HomeOpeners®
CreditAssistTM Mortgage Insurance Program
A suite of innovative products that makes home ownership more accessible than ever before
The
HOMEOWNERSHIP
Company
The Genworth CreditAssistTM 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
40 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 40 years maximum.
Premium is non-refundable.
Loan Characteristic Program Guidelines
Loan Purpose Purchase, Purchase Plus Improvement or Refinance
Amortization Up to 40 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.
Nick Dimulkas, AMP
BMO Mortgage Specialist
BMO Bank of Montreal
Phone: (416) 590-7933
Cell: (416) 258-0156
Fax: (416) 590-8940
Email: nick.dimulkas@bmo.com
We have access to the widest variety
of lenders — to find the right
solution for you. We are experts at
helping you achieve your
homeownership dreams. Access your
best options!
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. |
