HomeOpeners®
NEW TO CANADA MORTGAGE
INSURANCE PROGRAM
A suite of innovative products that makes home ownership more accessible than ever before
The
HOMEOWNERSHIP
Company
Overview
The New To CanadaTM Mortgage Insurance Program makes it possible for individuals relocating
to Canada to purchase a home sooner with as little as 3% down. Through this program,
Genworth helps new Canadians purchase their f rst home, build equity, and i become economically
established in Canada.
New To CanadaTM Mortgage Insurance
Program features:
• Opportunity: helping new Canadians own their
home sooner and become economically established
in Canada
• Low down payment: as little as 3% down
• Flexible: fixed, variable, or adjustable rate
mortgages permitted
• Common-sense evaluation: review all files
by individual circumstance
• Portable: insurance can be applied to a
new loan
Highlights
• Up to 97% LTV for qualified
borrowers
• No minimum income requirements
• Increased qualification options
• Available up to 36 months after
arrival
• Standard Premiums apply
• Extended amortizations available
up to 40 years
Loan Characteristic Program Guidelines
Loan Purpose Purchase or Purchase Plus Improvements
Maximum LTV 97%
Eligible Property Type Maximum 2 units, where at least one unit is owner occupied
GDS / TDS 680+ Bureau Score - GDS: no limit / TDS: 44%
Up to 679 Bureau Score - GDS: 35% / TDS: 42%
Rate Types Fixed, Capped Variable, Variable & Adjustable Rate Mortgages permitted
Borrower Qualifications • Immigrated or relocated to Canada within the last 36 months
• 3 months minimum full time employment in Canada
• Minimum employment requirement waived for those being
transferred under a corporate relocation program
• Valid work permit or obtained landed immigrant status
• All debts held outside the country must be included in the total debt
servicing ratios (rental income earned outside of Canada is to be
excluded from the GDS/TDS calculation)
Amortization Up to 40 years available
Ineligible Loan Types • ALT A (BFS)
• Vacation/Secondary
• Cash-Out Refinance
• First Mortgage Owner-Occupied 3 & 4 Units
Down Payment For LTV’s 95% or greater, down payment must be from own resources
For LTVs <95%, the remainder of the down payment may be from a corporate
subsidy or gifted from an immediate family member.
• Second Mortgages
• HELOC
• Cashback Equity
• CreditAssist
• Progress Advance
• Homebuyer 100
New To CanadaTM
Product Features
A consumer
friendly
product
designed to
enhance
affordability & access to
homeownership
Making Canadian
home ownership
possible
For questions concerning our
products and services,
please contact our National
Underwriting Centre at:
1 800-511.8888
Visit our web site at:
www.genworth.ca
Underwritten by
Genworth Financial Mortgage Insurance Company Canada
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.
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