Home Ownership Programs

HomeOpeners® CreditAssistTM Mortgage Insurance Program is a suite of innovative products that makes home ownership more accessible than ever before for homebuyers in Mississauga, Oakville, Etobicoke, Milton, Erin Mills, Streetsville, Halton Hills, Brampton and Markham.

The HOME OWNERSHIP Company

The Genworth CreditAssist™ Insurance Program offers an innovative plan to give Canadians who may not typically qualify for a mortgage an opportunity to own a home. Typical lending criteria can often exclude borrowers based on their past credit events. Our common-sense underwriting approach individually evaluates borrowers circumstances and enables lenders to extend high-ratio purchase or refinanced mortgages to borrowers who do not meet traditional qualifying criteria.

CreditAssistTM borrowers can:
• Enjoy the payment flexibility that comes with an extended amortization
• Gain greater access to home ownership and home equity
• Benefit from competitive interest rates and reduced monthly mortgage payments
• Take advantage of low down payment options
• Obtain faster approvals with our streamlined underwriting process
• Enjoy the convenience of one mortgage and one monthly payment

CreditAssistTM
• Purchase up to 95% LTV
• Refinance up to 90% LTV
• For customers who may not qualify for a mortgage according to traditional underwriting guidelines
• Extended amortizations up to 35 years
• Credit bureau score of 540 or higher
• Expanded debt service ratios

Credit Criteria Loan-to-Value Credit Bureau Scores Genworth Premium Premium Rate* Top-Up Rate*
90.01% - 95% 575+ 6.50% 10.50%
80.01% - 85% 560+ 3.50% 9.35%
75.01% - 80% 540+ 2.50% 5.20%
65.01% - 75% 540+ 2.10% 4.25%
<65%             540+ 1.90% 3.75%

* A .20% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year amortization period up to 35 years maximum. Premium is non-refundable.

Loan Characteristic Program Guidelines

• Loan Purpose Purchase, Purchase Plus Improvement or Refinance
• Amortization Up to 35 years
• Eligible Property Type Maximum 2 units, where at least one unit is owner occupied
• Readily marketable residential properties
• Loan Amount Max. $700,000 (GTA/GVA/Calgary); Max. $600,000 ~ Rest of Canada
• Occupancy All applicants used to qualify must occupy the property
• Spousal guarantors acceptable
• Maximum LTV Purchase, Purchase Plus Improvement: 95% LTV
• GDS / TDS 35%/42%
• Rate Types Fixed or capped variable rate mortgages permitted

Income Verification Salaried:
• Full income & employment verification required
• Minimum 2-year employment history
• Written confirmation in the form of a job letter or NOA’s
• Employer must be validated via telephone
Self-Employed:
•Full income verification required. 2-year average income used to
qualify
•2 years’ self employment history evidenced by 2 years’ financial
statements
• Most recent NOA must verify no tax arrears
Down Payment Minimum 5% must be from own resources.
Appraisal Genworth will obtain a full internal appraisal for each application
Refinance: 90% LTV
• Based on a “Common Sense” underwriting approach
• Takes into account individual borrower circumstances

Preferred Credit History Three years history with a minimum of three established trades
Judgments / Collections Maximum 3 on record / max $5,000 in total
Must be brought current prior to closing
Bankruptcy Minimum 2 years discharged with 12 months satisfactory re-established credit
Credit Scores Genworth will average the scores obtained from both credit bureaus for each borrower. The minimum scores will apply to all borrowers on the application

Information subject to change without prior notification

This article was developed by and courtesy of Genworth Financial Canada.

Port Credit Real Estate

Damir Strk can introduce you to new listings in Port Credit. Beautiful Port Credit Homes for sale are a rare commodity and you should be aware of the opportunity to buy in Port Credit. Its exclusive location on the shores of Lake Ontario and its excellent quality housing stock make it prime real estate for living and for investment. If you're interested in Port Credit real estate, send an email to Damir. When opportunities come available, he can contact you.