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| NEW TO CANADA PROGRAM |
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| Now qualified homebuyers who have immigrated or relocated to Canada can qualify for a mortgage with as little as a 5% down payment. |
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| Acceptable loan purpose |
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| Loan-to-value ratio limits |
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| 'Loan-to-value' (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% LTV ($90,000 divided by $100,000 = 90%). |
- Maximum LTV ratio - 95.00%
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| Eligible properties |
- Maximum two units where at least one unit must be occupied as the principal residence
- New construction or existing properties
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| Premium Rates |
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| LTV ratio Premium rate* |
Up to 65%
65.01% - 75%
75.01% - 80%
80.01% - 85%
85.01% - 90%
90.01% - 95% |
0.50%
0.65%
1.00%
1.75%
2.00%
2.75% |
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Premium is non-refundable.
* a .20% premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period |
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| Borrower qualification |
- Must have immigrated or relocated to Canada within the last 24 months
- 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
- Must have a valid work visa or obtained landed immigrant status
- 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)
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| GDS/TDS Guidelines |
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Bureau Score
680+
Up to 679 |
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GDS
No limit
35% |
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TDS
44%
42% |
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| Documentation Requirements |
- Work Visa or verification of landed immigrant status, and:
- Depending on the loan-to-value you will be required to submit the following;
- 95% LTV: An international credit bureau
- 90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF's
- 85% LTV: If Guarantor on file, only the work visa or verification of landed immigrant status is required to be sent to Genworth, otherwise document requirements are the same as 90 percent LTV
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| Note: This program is not available to Diplomats or any other foreign political appointed individuals who do not pay income tax in Canada. |
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| Eligible Products ** |
- Extended amortizations up to 40 years
- First Mortgage Owner Occupied 1 & 2 units
- Purchase Plus Improvements
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