total new loan quantity or even the premium being a per cent of this top-up part regarding the extra loan quantity (if existing insured) in line with the rates below:

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    LTV Ratio Premium speed Top-Up Premium
    Up to 65% 0.60% 0.60percent
    65.01% – 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% 6.30%

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